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.
Revolut Savings Vaults
Savings Vaults are an easy-access savings account with a limited market-leading interest rate of 1.35% AER*. In other words, they’re a great way to save smarter and faster, while putting your money to work for you.
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.
*Only limited deposits will be accepted at the market-leading 1.35% AER interest rate. After the limit is reached, any new deposits will receive a lesser rate.
Creating a Revolut Savings Vault
Setting up a Revolut Savings Vault is simple. Simply use 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 can also 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.
In the coming months, Revolut plans rolling out Savings Vaults to Standard and Premium customers, with a slightly lower interest rate. Also launching them in other countries. You can read more users reviews about these vaults and other products offered by Revolut by visiting our users community.