Revolut cuts rates on savings accounts

Revolut is cutting interest rates on most of its deposit accounts.

Revolut is cutting interest rates across most of its deposit accounts with standard and plus Instant Access Savings account rates falling to 1.5%. 

The decision comes after the European Central Bank cut rates earlier this month from 2.25% to 2%. On Friday, Revolut alerted customers that rates on the standard and plus account will now reduce to 1.5% from 1.7%, a reduction of (0.2%). Premium plans will reduce from 1.85% to 1.75% (-0.1%). The Revolut Metal rate is unchanged at 2%, while the Ultra account reduces from 2.5% to 2.25% (-0.25%).