Revolut launches Group Vault saving accounts

By Roger Baird on 23rd May 2019

Challenger Banks

The London-based bank said its new service allows people to save together to cover bills or pay for a holiday.

Revolut launches Group Vault saving accounts
Image source: Company supplied

Digital bank Revolut has launched a new service to make it easier for people to save for common goals.

The app-only lender debuts Group Vaults, allowing family or friends to open a joint account and pool funds in order to cover household bills, or pay for a holiday.

The account allows members to pay into it by rounding up spare change, making a recurring payment or adding a one-off contribution.

The new service, beginning today, follows the introduction of the London-based bank’s Vaults service, which has opened more than one million accounts holding over £75m since its launch in April last year.

The start up added that the flexibility of the Group Vaults service “means that if the members feel like saving more or less at any point, the settings can be easily adjusted and money can be withdrawn instantly at anytime”.

Revolut said that the creator of the savings vault remains its administrator and the owner of the money.

The new service might also appeal “to couples who don’t want the hassle of filling out forms and providing documents to their bank in order to open a joint account”, said the bank.

Revolut head of mobile Ed Cooper, said: “Group Vaults are the payments equivalent of a group chat - easy to create, easy to join, easy to leave, and easy to close.”

Revoult was launched in July 2015 by former Credit Suisse and Deutsche Bank investment bankers, Nik Storonsky and Vlad Yatsenko, to challenge the dominance of high street banks in the years following the financial crisis.

The business, which has attracted around $340m of private investment,  has amassed over 4.9m customers across Europe since launch. However, like many fintechs, the firm is loss-making and is in the process of swiftly adding users, which they later hope to turn into profitable customers.

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