Vaults have been a mainstay of Revolut for a while now, allowing you to stash your spare change, or make a recurring or one-off contribution towards your financial goals. Today, this popular feature gets even better.
Introducing Savings Vaults 💰
Savings Vaults are an easy-access savings account where you can earn daily interest. In other words, they’re a great way to save smarter and faster, while putting your money to work for you. Interest rates go up and down so please check the Vaults page to see what the current rate is.
To begin with, Savings Vaults will be available to Revolut Metal customers whose sole tax residency is the UK. Funds in Savings Vaults are deposited with Paragon Bank and protected by the FSCS up to a value of £85,000 for eligible customers.
Providing greater value 🤗
Interest rates have been minuscule in recent years, and this has directly impacted the options that people have when it comes to saving money.
As well as offering a limited best-in-class interest rate, Savings Vaults offer you true flexibility, unlike other similar products currently available on the market. There’s no minimum deposit amount, withdrawals can be made at any time, and interest is paid daily.
It’s another step towards our goal of democratising the financial services industry, and providing much greater value than traditional banks.
How to create a Savings Vault 📱
Setting up a Savings Vault is simple. Simply head to your Dashboard in the Revolut app, tap on the Vaults section and select the Savings Vault option. Then deposit your money via regular or one-off payments, or round-up your spare change.
You’ll also have the option to convert your existing Vaults into Savings Vaults, but once this has been done, you will not be able to open or hold a normal GBP Vault any more.
In order to see Savings Vaults, you'll need to make sure that you've updated to the latest version of the Revolut app.
Get more from Vaults 🚀
Since the Vaults feature launched in April 2018, over 2.5 million Vaults have been created, with an average of 6,000 new Vaults added each day. In total, the Revolut community has put aside over £1 billion in their Vaults.
Refresher: Vaults is a feature which allows you to put aside money towards your financial goals. You can choose to round-up your purchases and put aside the difference; you can also set up a recurring transfer, or make a one-off contribution.
Plus, money in your Vault remains easily-accessible, and can be moved back to your main balance in seconds.
In the coming months, we’ll be rolling out Savings Vaults to Standard and Premium customers, with a slightly lower interest rate. We’ll also be launching them in other countries.
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