London FinTech and digital bank revolution Introduces Daily Interest on Savings Vaults for Standard Plan users with no fees or minimum balance, the company said in a press release to PYMNTS on Friday, July 23rd.
Revolut Head of Saving and Lifestyle Marsel Nikaja said the Savings Vault product has already helped more than 2.5 million people meet their financial goals. The addition of daily interest “helps them achieve their goals faster”.
The company plans to bring the product to marketplaces across Europe so that everyone can earn money with their savings “even in a negative interest rate environment”.
Revolut Savings Vaults also give people flexibility and options in terms of minimum deposits, amounts, or time periods. Savings can be increased and decreased at any time.
While the current savings environment is to charge a fee for holding deposits, Revolut does not charge a fee. In addition, users can also upgrade to higher-yielding plans or save money in another currency. Revolut serves over 16 million customers worldwide.
Revolut Savings Vaults work with Flagstone and are covered by the Financial Services Compensation Scheme (FSCS), with savings of up to £ 85,000 protected, according to the press release.
The British startup kicked off earlier this month to travel Booking tool that offers a 10 percent cash back function. Revolut Stays is now available in the UK and is rolling out across Europe and the US. Revolut aims to be a one-stop travel tool for flights, rental cars and other related products. Revolut users initiate around 150 million transactions every month. In the pre-pandemic period, the average customer was spending around £ 690 on accommodation, £ 149 on airfare and £ 950 in other countries.
Earlier this month, Revolut behaved $ 800 million in a funding round led by SoftBank and Tiger Global with the participation of other donors. The London-based startup now has a valuation of $ 33 billion, well above last year’s $ 5.5 billion.