Revolut wins full UK banking licence; phased account rollout, conflicting FSCS coverage reports and crypto kept separate

Revolut has obtained a full UK banking licence after the Prudential Regulation Authority lifted restrictions, clearing the way for the company to operate a local bank and begin a phased launch of UK bank accounts ^[2][4][3].

Reports differ on the level of Financial Services Compensation Scheme (FSCS) protection: Coindoo says eligible deposits will be covered up to £120,000 per person, while Blockonomi reports FSCS coverage of up to £85,000 ^[1][2].

Revolut will start a phased rollout of current accounts, initially to a limited group of customers, and it will continue to operate crypto and stock trading through separate entities that are not covered by FSCS protection ^[2][3].

The company has committed to significant investment and hiring in the UK: Blockonomi reports a £3 billion investment and 1,000 high-skilled jobs, while CryptoPotato cites commitments of up to $4 billion and at least 1,000 jobs; Revolut also enters the launch with an existing UK user base of more than 13 million customers, per CryptoPotato ^[2][4].

The licence is a major step toward Revolut’s ambition to operate as a full digital bank in the UK; customers should note which services and deposits are covered by FSCS and which—such as crypto trading—remain outside that protection ^[3][2][1].