Revolut has launched easy-access USD Savings Vaults for its UK customers, in collaboration with its partner bank Investec.
The Revolut Savings Vaults offer interest rates of 0.65% AER for Revolut Metal subscribers, 0.50% AER for Premium customers, and 0.40% AER for Plus customers on USD funds.
In addition, there is no minimum deposit amount, and customers can round-up their card payments to save their spare change. Customers can also deposit money into their Savings Vaults via regular one-off transfers.
UK customers can choose to save in GBP, with Metal and Premium subscribers earning 0.40% AER and Plus subscribers earning 0.20% AER.
Nik Storonsky, founder and CEO at Revolut, said: ” Many of our customers choose to hold a number of different currencies in their Revolut accounts, and now we’re able to help their money grow with daily interest while they’re holding GBP or USD. It’s just another way that we’re helping our customers get more from their money.
“The decline in interest rates over recent years has directly impacted the options that people have when it comes to saving. We’re delighted that we can now offer our UK customers one of the most competitive rates in the country, with complete flexibility and protection. As we start 2021, we’re looking forward to helping our customers save and manage their money more effectively.”
The Revolut Savings Vaults are limited to £85,000 ($116,000) and are protected by the Financial Services Compensation Scheme (FSCS) through Investec.
Greater control over savings
David Hunt, head of funding partnerships for Investec, said: “By empowering and encouraging its customers to take greater control over their savings, Revolut is further strengthening its position as a leading financial services platform for the retail market. With attractive rates of interest and easy access to funds, Investec is excited to provide products for use within Revolut’s Savings Vaults.
“By partnering with Revolut, we will widen our distribution within the UK digital savings market at a time when savers are progressively looking for easy to manage digital solutions. We’re delighted to be working closely with Revolut as we support digital platforms in the financial services sector with market-leading savings accounts.”
Personal Vaults enable customers to hold over 30 currencies. Furthermore, the feature allows users to invite friends or family to a Group Vault to save for goals together.
Group Vault owners can now also give withdrawal permissions to other members, giving owners control over who can take money out.