Revolut does not offer traditional savings accounts, but it does offer savings features through its Savings Vaults

Revolut is a mobile banking app, not a bank in the traditional sense. It does not hold a banking license in most countries where it operates, which means it cannot offer savings accounts the way a regular bank does. However, Revolut does provide a feature called Savings Vaults that lets you set money aside within your Revolut account and earn interest on it.

The interest rate on Revolut Savings Vaults varies by country and changes based on market conditions. In the UK and EU, rates have ranged from around 4% to 5% annually in recent years, though this is not may provide and can shift. The money in a Vault remains in your Revolut account—it is not held by a separate bank, which matters for deposit protection.

If you are looking for a place to keep savings and earn interest, Revolut's Vaults can work, but you need to understand how they differ from a bank savings account before you move money there.

Key Takeaways

  • Revolut Savings Vaults let you earn interest on money held in your Revolut account, but they are not traditional savings accounts.
  • Interest rates on Vaults vary by country and change over time; check your Revolut app for your current rate.
  • Money in a Vault is not protected by deposit insurance in the same way a bank savings account would be, depending on your country.
  • You can create multiple Vaults to organize savings for different goals and set up automatic transfers into them.

How Revolut Savings Vaults work

A Savings Vault is a separate pocket within your Revolut account where you can move money and watch it earn interest. You create a Vault through the Revolut app, give it a name (like "Emergency Fund" or "Holiday"), and set up automatic transfers into it if you want. The interest accrues daily and is paid into the Vault monthly.

You can create as many Vaults as you need, each with its own interest rate and savings goal. Moving money in and out of a Vault is instant—there is no waiting period or penalty for withdrawal. This makes Vaults more flexible than some traditional savings accounts, but it also means the money is easier to spend if you are tempted.

The interest rate you earn depends on which country you opened your Revolut account in. UK and EU customers typically see higher rates than those in other regions. Revolut publishes its rates in the app, and they update when market conditions change.

Deposit protection and where your money actually sits

This is the most important difference between a Revolut Vault and a bank savings account. When you put money in a traditional bank savings account, that money is usually protected by government deposit insurance—up to £85,000 in the UK (through the Financial Services Compensation Scheme) or €100,000 in the EU (through national schemes). If the bank fails, your money is protected.

Revolut's deposit protection depends on where you are. In the UK, Revolut holds a banking license and your money in Vaults is covered by the FSCS up to £85,000. In the EU, Revolut operates through partnerships with licensed banks in different countries, and protection varies by country and how Revolut structures the account. You should check Revolut's website or app for your specific country to see what protection applies to you.

The key point: before you move a large sum into a Revolut Vault, confirm what deposit protection covers your money in your country. If Revolut fails or there is a problem, you need to know whether your savings are protected.

Interest rates compared to traditional banks

Revolut's Vault rates have been competitive in recent years, especially when traditional banks were offering very low rates. However, the savings account market changes constantly. Some traditional banks and online-only banks now offer rates that match or exceed Revolut's rates, and some offer higher rates on larger balances.

The rate you earn also depends on how much money you have in the Vault. Some banks tier their rates—higher balances earn higher interest. Revolut typically offers the same rate to all customers in your country, regardless of balance, though this can change.

To know whether Revolut's rate is the best option for you, compare it to what your current bank offers and what online savings accounts in your country are paying. Rates shift frequently, so what was the best deal three months ago may not be now.

Alternatives if you want a traditional savings account

If you want the full protection and features of a traditional savings account, you have other options. Most high street banks offer savings accounts with deposit insurance and customer service you can reach by phone. Online-only banks often have higher interest rates than high street banks and still offer deposit protection.

Some people use both: they keep their everyday spending money in Revolut and move larger savings to a traditional bank account or online savings account for the extra security and protection. This approach lets you use Revolut for its strengths (low fees on currency exchange, easy transfers) while keeping your savings in a more protected place.

If you travel frequently or hold money in multiple currencies, Revolut's Vaults can still be useful for organizing savings in different currencies within one app. But for a single large sum you want to protect, a traditional bank savings account with full deposit insurance may give you more peace of mind.

How to set up and use a Vault

Open the Revolut app and look for the Savings or Vaults section—the exact location depends on which version of the app you have. Tap to create a new Vault, give it a name, and choose whether you want to set up automatic transfers into it. You can transfer money from your main Revolut balance into the Vault instantly.

Once money is in a Vault, it starts earning interest immediately. You can check your balance and interest earned in the app at any time. If you need the money, you can move it back to your main balance just as quickly.

Some Revolut accounts let you set a savings goal and track your progress toward it. This is a planning tool only—it does not lock your money away or prevent you from withdrawing it.

Frequently Asked Questions

Can I withdraw money from a Savings Vault whenever I want?

Yes. Unlike some savings accounts that charge a penalty for early withdrawal, Revolut Vaults let you move money back to your main balance instantly with no fee or waiting period. This makes them flexible but also means the money is not locked away if you are tempted to spend it.

Is the interest rate on Revolut Vaults may provide?

No. Revolut can change the rate at any time. The rate you see in the app today may be different next month. Check your app regularly to see if the rate has changed, especially if you are comparing it to other savings options.

What happens to my Vault if Revolut shuts down?

This depends on your country and the deposit protection that applies to you. In the UK, money in Vaults is covered by the FSCS up to £85,000. In the EU, protection varies by country. Check Revolut's information for your country before moving large amounts into a Vault.

Can I earn interest on money in my main Revolut balance, or only in a Vault?

Only money in a Vault earns interest. Your main Revolut balance does not earn interest, so if you want to earn anything on your savings, you need to move the money into a Vault.

Do I pay tax on the interest I earn from a Revolut Vault?

Yes, in most countries. Interest earned on savings is taxable income. Revolut may report your interest earnings to your tax authority depending on where you live. Keep records of how much interest you earned each year for your tax return.