Challenger bank Revolut has announced revamped membership plans to include a variety of subscriptions to lifestyle apps.
The company claims that the changes to its Premium and Metal plans will add value of around £1,730 per year for customers depending on the plan.
Customers will have premium access to apps such as Headspace, Tinder, Deliveroo and Classpass as a benefit of their memberships.
Revolut said its customers in the UK spend over £17 million per month for digital goods. In October 2023, the amount spent by Revolut customers to pay for this category of goods increased by 24 per cent compared to the same period of the previous year.
The added benefits come with a price increase to Revolut’s Premium plan of an extra pound per month and £2 more per month on the Metal plan. Revolut said it is the first time it has raised its membership prices in five years.
Banks are increasingly looking to incentivise customers with premium membership plans which offer a range of benefits both in terms of improved borrowing rates and special offers. Lloyds, for example, offers its 'Club Lloyds' membership which offers customers over a certain deposit threshold with complimentary cinema tickets, magazine subscriptions or video streaming memberships.
Tara Massoudi, Revolut general manager of premium products, said: "We always listen to our customers and innovate our products to exceed their expectations. We’re launching a unique offering, which will bring together a carefully selected bundle of lifestyle subscription services included with your Revolut Plan.
“One account that unlocks subscriptions bringing customers more value and convenience. As part of enhancing our paid plans, additional exciting benefits will come to Ultra customers in due course, too.”
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