Revolut Intros Savings Vault with 0.7% Interest to Advance Consumers’ Goals

London challenger bank Revolut is launching Savings Vault to provide Revolut Metal customers with a savings product that offers a 0.7% interest rate to help people reach their financial goals, according to a press release emailed to PYMNTS on Monday (Jan. 17).

The global FinTech startup launched in 2015 and now has 18 million customers. With Savings Vault, Revolut offers people flexibility with no minimum deposit amount, anytime withdrawals and annual interest paid daily. Customers’ savings are protected up to £85,000 under the U.K.’s Financial Services Compensation Scheme (FSCS).

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“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 U.K. customers,” said Alan Chang, chief revenue officer at Revolut.

“For us, this is another step towards our goal of democratizing the financial services industry, and providing greater value than other market players. We want to offer a savings product that will help people to save their money more effectively and reach their financial goal faster,” Chang added.

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Revolut users can also grow their savings by rounding up their card payments to the nearest whole number, instantly saving their spare change, and tracking progress to move closer to their saving goal. Users can opt for recurring deposits or one-off payments.

The savings product is available to Revolut Metal customers, with plans to roll out to Premium, Plus and Standard customers in the upcoming months. Existing Revolut users who already save money with Saving Vaults will have to open a new saving account to benefit from the 0.7% interest rate. Savings Vaults will soon be expanded to reach more customers across Europe.

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Revolut Bank, a subsidiary of global financial super app Revolut, is now available in 10 Western European markets. The FinTech rolled out in 13 countries in 2021, bringing its footprint to 28 countries across the region.