Exclusive: Revolut announces switch to Allica Bank for Savings Vaults in hastily deleted blog post
Up to 0.7 per cent interest will soon be available for Revolut Metal customers.
Earlier today Revolut accidentally revealed its own rate rise, with the interest on its Savings Vaults for Metal customers soon going up to 0.7 per cent.
This means Paragon and Investec, which have been the account providers until now, won’t receive any more customer accounts from Revolut—although existing accounts will continue to operate, albeit at their current rates.
“To benefit from the latest rates, you’ll just need to open a new Savings Vault.”
Speaking of rates, Standard and Plus customers will both be able to open 0.35 per cent Savings Vaults (up from the 0.15 and 0.2 that they get today), Premium customers will get a rate of 0.55 per cent (up from 0.4 per cent) and Metal customers will see the biggest jump to 0.7 per cent (from 0.4 per cent).
While the blog post has been taken down, this likely means that the launch has been delayed by a few days and could launch as soon as Monday.
Since Revolut launched Savings Vaults in January 2020, it says it’s customers have saved over £1bn in the accounts and benefitted from earning interest daily.
Given these Savings Vaults are instant access, unlike Atom’s six-month fixed savings account at 0.75 per cent, they stack up well against Revolut’s peers—although you obviously do have to be a paying customer to access the best 0.7 per cent rate.
Revolut declined to comment.