Revolut increases competitive Savings Vault interest rate to 1%

Revolut, the global financial super-app with over 18 million customers, has increased the interest rate on its popular Savings Vault for all UK customers, enabling consumers to reach their financial goals faster.

Starting this week, Revolut Metal customers in the UK can now earn up to 1% interest (AER) paid daily on their Savings Vault in GBP. Meanwhile, Revolut has also increased the rate to 0.85% for Premium users, 0.55% for Plus users, and 0.45% interest (AER) for Standard users, all paid daily on their new Savings Vault in GBP.

In addition to a competitive interest rate, Revolut’s Savings Vault offers 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 by the FSCS.

The new interest rate makes it even easier to grow savings for customers using Revolut’s spare change round ups feature to round up their card payments to the nearest whole number and instantly save. A deadline can be set for reaching a specific goal, and speedy savers can choose to double or triple their spare change contributions, or even multiply them by a factor of 10. Revolut users can also set up recurring transactions daily, weekly and monthly to grow their Savings Vaults.

Mikko Salovaara, Chief Financial Officer at Revolut said: “With the rising cost of living, we understand that saving remains important to our customers. We’re pleased to offer saving products that will help people maximise the interest they can earn with the reassurance of being able to access their savings instantly.”

Metal accounts are Revolut’s leading offering, provided via monthly subscription (£12.99 per month). In addition to accessing all of the features of Revolut’s free UK account available to all 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.

Revolut offers customers the option to give personalised names to their Savings Vaults to help them have a dedicated vault for their own goals. Whether customers are looking to save for a new bike, a holiday, or both, users can create more than one Savings Vault in the app to put money aside. The most popular use for a Savings Vault is saving for a holiday, with the top named trips being: New York, London, Florida, Paris, Las Vegas, Skiing, and Japan.

Top 10 personalised Savings Vault names:

1. Holiday

2. Rainy Day

3. Rent

4. Car

5. Christmas

6. House

7. Bills

8. Wedding

9. Emergency fund

10. Tax