Earn up to 4.78% with Savings Vaults

Elizabeth Kim

 · 10/08/2020  · 10/08/2020

Discover the smarter way to save by earning up to 0.28% Annual Percentage Yield on Savings Vault balances and a 4.50% bonus on top of that.

Since Revolut launched the Vaults feature in April 2018, over 3.7 million Vaults have been created globally, with an average of 6,000 new Vaults added each day. In total, the Revolut community has put aside over $1.5 billion in their Vaults. Now our U.S users can also save effortlessly with Revolut Savings Vaults.

When it comes to people’s savings in the U.S., the stats are alarming. 45% of Americans have no savings accounts at all, while 40% don’t have enough savings to cover a $400 emergency. Here at Revolut, we’re trying to change that.

Let’s be real, we Americans face this financial challenge not because we lack the responsibility - but because we lack access to the proper tools and services. The truth is that traditional banks are not incentivized to facilitate savings. In fact, because they make money off of fees and surcharges, they encourage the opposite. While cashback and rewards on credit cards are attractive, they’re making money off of the debt customers incur and carry. The consequence? 37% of households have revolving credit debt and the average credit card debt has been rising over the years, hitting $5,554 per borrower in 2019.

That’s why we’ve built a product that makes saving part of your every day, so that you can effortlessly set aside money and earn a bonus, even as you’re spending with a debit card. And as always, there are no hidden fees. You deserve to be rewarded the responsible way. It’s time to make saving an easy habit. We’ve launched Revolut Savings Vaults to help you do just that.

Discover the new, smarter way to save every day

Enjoy a 4.50% annualized bonus on top of your base interest rate on the money in your Savings Vaults, for up to the amount you spent with your Revolut card last month. That means if you have a Metal or Premium account which gives you a base rate of 0.28% APY on the money in your Savings Vault, you’d be earning a total of 4.78%! Only have a Standard plan? No worries, you’ll still get a base rate of 0.15% APY, so that means you’ll earn 4.65% total with the 4.50% bonus.

Maximize your 4.50% bonus and save as you spend

To maximize your bonus, set up a direct deposit to your Revolut account (you’ll even get your paycheck up to 2 days early.) Spend in-store and online to increase the money in your Savings Vault that can earn the 4.50% bonus.
Please note: Your bonus is calculated daily on the money in your Savings Vault up to the amount you spent with your Revolut card last month (less returns), and will be paid on the first business day of the next month to your Revolut account. For the  first month you have your Savings Vault, you’ll earn a bonus of 4.50% on the amount you spent last month or $1,000 - whichever is greater. You will start earning this bonus when you keep eligible funds in your Savings Vault for a full day. There is no minimum balance required. The more you use your Revolut card, the greater your eligible funds will be.

Easy access to your savings when you need it

No jumping through hoops to access your savings. Say goodbye to withdrawal limits and withdraw to your main Revolut account anytime.

You can choose the deposit method that suits you best

Fund your Savings Vault by rounding up your spare change or making a recurring or one-off transfer. Pro tip: get ahead on your savings and set up direct deposit so that your main spending account has enough funds to fund your Savings Vault with recurring transfers.

As always, your money is protected

Savings Vault product offered by Sutton Bank, Member FDIC. Deposit account product offered by Metropolitan Commercial Bank, Member FDIC.

Please note: It is at the discretion of Sutton Bank to change the interest rate and Annual Percentage Yield (“APY”) for the Savings Vault at any time. Up-to-date interest rates are always shown in the Interest Rate Schedule on the Revolut app. Terms and conditions apply.