What Revolut offers instead of a traditional savings account
Revolut does not offer a savings account in the traditional sense. The company is a fintech platform built around spending and currency exchange, not deposit-taking. What Revolut does offer is a Savings Vault — a feature that lets you set money aside within your Revolut account and earn interest on it, but the money stays in Revolut's system rather than moving to a separate savings product.
The Savings Vault works like this: you transfer money from your main Revolut balance into a vault, choose a lock-in period (ranging from one week to five years), and Revolut pays you interest on that amount. The interest rate varies by currency and lock-in length. You cannot withdraw the money before the lock-in period ends without losing the interest earned.
Revolut is not a bank in most countries where it operates. It holds a money market license in Lithuania and operates as an electronic money institution in the UK and EU. This means your money is not covered by traditional bank deposit insurance in the same way a savings account at a licensed bank would be.
Key Takeaways
- Revolut's Savings Vault lets you earn interest on money you set aside, but it is not a separate savings account — the money stays within Revolut.
- You choose a lock-in period from one week to five years, and you cannot withdraw without forfeiting interest if you break the term early.
- Interest rates on Revolut vaults vary by currency and lock-in length, and you should check the current rates on the Revolut app before committing.
- Revolut is not a traditional bank, so your money may not have the same deposit insurance protection as money in a bank savings account.
- If you want a true savings account with FDIC or equivalent protection, you will need to open one at a licensed bank instead.
How the Savings Vault works and what rates you can expect
When you open a Savings Vault in Revolut, you select how long you want to lock your money away. The options are one week, one month, three months, six months, one year, three years, and five years. The longer you commit, the higher the interest rate Revolut typically offers. Rates change based on market conditions and vary by currency — a vault in euros may pay a different rate than one in pounds sterling or US dollars.
Revolut displays the exact interest rate for each lock-in period in the app before you create the vault. You can see what you will earn over the full term. Once you confirm and transfer money into the vault, that rate is locked in for the duration. If interest rates rise after you create the vault, your rate does not change.
The interest is paid out at the end of the lock-in period. You cannot access the money or the interest until the term expires. If you try to withdraw early, Revolut will not pay you the interest — you get only the principal back.
Protection and insurance coverage for Revolut savings
Revolut holds a money market license from Lithuania's financial regulator, which means it is regulated but operates differently from a traditional bank. In the UK, Revolut also holds an electronic money institution license. Neither of these licenses provides the same deposit insurance as a bank account would.
In the UK, the Financial Services Compensation Scheme (FSCS) covers deposits up to £85,000 at licensed banks, but Revolut's electronic money license does not may have access to for FSCS protection. In the EU, the deposit may provide scheme does not cover electronic money institutions in the same way. If Revolut fails, your money in a Savings Vault is not automatically protected by a government-backed insurance scheme.
Revolut does hold customer funds in segregated accounts at partner banks, which provides some layer of protection, but this is not the same as deposit insurance. You should understand this difference before moving significant amounts into a Revolut Savings Vault.
Comparing Revolut Savings Vaults to bank savings accounts
A traditional savings account at a bank offers different features and protections. Bank savings accounts are liquid — you can withdraw money whenever you want, usually with no penalty. Interest rates are typically lower than Revolut's vault rates, but they come with deposit insurance protection. In the US, the FDIC insures up to $250,000 per depositor per bank. In the UK, the FSCS covers up to £85,000.
Revolut's vaults lock your money away and pay higher rates in exchange for that commitment. You trade liquidity and insurance protection for a better return. If you need access to your savings or want the security of deposit insurance, a bank savings account is the safer choice. If you are comfortable with Revolut's regulatory status and want to earn more on money you do not need to touch for months or years, the vault can work.
Some people use both: a bank savings account for emergency funds and short-term savings, and a Revolut vault for longer-term money where the higher rate justifies the lock-in period and lack of insurance.
How to set up a Savings Vault in Revolut
Open the Revolut app and navigate to the Savings section. You will see the option to create a new vault. Select the currency you want to use — this must match a balance you already have in your Revolut account. Choose your lock-in period from the available options. The app will show you the interest rate for that term and calculate how much you will earn.
Enter the amount you want to transfer into the vault. Revolut will confirm the rate, the end date, and the total interest you will receive. Once you confirm, the money moves from your main balance into the vault immediately. The interest accrues over the lock-in period and is paid when the term ends.
You can create multiple vaults in different currencies or with different lock-in periods if you want to spread your savings across several terms. Each vault operates independently.
What happens when your vault matures
When the lock-in period ends, Revolut automatically returns your principal plus the interest to your main Revolut balance. You do not have to do anything — the money appears in your account on the maturity date. From there, you can spend it, transfer it out of Revolut, or create a new vault if you want to continue earning interest.
Revolut does not automatically renew vaults. If you want to lock the money away again, you need to create a new vault and choose a new term. Interest rates may have changed since your previous vault, so the rate on a new vault could be higher or lower.
Alternatives if you want a true savings account
If you want a savings account with deposit insurance protection and no lock-in periods, you will need to open one at a licensed bank. Most banks offer savings accounts with competitive interest rates, especially high-yield savings accounts offered by online banks. These accounts are FDIC-insured in the US and FSCS-protected in the UK, giving you security that Revolut does not provide.
Some online banks offer rates comparable to or better than Revolut's vault rates without requiring you to lock your money away. You can withdraw whenever you need to. The trade-off is that rates on regular savings accounts are usually lower than rates on fixed-term products, but the flexibility and insurance protection may be worth it.
If you use Revolut for spending and currency exchange, you can keep your emergency fund and short-term savings at a bank and use Revolut vaults only for money you are certain you will not need for the full lock-in period.
Frequently Asked Questions
Can I withdraw money from a Revolut Savings Vault early?
You can withdraw the principal at any time, but you will forfeit all the interest if you break the lock-in period early. Revolut will return only the amount you deposited, not the interest you would have earned. If you think you might need the money before the term ends, do not lock it in a vault.
Is my money safe in a Revolut Savings Vault?
Revolut holds customer funds in segregated accounts at partner banks, which provides some protection. However, Revolut is not a traditional bank and does not offer deposit insurance like the FDIC or FSCS. If you want full insurance protection, a bank savings account is safer.
How often does Revolut change its vault interest rates?
Revolut adjusts vault rates based on market conditions and can change them at any time. Once you create a vault, your rate is locked in for the full term. New vaults created after a rate change will reflect the new rates, but existing vaults keep their original rate.
Can I create multiple Savings Vaults at the same time?
Yes, you can create as many vaults as you want in different currencies or with different lock-in periods. Each vault is separate and earns interest independently. This lets you spread your savings across multiple terms if you want some money to mature sooner than other money.
What happens if Revolut goes out of business?
Revolut holds customer funds in segregated accounts at partner banks, so your money would not disappear immediately. However, because Revolut is not a bank, your money is not covered by deposit insurance schemes like the FDIC or FSCS. In a worst-case scenario, recovering your money could be complicated and take time.