A Neobank startup Revolut is offering Group vaults to its account holders. Account holders can now create a vault with other members and use it like a normal joint account.
Originally, these vaults were supposed to be an alternative to savings accounts without any interest rate. How ever now users can create a vault in any currency (including supported cryptocurrencies) and set some money aside for rainy day. Users can now round up their expenses and add change to this vault, Users can program regular transfers (Like standing orders) to their vaults or add money whenever they want.
If we imagine these vaults are like a bank accounts then these group vaults are like a in Joint Bank Accounts. However here multiple users can now interact with one group vault just like a joint account. This means users can have now separate account for their team or group expenses.
This will be useful for couples or groups of friends who want a sort of joint account without opening a bank account, parents giving some money to their children, roommates creating a common pot to pay for group expenses, friends going on vacation, colleges buying tickets together etc.
Revolut users have created around 1 million normal vaults so far. They currently hold the equivalent of $95 million (£75 million).
In other news, Revolut mentioned a new app for younger customers — Revolut Youth. It’s not available yet but the company is working on it.
Boosting 4.9 million registered users on its Revolut Platform. Every day, 12,000 more people sign up. Every month, they are processing $5.5 billion in transaction volume. Readers can read a n26 vs revolut comparison here.