Revolut Registered as New Zealand’s 27th Bank

The Reserve Bank of New Zealand has registered Revolut Bank New Zealand as the country’s 27th bank, clearing the way for the financial technology company to offer banking services locally. Revolut, which has operated in New Zealand since July 2023, said it is rolling out savings accounts and plans to introduce credit products later. Its initial offering includes an instant-access savings account for new retail customers with a variable annual introductory rate of 3.50% for the first four months. Interest is credited daily, according to the company. Eligible deposits in protected accounts qualify for New Zealand’s Depositor Compensation Scheme, Revolut said. The Reserve Bank says the scheme covers up to NZ$100,000 per depositor per deposit taker, subject to eligibility and account requirements. The coverage does not apply automatically to every customer balance or account. Revolut said it will invest NZ$120 million in its New Zealand operations over five years. The commitment is a company-stated plan, rather than money already invested. Existing New Zealand customers will move to the bank without needing to take action, the company said. The registration follows Revolut’s...