Challenger Revolut launches group saving feature
Revolut users can now create sub-accounts to save money together with their family or friends.
Revolut has announced Group Vaults, a saving option that allows user to create savings accounts and share them with other people. Vaults were launched as individual savings accounts more than a year ago and Revolut says people have since opened more than 1 million of them.
Originally mostly known as a multi-currency card, Revolut has come a long way since its launch in 2015 and now has more than 3 million customers and many different features. You can read our review to find out all you can do with the Revolut app these days.
Just like regular Vaults, Group Vaults won’t earn you any interest on your savings, but will make it easier to put money aside towards a goal, for example, a holiday with a group of friends.
Revolut says they make an alternative to joint accounts and that you don’t have to provide any documents to open one.
Aside from making one-off contributions, you can also add money into a Group Vault by having Revolut automatically round up your spare change, so that for example, if you make a £5.80 purchase, Revolut will charge you £6.00 and put £0.20 into your Group Vault.
“After the huge success of our Vaults feature, we’ve been inundated with requests from thousands of customers in our community asking for an easier way to save together with family and friends. Group Vaults are the payments equivalent of a group chat,” said Ed Cooper, head of mobile at Revolut.
Revolut’s main competitors are also expanding their savings features. Monzo is building a whole savings account marketplace, while N26 and Starling both allow you to create separate sub-accounts to save towards a goal. None of them lets you share them with other people, but Starling does pay a 0.5% interest rate on balances up to £2,000.