Just two short months ago we launched Vaults, the easiest way to save money. Since then our community has fully embraced the power of saving, pocketing over 5 Million Pounds already! 😲
Find out how they managed to build up savings in the millions, what they’re actually saving for and how you can do the same… it’s all right here! 👇🏻
Ok, so how much cash has been stashed so far? 🤑
More than 3,000 new Vaults are created each day, helping our users collectively pocket over £5M in just over a month, most of which was achieved by rounding up spare change.
Of those people who save with Vaults, around a third supercharge their savings using the Spare Change Accelerator (where we multiply your spare change). This feature helps you to hit your targets sooner and build some financial discipline in the process.
We also found that around 1,000 people set-up weekly or monthly recurring payments into their Vaults, usually around the end of the month (most likely after pay day).
Whilst Vaults are perfect for locking away cash in any currency, we've found that most Vaults have been opened to save:
- 🇪🇺 Euros - EUR 3.1M
- 🇬🇧 Pounds - GBP 2.1M
- 🇵🇱 Polish Zloty - PLN 1.1M
- 🇷🇴 Romanian Leu - RON 500K
Cool, but what are people actually saving up for? 🤔
We all have different things that are top of our 'most wanted' list and for our Revolut customers, it's a mix of the sensible (well done all you 'rainy day' savers) and the aspirational - A rocket to Mars anyone? 🚀
We did a little fact-checking and found out that the top 3 Vault names are:
- 🏝 Holiday
- 💸 Savings
- 💰 Crypto
So besides two weeks in the sun, what else makes people lock away money? Well....
- Over 2,000 people save up to buy a 'Car' 🚘
- Around 1,000 people save for 'House' 🏡
- Around 500 people save for a 'Wedding' or for a 'Trip to Space' ... This last one got us thinking - Will you make it up the aisle or to outer space first?
Sold! How can I get started saving with Vaults? 🤑
There are a thousand ways to save and probably a million articles written to help you do just that - but the problem is, most of these strategies take time and discipline, which can make saving feel like hard work. So, we thought we'd show you some of the easiest ways to save with Vaults:
Save while you spend 💸
Saving while you spend are four words you wouldn't expect to see strung together in a sentence - but we've made it possible! Just spend as normal on your Revolut card (easy) and we'll round up your purchases to the nearest whole number, automatically saving the difference into your savings Vault.
📸 Picture the scene - you buy your morning coffee for £2.70, we round up your purchase to the nearest pound (£3.00) and deposit £0.30 in your Vault. ☕️
Rounding up your spare change is so easy, you won't even realise you're doing it. And if you want to build up your savings more quickly, use the Spare Change Accelerator to multiply your spare change before it goes into your Vault - but remember, you can only choose to save your spare change in one Vault, so choose wisely!
Pay yourself first 🙋🏻♂️
There's a saying in personal finance that you should always pay yourself first and this generally refers to building up savings and paying outstanding debts, before you start spending on yourself.
Treat your savings like a bill and transfer money to your Vault on a set date. You'll soon build up the discipline needed to lead a financially independent life.
With Vaults, you can easily set up a recurring payment right after pay day. Just choose an amount that's proportionate to your earnings, so that you always have enough to spend for the rest of the month.
If you're the type that feels uncomfortable with transferring a lump sum each month - you could try making small payments to yourself each day or week, which could feel more manageable.
Build your Crypto balance 💰
Rome wasn't built in a day and neither should your cryptocurrency balance. By now you should all be aware of the risks involved in dealing with cryptocurrencies.
The high price volatility can make buying and selling large amounts a very risky business, but by setting up a Vault in either Bitcoin, Litecoin, Ether, Bitcoin Cash or XRP - and selecting to 'round up your spare change' in your chosen cryptocurrency, you'll add small amounts of your favourite crypto to your Vault, every time you spend. And if you want to know more, we have a dedicated post showing you just how easy it is to set up a Crypto Vault.
So there you have it! We're proud to say that our Vaults feature is a huge hit and if you haven't started saving yet, just pick a goal and we'll help you reach it! It's that easy. 👌🏻
Last but not least, a word from our lawyers 👨⚖️
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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