Revolut vault vs savings

S

stuartbloom

Registered User
Messages
15
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
 
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.
 
"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.
 
Anyone actually open up more than one Instant Access Savings Account with Revolut?
 
MrEarl said:
Why would anyone want a "vault" anymore?
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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.
 
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.
 
I wonder can you name each account or just have to know which is which by the actual balance.
 
thewire2020 said:
Thank you for this thread , I just closed all my vaults/pockets and set up separate savings accounts
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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?)
 
Anyone done the maths on Revolut savings accounts and the various plans they offer? At what point is the monthly plan fees worth it vs the returns you get?
 
Aph2016 said:
Anyone done the maths on Revolut savings accounts and the various plans they offer? At what point is the monthly plan fees worth it vs the returns you get?
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TradeRepublic gives you 3.5% (the same rate as Revolut Ultra) without any fees. It is up to 50k but any more than that you could put into Raisin at a similar rate. N26 is cheaper for the 3% rate than Revolut so Revolut doesn't seem worth it at all.
 
Exactly. The higher Revolut packages are not worth paying for in order to gain access to higher rates. There are lots of non-Revolut options that will pay 3-4% with no fees.
 
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