Neo-bank Revolut has announced the launch of daily interest savings vaults for UK customers on the standard plan. Starting today, customers with a Revolut standard plan can begin to earn 0.15% daily interest on the funds in their GBP vaults. Revolut Savings Vaults are said to be powered by Flagstone and covered by the Financial Services Compensation Scheme (FSCS), with savings deposits protected up to £85,000.
As was recently reported, interest rates on savings accounts are trolling all-time lows. Raisin says that more and more major banks are no longer offering savings products to private customers with some withdrawing completely from the retail business.
Revolut says that interest is paid daily and there are no minimum commitments for deposit duration or deposit amount. Users can withdraw their savings at any time.
Revolut states that for users that want to earn more on their savings or save in another currency, Revolut paid plans offer up to 0.40% interest on GBP savings and up to 0.65% on USD.
Marsel Nikaj, Head of Savings & Lifestyle at Revolut, commented on the new savings feature:
“To date, Vaults have helped over 2.5 million people build towards their financial goals. Now, we are excited to roll out Savings Vaults with daily interest and no fees to standard plan users to help them achieve their goals faster. We are also looking forward to bringing this product to European markets in the near future to enable anyone to earn money on their savings, even in a negative interest rate environment.”