Revolut Savings Vaults -Review

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Revolut Savings Vaults -Review

HannahMarla

Revolut says aims to tackle the consumer loyalty trap. The new feature of Saving Vaults, which is FSCS protected up to £85,000 through Paragon Bank, is available to its metal card users, whose sole tax residency is in the UK, who pay £12.99 per month for a host of premium features.

"Revolut Premium and Standard customers in the UK will be able to access Savings Vaults at a lower rate in the coming months. Revolut will be rolling out Savings Vaults to other European markets in the near future."

Anyone lucky using it please share experience.

S Johnson

I can’t see it anywhere in my app… I would actually consider using it too, daily AER - interesting

michelle Denver

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.

find our more about these Revolut savings vaults.

Chris Adams

Yes, I can convert my existing vault to savings vault - 😄
p.s I am Metal card customer.

HannahMarla

Revolut now offers Group Vaults as an alternative to joint accounts. Multiple persons can now interact with a group vault just like a normal vault. This will be useful for couples 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, etc.

michelle Denver

There are so-called "Savings Vaults" are so far only available to Revolut's metal account holders, although it'll roll out to other users in the coming months at a lower rate.The metal account costs £12.99 per month, and comes with various perks including medical insurance, airport lounge access, concierge services and shopping discounts.

The Revolut APY 1.35 % rate will only be available for "a limited time" until the bank reaches a financial cap it's set itself, but Revolut won't say what this is.Savers who deposited funds when the rate was 1.35 APY will continue to receive this on previously transferred money, but not on new deposits.