Last week we introduced one of the easiest, fastest ways to save money - Revolut Vaults.
Since then, tens of thousands of Vaults have been created, helping our users pocket millions in spare change towards their financial goals.
Now imagine there was a way to save Bitcoin, Litecoin and Ether in your Vault, instead of Pounds or Euros. Do you see where we're going with this?
What are Crypto Vaults? 🤔
Picture this - every time you buy your morning coffee, go shopping or pay for a round of drinks, a small amount of Bitcoin goes into your savings Vault. Sounds too good to be true? Keep reading.
We've already showed you how to set up a Vault in any of the 25 currencies supported in the app. But what many have not yet realised, is that Vaults can also be used to pocket Cryptocurrencies.
Here's how to set it up ⚙️
Let's assume you'd like to build a Bitcoin balance, but you're never sure how to start or when to buy. Vaults can help you build a handsome crypto balance without you even thinking about it. This is what you need to do:
- Set up a new Vault and give it a name
- Change the Vault currency to Bitcoin (or Ether, or Litecoin)
- Set your savings goal - ie. 1 BTC
- Make sure the Spare Change option is turned ON
- Set your Accelerator preference to save even more, each time you spend
- See your balance grow each time you spend with your Revolut card
Once everything has been set up, each time you spend using your Revolut card, your transactions will get rounded up to the nearest Pound (or any other base currency).
The spare change from everyday transactions is instantly converted into Bitcoin (or your cryptocurrency of choice) using our crypto rates and the balance saved into your Vault.
This means that every coffee you buy for £2.70 gives you £0.30 in Bitcoin; every lunch you buy for £5.10 gets you £0.90 worth of Ether, and so on.
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Ok, but why should I care for these tiny amounts? 😂
Sure, your mates might laugh at your mighty crypto balance, but now imagine you keep spending with your Revolut card, rounding up spare change every day, for a whole year. By Christmas, chances are your tiny Crypto Vault will have accummulated a sizeable amount.
Still in doubt? Remember - Rome wasn't built in a day either... 😉
What if I want to change the amount of spare change I save? 💰
We've added a Spare Change Accelerator option which allows you to increase the amount of change you deposit into your Vault. 🚀
So now, if you're buying the same coffee for £2.70, you have the option of multiplying the £0.30 spare change by a factor of 2, 3, 4, 5 or 10. This means that you can save more into your Vaults for every transaction you make using your Revolut card.
So, with the accelerator turned on to 10x, the £0.30 spare change from your morning coffee will be into £3 (£0.30 x 10 = £3) and placed inside your Vault
What if I don't have access to Revolut Crypto? 🤷♂️
If you're a standard user and do not have access to the Cryptocurrency feature just yet, you can:
- Invite 3 friends to join Revolut; or
- Upgrade to a Premium account; or
- Wait in the queue while your Crypto feature gets unlocked. Go to the 'More' section of the app and tap 'Cryptocurrency'; you will be placed in a queue and the Crypto feature will be automatically unlocked for you within 14 days.
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What our lawyers want you to know 👨⚖️
You must be satisfied that this crypto offering is suitable for you in light of your financial circumstances and attitude towards risk before starting. The price or value of cryptocurrencies can rapidly increase or decrease at any time (and may even fall to zero).
The risk of loss in holding cryptocurrencies can be substantial. Funds received by us in relation to cryptocurrency transactions will not be safeguarded (under the UK Electronic Money Regulations 2011) or covered by the Financial Services Compensation Scheme.
We do not make any representation regarding the advisability of transacting in cryptocurrency. We cannot guarantee the timeliness, accurateness, or completeness of any data or information used in connection with you holding any exposure to cryptocurrencies.
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