Revolut has just launched one of the easiest and fastest ways to save towards your financial goals.
Saving money should be a simple, seamless task, but the reality is that it's actually a difficult thing to do. Whether you're saving up for that dream holiday or upgrading to a new laptop, we want to help you achieve your financial goals.
That's why we decided to build Vaults - the easiest, fastest way to save money. Creating a Vault takes seconds and you can save in any of the 25 supported fiat currencies or 3 Cryptocurrencies.
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Round up your spare change 💳
Every time you make a card transaction with Revolut, we'll round up your purchase to the nearest whole number and place your spare change into your Vault.
Picture the scene - you buy your morning coffee for £2.70, we round it up to £3.00 and automatically place £0.30 into your Savings Vault.
💡Update: For certain currencies, it doesn't make sense to round up spending to the nearest unit, as many of you have already told us. So, we've changed the way we round up spare change:
- RON & PLN will be rounded to the nearest 5 - For example, when you spend 3 RON, we will round up your purchase to 5 RON and place 2 RON directly into your Vault;
- SEK, NOK, DKK and CZK will be rounded to the nearest 10 - spend 11.20 CZK, we round up your purchase to 20 CZK and place 8.80 CKZ into your Vault;
- HUF & JPY will be rounded to the nearest 100 - Spend 353 HUF, we round up to 400 HUF and place 47 HUF into your Vault;
Set up a recurring payment 💸
You can also add funds to your Vault by setting up a weekly or monthly recurring payment for a specific amount.
If you get your salary on the 27th of each month and want to place £50 into your Vault on that date, you can set this up in seconds and we'll automatically send the payment into your Vault on that date.
Make one-off payments 💰
You can also make one-off payments into your Vault as and when you please. If you're lucky enough to have a little extra left over at the end of the week, or simply want to make a lump sum payment into your Vault, you can do so in seconds.
Convert spare change into cryptocurrency 🚀
If you have enabled the spare change feature with Vaults, you can automatically convert your spare change into either Bitcoin, Litecoin or Ethereum each time you make a round-up transaction with your Revolut card.
Please note: In the United Kingdom, Cryptocurrencies are unregulated financial instruments. Your capital is at risk.
Awesome. How do I set up a Vault? 🔐
- Make sure you've updated to the latest version of the app
- Head over to the 'More' tab and tap on 'Vaults'
- Give your Vault a name such as 'Holiday Fund' or 'New Laptop'
- Choose a currency and the amount you would like to save
- Tap on 'Spare change' if you want to round up each transaction
- Set the Accelerator setting if you want to supercharge your savings 🚀
Can I change the amount spare change I save? 💰
Yes, we've added a Spare Change Accelerator that allows you to supercharge 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 10x. 🤑
This means that with a 10x Accelerator turned on, you can save £3 into your Vaults for the £0.30 spare change from your morning coffee. 😎
Is my Vault secure? 🤔
The money you save in your Vault is kept separate from your main account and will not be used when you spend with your Revolut card. You can withdraw money from your Vault back into your main account instantly and at any time.
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What our lawyers want you to know ⚖️
As an E-Money Institution licensed by the FCA, the current regulations do not allow us to offer any interest on client funds deposited in Revolut Vaults.
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.
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