Revolut savings review
Revolut's Savings Vaults offer daily interest, but you have to pay to get top rates.

Revolut is a digital banking app that wants to revolutionise your finances with its handy features and perks. It’s always encouraged its customers to stash money away through its Vaults system, but now you can earn interest through dedicated Savings Vaults.
The amount of interest you’ll earn depends on what kind of account you have, with the top rates only accessible to those who pay for a Metal or Ultra subscription.
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How we picked theseRevolut’s Saving Vaults are available to all its customers, but the interest rate is determined by what level of account you have. For example, if you’ve got its free account, you’ll get Revolut’s lowest rate. But if you have one of its Metal accounts, which costs £14.99 per month, you’ll get a higher rate. Rates are tiered based on what plan you are on and your monthly fee.
Upgrading your account gets you access to various benefits, with each tier offering more and improved perks. However, if you’re thinking of upgrading to get a better savings rate, make sure to do your maths and take into account how much you’ll spend on fees for the year versus what you’ll earn in interest.
At the time of writing, Revolut doesn’t have any other savings accounts like notice accounts or fixed rate accounts on offer.
To get access to Savings Vaults, you need to download the Revolut app and then open an account.
To sign up, you’ll need to share your mobile number with the app and then enter a code that’s texted to you. You’ll be asked for a series of information, including your official name, country of residence, date of birth and home address. Lastly, you’ll be asked to verify your ID by taking a photo and then to select a passcode.
You can choose to have a physical card, which is customisable if you upgrade your account. Alternatively, you can have virtual cards, which Revolut says are more secure.
Once that’s done, you can set up a Savings Vault. You can add money in several ways, either through regular deposits, by rounding up your spending, or with one-off transfers.
The Savings Vaults accounts currently available on the app are instant access, meaning you can withdraw money free of charge at any time. However, Revolut’s terms and conditions allow for fixed savings, so check carefully what you’re signing up for.
It might have taken 3 years, but Revolut was granted a UK banking licence (albeit with restrictions) in July 2024. For now, the money you save is not actually held by Revolut but rather with a partner bank, and there is also a trustee responsible for administering the account, but expect this to change given the new licence.
Revolut has operated in the UK as an “e-money institution” (EMI) authorised under the UK Electronic Money Regulations. This means that Financial Services Compensation Scheme (FCSC) protection does not apply to its payment services.
"Signing up for Revolut is quick and easy. When I opened my account, it took less than 10 minutes to get started. From there, setting up your Savings Vaults is equally straightforward. The photo identification process took minutes.
The app is simple to navigate, and the vaults system means you can budget effectively.
Revolut says that Savings Vaults may be covered by the FSCS, which offers protection of up to £85,000 if the partner bank goes bust. It doesn’t say who the partner bank will be in the legal section on its website, but when I tried signing up, I was told any money I saved would be held in Paragon Bank, which is FSCS regulated.
When you set up a Savings Vault, you’re given terms and conditions that tell you whether your partner bank is covered. These are upfront, so make sure you check what protection you have before saving any cash."
Revolut’s free Savings Vaults are a long way from market-leading rates, although they beat some high street banks’ easy access options. The multiple pots can be handy for budgeting and keeping track of your savings, but given the low rate, it’s only worth using for really short-term goals. Even then, you should find a better deal by shopping around.
If you’re a Metal account holder, the rate is competitive, though not the best out there. But with a £14.99 per month price tag, it’s probably only worth it if you have the account anyway and value the other perks and benefits.
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