Revolut approved as a registered bank in New Zealand, with eligible deposits covered up to NZ$100,000

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The Reserve Bank of New Zealand approved Revolut Bank New Zealand’s registration as the country’s 27th registered bank, nearly two years after Revolut applied to operate as a bank locally. Eligible deposits are now covered by the government’s deposit compensation scheme, up to NZ$100,000; Revolut can also pay interest on savings and has launched a savings account for new retail customers with a floating rate of 3.50% for the first four months.