Revolut says it is beginning local banking operations after New Zealand's central bank registered its bank entity, a step that brought the country's official tally to 27. The Reserve Bank of New Zealand (RBNZ) registered Revolut Payments New Zealand Pty Ltd as Revolut Bank New Zealand Ltd on Nov. 3.
Revolut says it has committed NZ$120 million to its New Zealand operations over the next five years. The company is rolling out an instant-access savings account for new retail customers, with a variable annual introductory rate of 3.50% for their first four months. Revolut says interest will be paid daily and withdrawals will not incur penalties. It says existing New Zealand customers will move to the bank without needing to act.
The RBNZ says the Depositor Compensation Scheme (DCS) covers eligible deposits up to NZ$100,000 per depositor, per deposit taker, when funds are held in protected accounts. Revolut says eligible deposits at the new bank qualify. The scheme took effect July 1, 2025, and covers most transaction, savings, notice and term-deposit accounts at regulated deposit takers, subject to account and eligibility rules.
Revolut's initial disclosure statement reported an after-tax loss of NZ$4.882 million for the seven months ended July 31, 2026, and a NZ$3.466 million after-tax loss for the year ended Dec. 31, 2025. The statement covers different reporting periods and says some 2025 figures were restated.
The disclosure statement says S&P Global Ratings Australia assigned the bank a BBB+ rating with a positive outlook on Sept. 22, 2026. The RBNZ register also lists the BBB+ rating.
Revolut founder and CEO Nik Storonsky said the company aims to “bring true competition to the New Zealand banking sector.” Revolut said it began operating in New Zealand in July 2023 and announced its application for registered-bank status in December 2024.
