Revolut does not offer traditional savings accounts, but it does offer interest-bearing savings features through its app

Revolut is a fintech company, not a bank, so it does not hold a banking license in most countries where it operates. This means it cannot offer savings accounts in the way a traditional bank does — accounts insured by deposit protection schemes like the FDIC in the United States or the FSCS in the United Kingdom. What Revolut does offer instead is a savings feature called Savings Vaults, which lets you set aside money within your Revolut account and earn interest on it.

The Savings Vaults feature is available to Revolut customers in certain regions, including the UK and the EU. You can create multiple vaults, name them, and set automatic transfers into them. Revolut partners with third-party banks to hold the money and pay the interest, but the account itself remains a Revolut product. The interest rates vary by region and change regularly, so you should check the Revolut app for the current rate before opening a vault.

Key Takeaways

  • Revolut offers Savings Vaults, an interest-bearing feature within its app, but not traditional savings accounts backed by banking licenses.
  • Money in Savings Vaults is held by partner banks, not by Revolut directly, which affects what deposit protection covers your funds.
  • Interest rates on Savings Vaults change regularly and vary by region, so the rate you see today may not be the rate you earn next month.
  • Revolut Savings Vaults are available in the UK and EU but not in all countries, and availability depends on your account type and region.

How Savings Vaults work and what protection they have

When you open a Savings Vault in Revolut, you are not opening an account with Revolut itself. Instead, Revolut transfers your money to one of its partner banks, which holds it and pays the interest. The partner bank varies depending on your region. In the UK, for example, Revolut has partnered with banks that are themselves covered by the FSCS, which protects deposits up to £85,000 per person per bank. In the EU, similar protections exist through national deposit may provide schemes.

The key difference from a direct savings account is that you are relying on both Revolut and the partner bank to keep your money safe. If Revolut fails, your money is still held by the partner bank and protected by that bank's deposit scheme. If the partner bank fails, the deposit scheme covers you. However, the protection does not cover losses from Revolut's own actions — for example, if Revolut goes out of business and cannot transfer your money back to you, you would need to pursue a claim through the partner bank's deposit scheme.

You should check the Revolut app or website for your region to see which partner bank holds your vault funds and what protection applies. This information changes, and it matters for understanding where your money actually sits.

Interest rates and how they compare to other options

Revolut Savings Vaults offer variable interest rates that change without notice. Revolut does not may provide a rate or lock it in for any period. The rate you see when you open a vault may be different a week later. This is different from a fixed-rate savings account at a traditional bank, where the rate is locked for a set term.

The rates Revolut offers have historically been competitive with high-yield savings accounts in some regions, but this varies month to month and depends on what the partner banks are willing to pay. You should compare the current Revolut rate to rates offered by other banks in your country before deciding. Websites that track savings rates in your region can help you see how Revolut stacks up against alternatives.

One advantage of Revolut Savings Vaults is that you can open multiple vaults and move money between them and your main Revolut account when ready, with no withdrawal fees or waiting periods. This flexibility comes at the cost of no rate may provide — the bank can lower the rate or close the vault feature entirely.

Revolut account types and which ones include Savings Vaults

Revolut offers several account tiers: Standard (free), Plus (paid monthly subscription), and Premium (paid monthly subscription). Savings Vaults are available to Standard account holders in supported regions, so you do not need a paid subscription to use them. However, availability depends on where you live and which Revolut entity serves your country.

Revolut operates under different licenses in different regions. In the UK, it holds an Electronic Money Institution license. In the EU, it holds a banking license in Lithuania. In the United States, Revolut does not yet offer Savings Vaults at all — the feature is not available to US customers. If you are outside the UK and EU, check the Revolut app to see whether Savings Vaults are offered in your region.

What happens to your money if Revolut closes or changes the feature

If Revolut stops offering Savings Vaults, the company is required to return your money to your main Revolut account. This should happen automatically, but the timeline depends on Revolut's process and the partner bank's cooperation. Revolut has not closed Savings Vaults, but the feature is relatively new and subject to change.

If Revolut itself fails as a company, your money in Savings Vaults is protected because it is held by the partner bank, not by Revolut. The partner bank's deposit may provide scheme would cover your funds up to the limit set by your country's rules. This is one reason Revolut publishes which partner bank holds vault funds — so you can verify the protection yourself.

You should not treat Revolut Savings Vaults as a long-term savings vehicle if you need certainty about rates or access. The feature is useful for short-term savings or for earning a small amount of interest on money you keep in Revolut anyway, but it lacks the stability and protections of a traditional savings account at a licensed bank.

Alternatives if you want a traditional savings account

If you need a savings account with deposit protection, a fixed rate, and the backing of a licensed bank, you should open an account at a traditional bank in your country. Most banks offer savings accounts with FDIC protection (US), FSCS protection (UK), or equivalent national schemes. These accounts come with rate guarantees and clearer terms about what happens if the bank fails.

Some online banks and credit unions also offer savings accounts with the same protections as traditional banks. These often have higher interest rates than Revolut Savings Vaults and come with the security of a banking license. The trade-off is that you cannot manage them through the Revolut app — you would need a separate account at another institution.

If you use Revolut for spending and want to earn interest on money you keep there, Savings Vaults are a reasonable option. If you are looking for a primary savings account, a traditional bank account is the safer choice.

Frequently Asked Questions

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

Yes. Revolut Savings Vaults have no withdrawal restrictions or penalties. You can move money from a vault back to your main Revolut account when ready, at any time. This is one advantage over fixed-term savings accounts at traditional banks, which charge penalties for early withdrawal.

Is my money in a Savings Vault insured if Revolut fails?

Your money is protected by the deposit may provide scheme of the partner bank that holds it, not by Revolut. In the UK, this means FSCS protection up to £85,000 per person per bank. In the EU, protection varies by country but is typically €100,000 per person per bank. Check the Revolut app to see which partner bank holds your vault funds.

What is the current interest rate on Revolut Savings Vaults?

Rates change regularly and vary by region. You can see the current rate in the Revolut app when you open or view a vault. There is no fixed rate — Revolut can change the rate at any time without notice. Compare the current rate to other savings options in your country before deciding.

Can I open a Savings Vault if I live in the United States?

No. Revolut Savings Vaults are not available to US customers. Revolut operates in the US but does not yet offer this feature there. If you are a US customer, you would need to use a traditional bank or online savings account for interest-bearing savings.

Do I need a paid Revolut subscription to use Savings Vaults?

No. Savings Vaults are available to Revolut Standard account holders, which is the free tier. You do not need to pay for Plus or Premium to open a vault, though availability depends on your region.