Revolut offers boosted 5% savings rate to new customers

Savers can get 5% interest with Revolut’s boosted deal (Dominic Lipinski/PA) - (PA Archive)

Competition in the savings market is heating up, as challenger bank Revolut is offering a 5% variable savings rate for new customers.

The deal is available for new instant access savings accounts, with an initial promotional rate of 5% AER (annual equivalent rate) running until December 4.