Hitting your savings goals just got easier. Introducing Group Vaults, the simple way to save for that special gift or occasion with friends and family on Revolut.
Wedding gifts, holidays, a family car, or even the deposit on your first home, whatever you and your pals are saving for, you’ll be able to stay motivated and track your progress right from the app.
This simple but handy feature is one we’ve been working on for a while, and we hope that you and your friends and family will love it. Of course, we’d love to hear your feedback, too, so that we can make Group Vaults even better.
To get started, you’ll need to update your app to the latest version (5.48).
👨🍳 How to create and manage a Group Vault
Setting up a Group Vault is as simple as creating a regular Vault. Open the Revolut app and tap ‘More’, then go to ‘Vaults’ and ‘Add new Vault’. Create a Vault by giving it a name (e.g. Barbados 2020) and set a goal (e.g. £3,000).
From there, simply tap on ‘Share’ to invite contacts to contribute to your Group Vault.
Once you’ve shared your Vault, you’ll automatically become the administrator, which means you, and only you, will be able to add or remove contributors.
👋 How to withdraw funds and close a Group Vault
Likewise, as administrator of your Group Vault, only you will be able to withdraw funds and/or close the Vault.
Just like a regular Vault, contributors may choose to add money by rounding up their spare change. Alternatively, Group Vault members may contribute via a recurring payment, or by a one-off contribution of any amount.
You can withdraw your funds at any time before reaching your goal, or continue saving beyond the goal, should you manage to reach it.
Update to Revolut 5.48 in the App Store or Google Play Store now to get started, and happy saving!
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