Polish Revolut clients have been given access to savings accounts with daily capitalization of interest in euro. The interest rate is 0.3% per annum. Accounts can be set up with a few clicks in the app, no minimum deposit required.
For starters, Saving Vaults are available only to customers of the Metal offer, with an interest rate of 0.3% per annum. In this way, Revolut wants to give customers the opportunity not only to save money in Vault safes in euro, but also earning on interest.
As Revolut argues, with historically low interest rates on savings accounts in Europe and rising inflation (its average level in the euro area is already 4.1% and in some countries in Europe, such as Poland, even 6.4%) the value of customer savings is eroding. To limit the impact of inflation, customers are looking for accounts that allow them to earn interest on savings. Banks in the euro area are offering today deposit interest rate of only 0.01%. Some banks in Europe even offer negative interest – charging a fee for storing customer savings with the bank.
The funds of Polish fintech clients paid to Saving Vaults are protected by a Belgian guarantee fund up to the amount of PLN 100,000 euro. Revolut savings accounts give you a lot of flexibility – there is no minimum deposit amount, you can withdraw funds at any time, and interest is paid daily.
Customers can donate agents for Saving Vault safes automatically, for example, rounded to the nearest total amount from daily payments. They can also set up periodic top-ups of safes or deposit funds at one time.
Saving Vault is a new version of the popular Revolta product, Vault safes launched in April 2018. Since then, customers have already set up over 3 million Vault safes and every day they set up about 9,000 new ones. To date, Revolut customers have deposited a total of over 700 million euros in their Vault safes.
Saving Vault is currently available only in euro for customers of Revolut Metal plans. Customers Premium, Plus and Standard plans in Poland they will get access to savings accounts with lower interest rates than in Metal soon. Revolut will also offer Saving Vault in other currencies and in other European countries in the coming weeks and months.
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Photo source: Revolut
Text Source: Revolut