This week saw the addition of a group-saving feature in Revolut. “Group Vaults” are an extension of popular Vault functionally that Revolut introduced last year.
Effective from Thursday for European account holders, Revolut’s “Group Vaults” feature allows friends, families and couples to save together.
After opening a Group Vault within the Revolut app, invitations can be sent to other Revolut account holders, who can then contribute funds if or when they so choose. The Group Vault will accept one-time deposits, recurring payments and rounded spare change.
The Group Vault feature is a spin on joint bank accounts, minus all the additional documentation and account setup, and was a high-demand feature that warranted development, said Revolut’s Head of Mobile, Ed Cooper.
“After the huge success of our Vaults feature, we’ve been inundated with requests from thousands of customers in our community asking for an easier way to save together with family and friends.
“Group Vaults are the payments equivalent of a group chat — easy to create, easy to join, easy to leave and easy to close. We can’t wait to see what people do with them.”
Single-user Vaults have been an extremely popular feature since their introduction in April 2018, allowing as they do for the partitioning of funds — users add funds to a Vault knowing that savings held within one will never be touched while spending with the Revolut card. Over 3,000 new Vaults are opened every day, Revolut says.
Revolut expects Group Vaults to be particularly popular with couples, who might not want the inconvenience of creating a joint bank account but who wish to contribute collectively towards a home deposit or wedding. Early Group Vault adopters say they have also begun saving for group presents and towards startup costs for new businesses.
Further to its budgeting and saving features, Revolut offers an excellent foreign exchange service, complete with multi-currency functionality and the ability for Standard account holders to transfer money overseas free of charge — funds are transferred at the interbank exchange rate, without fees, subject to a limit of £5,000 per monthly billing cycle.