Revolut, the global financial platform with over 18 million customers, has launched an update to it’s Saving Vault product. Revolut Metal customers in the UK can now earn 0.7% interest (AER) paid daily on their Savings Vaults in GBP.
With this move Revolut wants to help customers reach their financial goals faster through not only putting money aside, but also earning a market leading interest on it.
In addition to a competitive interest rate, Savings Vault offers Revolut customers true flexibility: no minimum deposit amount, withdrawals can be made at any time, and annual interest is paid daily. Furthermore, customers’ savings are protected up to £85,000 under the FSCS.
To make it as easy as possible for Revolut users to grow their savings, this product enables users to round-up their card payments to the nearest whole number and instantly save their spare change. Users can opt for recurring deposits or one-off payments and track progress towards their saving goal.
Alan Chang, Chief Revenue Officer at Revolut said:
“With rising inflation creating pressures on individuals and households, savings are a critical enabler to help people achieve financial independence which is why we’re excited to be able to offer a market leading rate on our Savings Vaults with annual interest paid daily for our UK customers. For us, this is another step towards our goal of democratising the financial services industry, and providing greater value than other market players. We want to offer a saving product that will help people to save their money more effectively and reach their financial goal faster. “
The updated Savings Vaults product is now available to Revolut Metal customers, with a roll-out to Premium, Plus and Standard customers being planned over the coming months. Existing Revolut users who already save money with Saving Vaults will have to open a new savings account to benefit from the 0.7% interest rate. In the close future, Savings Vaults will also be accessible to customers in other European countries.
Metal accounts are Revolut’s leading service offered via monthly subscription (£12,99 per month). In addition to all of the features of the free UK account available to all Revolut customers, Metal customers benefit from a range of extra perks including unlimited foreign exchange, worldwide travel and medical insurance (T&Cs apply), no fee international ATM withdrawals up to £800 per month, unlimited disposable virtual cards to further protect against online card fraud, and a wide range of shopping discounts.