02.08.2020
revolut vaults interest rate
To view the Terms, tap on your Savings Vaults under ‘Vaults’ on the ‘Wealth’ section of the app, tap the ‘Settings’ ⚙button and then select ‘Terms & Conditions’.
Imagine being able to save money for your holiday at an exchange rate that’s favourable, and then earn interest on that money too However, we may end this Agreement immediately if any of the following apply:If we end this Agreement, we will close all your Savings Vaults in line with the Deposit Information and return the money back to your normal Revolut account. During the notice period you will have the option to withdraw your money from the relevant Savings Vault to your normal Revolut account (according to the Deposit Information). New currencies and countries are coming soon. Otherwise, we'll give you two months' notice before we make any change to these terms and conditions. Revolut promises 1.35% AER interest rate up to a certain limit. You could create a vault in any currency (including supported cryptocurrencies) and set some money aside. You can take money from your savings vault whenever you want.Revolut promises 1.35% AER interest rate up to a certain limit. If you do not do so within the notice period, your deposit will be returned to your normal Revolut account.We donât charge you any fees to use Savings Vaults.As explained in section 3 of this Agreement, we (or our partners the trustees) may receive additional interest that is paid by the bank over the rate that is shown to you in the app. In this Agreement, a business day is a day (other than a Saturday or Sunday or a Bank Holiday in England and Wales) on which banks are open for business in London.However, it can take longer if you make a deposit using money you recently added to your normal Revolut account using your Stored Card.
Interest earned over weekends and bank holidays will be paid the following business day.Put your money to work with Savings Vaults and earn up to 0.80% (AER) annual interest. This can take up to two business days after it is sent. These banks are shown in the Revolut app. The accounts with the bank are in the name of the trustee, meaning you do not have a direct or contractual relationship with the bank. 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. You will choose the bank to make your deposits with and will see the interest rate you will receive in the Revolut app. Interest is paid daily. Interest accrues on a single deposit per Savings Vault … Withdraw from 55,000+ … However, if you are a customer of both Paragon Bank and Revolut, only the first £85,000 is protected. As an E-Money Institution licensed by the FCA, the current regulations do not allow us to offer any interest on client funds deposited in Revolut Vaults.
The trustee for any particular deposit is shown in the Deposit Information.Each trustee is appointed by Revolut to place money deposited through Savings Vaults with banks on your behalf. You can create sub-accounts in the Revolut app to put some money aside. 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. The trustees who hold your deposits also have their own terms and conditions, which we call the âTrustee Termsâ.These terms and conditions, along with our Personal Terms, Fees page and any other documents we give you that apply to our services, form a legal agreement between:If there is any inconsistency between the Agreement and our Personal Terms, these terms and conditions will apply.You can ask for a copy of the Agreement through chat in the Revolut app.Savings Vaults are types of Vaults that allow you to easily earn interest on your money.When you put money in a Savings Vault, it is sent to a trustee, who deposits it with a bank you choose, on your behalf. Just like other deposits with banks, the money in your Savings Vault may be protected by the Financial Services Compensation Scheme (or FSCS as it is sometimes called). They apply when you use Savings Vaults on the Revolut app. Originally, vaults were an alternative to savings accounts without any interest rate.
We may refuse your instruction if:You may have to pay tax on any interest.
Weâll try to give you notice before we do this, although we might not be able to do so in an emergency. Savings vaults work pretty much like normal vaults. The Deposit Information is also shown in the Revolut app.You will choose the bank to make your deposits with and will see the interest rate you will receive in the Revolut app. And, of course, you can transfer money manually whenever you want.Metal customers in the U.K. can now turn normal vaults into savings vaults.
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