‘Silver Savers’ boost Revolut’s coffers
The ‘over 45s’ are squirrelling away more and more cash with Revolut.
Revolut, the aspiring ‘super app’, is seeing a surge in older customers using its service, attracted by its savings rates.
This age group has nearly doubled the amount of cash savings it holds using Revolut, up 87 per cent.
The neo-banking app recently increased the savings rates it offers up to 2.25 per cent for its five million UK customers. Revolut says its customers over the age of 45 are now depositing 64 per cent more into savings accounts compared with its customers who are 45 years or younger.
In 2022, a year that has seen risk assets such as crypto and stocks and shares tank, Revolut says there has been a 115 per cent increase in the number of its UK customers opening a savings ‘vault’, despite soaring inflation having a more punitive effect on the real value of cash.
Revolut, which recently reported a global customer base of over 25 million, offers different rates for different currency denominations with up to 2.75 per cent in US dollars and 1.15 per cent in euros.
UK customers can also save in euros and dollars.
The top rates paid out by Revolut are only for its ‘Meta’ customers who also pay £12.99 a month or £120 a year.
Revolut next paid tier ‘Premium (£6.99 per month) offers 1.90 per cent while its cheapest subscription ‘Plus’ (£2.99 per month) users gets 1.12 per cent and 1.05 per cent interest is paid for Standard users.