Global fintech enters the deposit market with daily interest and government-backed protection
The Reserve Bank of New Zealand (RBNZ) registered Revolut Bank New Zealand on 3 November 2026, making the London-based fintech the country’s 27th registered bank, according to the RBNZ announcement. Revolut has been operating in New Zealand as a financial services provider since July 2023.
Revolut’s launch announcement describes the new entity as Aotearoa’s first digital bank. The company has committed $120 million to its local operations over five years, covering product development, growth, and more staff.
Savings rates aimed at the big banks
The fintech’s opening offer is an introductory variable rate of 3.5% p.a. for new personal customers. It applies to balances up to $50,000 for four months. After that, ongoing rates depend on the customer’s plan and range from 2% p.a. to 3% p.a. Interest is paid daily, there are no withdrawal penalties, and eligible deposits are covered by the Depositor Compensation Scheme (DCS) up to $100,000.
Existing Revolut customers will transfer to the bank automatically, but they need the latest version of the Revolut Bank app to access the new products.
Founder and CEO Nik Storonsky said the New Zealand licence is the company’s seventh worldwide and its fifth in 2026.
“We are confident our offering will bring true competition to the New Zealand banking sector,” he said.
Ryan Brosnahan leads the local bank as CEO. He was previously chief transformation officer at Bendigo and Adelaide Bank and spent almost 15 years at ANZ.
“It’s clear the market is primed for disruption,” Brosnahan said.
Mortgage book in other markets
Revolut has not announced any home loan products. Its first launch covers deposits only, and the company says credit cards will follow in the coming months. However, Revolut already runs a small mortgages book in markets where it holds banking licences. By Revolut’s own description, incumbent banks hold more than 90% of the New Zealand market.
A long road to registration
The approval caps a process that began in December 2024, when Revolut first sought banking registration in New Zealand. The June 2026 business launch came with a target, set out by global head of business James Gibson, of more than 50,000 New Zealand business customers over five years.
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