Where this happens, itâs an arrangement between us, the trustee and the bank, and is not charged to you. Withdraw from 55,000+ … To see the interest rates your Savings Vaults are earning, tap on your Savings Vaults under ‘Vaults’ on the ‘Wealth’ section of the app, and check the ‘Deposit’ section. Weâll clearly explain these rules in the Deposit Information before you sign up to them.When you take money out of Savings Vaults, weâll get it back to you as soon as we can. Depending on the type of Savings Vault you have chosen, the interest rate on your deposit may be fixed or variable.
Funds in Savings Vaults are deposited with Paragon Bank and protected by the FSCS up to a value of £85,000 for eligible customers. To see the rate and when interest on a particular Savings Vault is paid, tap on your Savings Vault in the ‘Wealth’ tab, tap ‘Info’ and then choose ‘Rate information'. Get more from your money . You can ask for a copy of the trust deed through chat in the Revolut app.The banks you can deposit with using Savings Vaults are shown in the Revolut app.We like to keep an eye out for banks offering good interest rates for our customers and may add new Savings Vaults with new banks or new interest rates, at any time. Savings vaults work pretty much like normal vaults. Your money is deposited with a trusted partner bank and is protected by the A savings account made simple. If you put a huge sum of money in your savings vault, you’ll get a lower interest rate above the limit. The new Savings Vault, which is FSCS protected up to £85,000 through Paragon Bank, is an addition to Revolut’s popular Vaults feature. They are:We provide the function for you to make deposits in Savings Vaults using the Revolut app. Funds received by us in relation to cryptocurrency transactions will not be safeguarded (under the UK Electronic Money Regulations 2011) or covered by the Financial Services Compensation Scheme. We cannot advise you on this, and will not collect any tax for you, make any payments on your behalf, or provide you with any tax certificates. If so, what’s the interest rate offered by Revolut?I took a quick look and could not find any mention of interest. You can read more about FSCS protection Your normal Revolut accounts (which are e-money accounts you hold with us) are not covered by the Scheme, but are âsafeguardedâ. Normally, the bank will receive your deposit within two business days.You can take money out of Savings Vaults according to the rules you agree to when you put the money in. Through the app, you can create more than one Savings Vault for each Savings Vault product a partner bank offers. Save money with Savings Vaults.Get started with Revolut on your iOS or Android deviceGo to Dashboard > Vaults, then set up a Savings VaultEarn daily interest on your GBP funds, and withdraw anytimeHow interest is calculated can vary between different savings accounts. It would be nice if we could see GBP savings vaults for US customers and USD savings vaults for UK residents too. The hub account is also a segregated trust account, as set out in the Trustee Terms.The bank will hold your money as a deposit. Sometimes, if you withdraw money from Savings Vaults, we may credit some or all of the deposit to your normal Revolut account before we actually receive the money back from the bank. It also means that if you send the money on a day the bank is closed, it may not receive your money until the next day on which it is open.You can send money to Savings Vaults at any time using the Revolut app.We will send the money to the trustee who will deposit it with the bank as quickly as possible. It would be nice if we could see GBP savings vaults for US customers and USD savings vaults for UK residents too.Imagine being able to save money for your holiday at an exchange rate that’s favourable, and then earn interest on that money too I hope it will be introduced to iOS users soon so that I can take advantage of the interest on my savings. While there, it will always be held in a segregated trust account.
However, if you are a customer of both Paragon Bank and Revolut, only the first £85,000 is protected. This means that whenever money is moved from your Savings Vault back to your normal Revolut account, it stops being protected by the FSCS, but is safeguarded instead. However, we canât promise that this will always be the case.Sometimes weâll suspend access to Savings Vaults so that we can make technical changes, add new features, or make sure they run smoothly. You may not be able to withdraw your money before the minimum length of time has elapsed, or you may have to pay a fee. Your Savings Vault is provided by both Revolut and our partners. Although you see these as separate Savings Vaults within the Revolut app, they are viewed as one single deposit by the partner bank. It's an effortless way to maximise your money and save towards your goals, all while having instant access to your savings account.âThe Savings Vaults feature on revolut is the best thing ever Iâm just saving lil bits every day without even trying/thinking about it.â The money that a trustee deposits with banks on your behalf is held by the trustee on âbare trustâ for you. It's an effortless way to maximise your money and save towards your goals, all while having instant access to your savings account.