Revolut’s Vault Feature: Secure Savings and Smart Money Management

One of the standout features of Revolut is its Vault, designed to help users save money effectively and manage their finances with added security.

Revolut’s Vault feature is a powerful tool for anyone looking to save money efficiently and securely. By setting up specific savings goals, automating contributions, and benefiting from enhanced security measures, users can manage their finances more effectively. Whether you’re saving for a major purchase, an emergency fund, or just building a financial safety net, the Revolut Vault makes the process simple and rewarding.

Here’s a comprehensive look at how the Vault feature works and why it’s beneficial.

What is the Revolut Vault?

The Revolut Vault is a specialized savings feature within the Revolut app that allows users to set aside money for specific goals or emergencies. It functions similarly to a savings account but with more flexibility and control, tailored to suit modern financial habits.

Key Features of the Revolut Vault

1. Goal Setting

• Create Goals: Users can create individual Vaults for different savings goals, such as vacations, gadgets, or emergency funds. Each Vault can be named and customized with a target amount.
• Track Progress: The app provides visual progress indicators, helping users stay motivated and on track toward their savings goals.

2. Automated Savings

• Round-Up Transactions: Automatically round up spare change from your everyday purchases to the nearest whole number, depositing the difference into your Vault. For example, if you spend €2.70 on coffee, €0.30 is automatically saved.
• Recurring Deposits: Set up regular contributions to your Vault, such as daily, weekly, or monthly transfers, ensuring consistent growth of your savings.

3. Multiple Currencies

• Currency Flexibility: Vaults can be set up in various currencies, making it ideal for users who travel frequently or hold accounts in multiple currencies.
• Exchange Rates: Benefit from Revolut’s competitive exchange rates when saving in different currencies.

4. Enhanced Security

• Protected Funds: Money in the Vault is separate from your main account balance. This separation adds a layer of security, as funds in the Vault cannot be accessed for regular transactions unless explicitly transferred out.
• Withdrawal Controls: Only the account holder can withdraw funds from the Vault, ensuring that money is safe from unauthorized access.

Using the Revolut Vault: Step-by-Step

1. Set Up a Vault

• Open the App: Launch the Revolut app and navigate to the ‘Vaults’ section.
• Create a Vault: Click on ‘Create a new Vault’ and choose whether you want a personal or group Vault.
• Define Goal: Set a savings goal by naming the Vault, choosing the target amount, and selecting the currency.

2. Fund Your Vault

• Initial Deposit: Make an initial deposit into your Vault from your main account balance.
• Round-Up Savings: Activate the round-up feature to start saving spare change from your daily transactions.
• Recurring Contributions: Set up automatic transfers at regular intervals to ensure consistent savings.

3. Manage and Monitor

• Track Savings: Monitor your savings progress within the app, viewing the amount saved and how close you are to reaching your goal.
• Adjust Settings: Modify your savings strategies, such as changing the round-up amount or adjusting the frequency of recurring contributions.

4. Withdraw When Needed

• Transfer Funds: When you need access to your savings, transfer the required amount from the Vault to your main account. This process is instant and straightforward within the app.
• Partial Withdrawals: You don’t need to empty the entire Vault; partial withdrawals are allowed, maintaining the remainder of your savings intact.

Benefits of Using Revolut Vaults

1. Financial Discipline

• Structured Savings: Setting specific goals and automating contributions helps inculcate a habit of regular saving, promoting better financial discipline.

2. Security

• Protected Funds: Keeping money in the Vault adds a layer of security. Since funds are separate from the main account balance, they are not readily accessible for everyday spending, reducing the risk of impulsive withdrawals.

3. Peace of Mind

• Emergency Fund: Having an emergency fund stored in a Vault ensures that you have a financial cushion to fall back on during unexpected situations.
• Goal Achievement: Achieving savings goals becomes more manageable with visual progress tracking and automated savings features.

Practical Example

Imagine you’re planning a holiday trip that will cost €2,000. By setting up a Vault named ‘Vacation Fund,’ you can automate €50 transfers from your main account every week and round up your daily transactions. Over time, these small contributions add up, helping you reach your goal without needing a large lump sum upfront.