Revolut, the financial superapp with more than 16 million customers worldwide has today announced the latest product for standard users in the UK, with the launch of daily interest savings vaults. Starting today, customers with a Revolut standard plan can begin to earn 0.15% daily interest on the funds in their GBP vaults.
In addition to offering interest paid daily, Revolut Savings Vaults offer users flexibility and choice: there are no minimum commitments for deposit duration, or deposit amount. Users can begin growing their savings instantly, and withdraw their savings immediately whenever life gets in the way.
In an environment where banks are beginning to charge customers for holding deposits, Revolut is delighted to offer fee-free interest to all of its users. For users that want to earn even more on their savings or save in another currency, Revolut paid plans offer up to 0.40% interest on GBP savings and up to 0.65% on USD.
Customers can round-up their card payments and instantly save their spare change, or deposit money into their Savings Vaults via recurring or one-off transfers. Furthermore, customers can now have oversight of their overall financial health with Revolut’s new Net Worth feature, allowing them to have a single view of both savings accounts and other assets, held at Revolut or even externally by using the linked accounts feature.
Marsel Nikaj, Head of Savings & Lifestyle at Revolut said, “To date, Vaults have helped over 2.5 million people build towards their financial goals. Now, we are excited to roll out Savings Vaults with daily interest and no fees to standard plan users to help them achieve their goals faster. We are also looking forward to bringing this product to European markets in the near future to enable anyone to earn money on their savings, even in a negative interest rate environment.”