Revolut vault vs savings

[stuartbloom]

Hi

Been using revolut and vaults for years now, and have started to look at their savings accounts. Is there any difference to using a savings account as opposed to a vault?

Thanks in advance and sorry if this is a silly question

 

[elcato]

Only thing I find annoying is how it's classed on the statement if you download them. It's hard to eliminate the transactions as they seem to differ, unlike the vault which is categorised as a transfer.

 

[theresa1]

You don't get any interest on your money in vaults.

Turn Idle Cash Into Interest | Start Saving Online | Revolut Ireland

Grow your savings faster with interest paid daily at excellent rates, with instant access.

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At least 2% with an Instant Access Savings account.

 

[theresa1]

"You can open multiple Instant Access Savings with Revolut." - Only picking up on this now. Just assumed it was only one account allowed.
Vaults are now known as Pockets.

 

[theresa1]

Anyone actually open up more than one Instant Access Savings Account with Revolut?

 

[MrEarl]

Why would anyone want a "vault" anymore?

 

[theresa1]

Why would anyone want a "vault" anymore?

Yes that's what I'm getting at. Even on the free plan in theory you could have a few Instant Access Savings Accounts and be earning 2% in each.
No need for Pockets (Vaults) with no interest.

 

[MrEarl]

You'd wonder why Revolut didn't just issue a circular, in advance of coverting all Vaults to Instant Access Savings Accounts - too expensive, if they'd to pay interest to everyone, immediately, I assume.

 

[stuartbloom]

@theresa1 and @MrEarl thanks for the responses, those were my thoughts exactly, time to switch all my Pockets (sorry hard to stop calling them Vaults) to savings accounts. Every little helps (although thtas from somone totally different)

 

[theresa1]

I wonder can you name each account or just have to know which is which by the actual balance.

 

[Alkers86]

Why would anyone want a "vault" anymore?

Possibly for the rounding up at transactions etc which people who aren't good savers sometimes like.

 

[stuartbloom]

I wonder can you name each account or just have to know which is which by the actual balance.

Just created a new one, and there is a rename option

 

[theresa1]

Possibly for the rounding up at transactions etc which people who aren't good savers sometimes like.

You can do this with Instant Access Savings Accounts as well and get interest off course.

 

[thewire2020]

Thank you for this thread , I just closed all my vaults/pockets and set up separate savings accounts

 

[shrinn]

Thank you for this thread , I just closed all my vaults/pockets and set up separate savings accounts

Just done the same.

I had the 'Spare change' feature turned on for the old pocket (where it rounded every card spend up to the nearest euro and puts the difference into savings).

I've turned that on now for my Instant Access Savings account instead. Is this likely to create any headache in future when it comes to tax declarations? (where I essentially will have large amounts of random deposits of a few cents each going into savings that I'm liable to account for in my tax return for DIRT?)

 

[theresa1]

Revolut deduct DIRT automatically.