Euro Vaults now live for Revolut’s UK customers

UK Revolut customers wanting to earn interest on their Euros can now do so, as the fintech is adding savings Vaults specifically for Euro holdings.

Revolut is currently paying up to 1.15 per cent on Euro Vaults for Metal subscribers and 0.9 per cent for regular users on its free standard plan.

The launch will be great news for regular travellers or those with financial interests overseas, giving them another reason to use Revolut as their dedicated ‘bank’ now that it pays a decent rate of interest on their Euros.

However, the interest rates offered on Euros are far lower than what Revolut currently offers on Sterling or US Dollar Vaults, which pay up to 2.25 per cent or 2.75 per cent respectively if you’re a Metal subscriber.

For now, the interest-bearing Euro Vaults are only available in the UK, but Revolut says they’ll be launching in other European countries soon.

Revolut last month surpassed 25 million retail customers, up from the 20 million it reached in July, across the 34 markets it currently operates in.

In terms of expansion, New Zealand, Brazil and India are all due to launch “in the coming months”, and 10 other countries are listed as “coming soon”, including Mexico, India and Vietnam.

For many of these markets, Revolut is starting by launching a streamlined version of its app called ‘Revolut Lite’ which uses less data and offers a reduced number of features.