Yes. On 11 March 2026 Revolut Bank UK Ltd received its full UK banking licence and is now authorised by the Prudential Regulation Authority (PRA) and regulated by the FCA and PRA. Eligible deposits held with Revolut Bank UK Ltd are protected by the Financial Services Compensation Scheme (FSCS) up to £120,000 per person.

There is one nuance worth knowing. Revolut is moving customers over to the new bank entity in stages, so some balances are still held as e-money for now. E-money is safeguarded, meaning it is kept separate in protected accounts, rather than FSCS-protected, and Revolut says it will move eligible customers across over the coming months. For a £20 sign-up where you are only holding a pound or two, this makes little practical difference, but it is worth understanding if you plan to keep larger balances in Revolut.

Day-to-day security is what you would expect from a modern app: biometric login, instant card freezing and real-time transaction alerts. Note that crypto and commodities sit under separate Revolut entities and are not FSCS-protected. Stocks held with Revolut Trading Ltd may be covered by the FSCS up to £85,000 under the investment limb if Revolut goes out of business and there is a shortfall in safeguarded assets, though FSCS does not cover poor investment performance.

Revolut suits anyone who spends abroad and wants fee-free or low-fee currency exchange, plus a polished app for managing day-to-day money. It is popular with frequent travellers, freelancers juggling multiple currencies, and anyone who likes budgeting tools, instant notifications and easy bill splitting.

It works well as a secondary account alongside a main bank, especially for travel and online spending. If you want branch access, cheque handling or a single traditional account that does everything, a high street bank may suit you better.