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.
We currently don't have that product, but here are others to consider:
How we picked these
What savings accounts does Revolut offer?
Revolut’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.
Boost your savings with FREE interest rate alerts
FREE interest rate alerts
Sign up to receive the latest deals, expert tips, and a chance to win £400! (T&Cs)
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.
Is it safe?
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.
Our expert says: Signing up for Savings Vaults?
"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."
Allowed multiple Savings Vaults for different purposes
Easy access to your savings when you need them
Lots of ways to deposit your cash
Cons
Free savings account rates are low
May not be FSCS protected
Limited range of savings products
You have to pay to access competitive rates
Our verdict: Are Revolut savings any good?
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.
Frequently asked questions
No, Revolut does not come with FSCS compensation. Your money is protected by something called safeguarding, though.
Safeguarding are laws that define how e-money institutions like Revolut must protect your money.
When Revolut gets your money, it has to either place it in a dedicated safeguarding account with a bank, invest it in low-risk assets that have been regulator approved or protect the money with an insurance policy. If Revolut goes bankrupt, you should get your cash back from the safeguarded pot.
Any money deposited in your Savings Vaults is placed into a partner bank. Revolut says that these banks are chosen because they offer good interest rates. It adds that new Savings Vaults with new banks and new interest rates may be added at any time. Your partner bank will be listed on the app and may be FSCS protected.
We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you. Most of the data in Finder's comparison tables has the source: Moneyfacts Group PLC. In other cases, Finder has sourced data directly from providers.
FREE interest rate alerts
Sign up to receive the latest deals, expert tips, and a chance to win £400! (T&Cs)
Matthew Boyle is a banking and mortgages publisher at Finder. He has a 7-year history of publishing helpful guides to assist consumers in making better decisions. In his spare time, you will find him walking in the Norfolk countryside admiring the local wildlife. See full bio
Matthew's expertise
Matthew has written 280 Finder guides across topics including:
Helping first-time buyers apply for a mortgage
Comparing bank accounts and highlighting useful features
Nationwide’s savings account options explained. Whether you’re happy to tie up your money or need instant access, we’ve covered the options.
Advertiser disclosure
Finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which Finder receives compensation. We may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. Finder compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
How likely would you be to recommend Finder to a friend or colleague?
0
1
2
3
4
5
6
7
8
9
10
Very UnlikelyExtremely Likely
Required
Thank you for your feedback.
Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve.
