Hit your savings goals faster with Group Vaults

News · How to · 23 May 2019Graeme Keeton

Hitting your savings goals just got easier. Introducing Group Vaults, the simple way to save for that special gift or occasion with friends and family on Revolut.

Wedding gifts, holidays, a family car, or even the deposit on your first home, whatever you and your pals are saving for, you’ll be able to stay motivated and track your progress in-app.

How to create and manage a Group Vault 👨‍🍳

Setting up a Group Vault is as simple as creating a regular Vault. Open the Revolut app and tap ‘More’, then go to ‘Vaults’ and ‘Add new Vault’. Create a Vault by giving it a name (e.g. Barbados 2020) and set a goal (e.g. £3,000).

From there, simply tap on ‘Share’ to invite contacts to contribute to your Group Vault.‌

Once you’ve shared your Vault, you’ll automatically become the administrator, which means you, and only you, will be able to add or remove contributors.

How to withdraw funds and close a Group Vault 👋

Likewise, as administrator of your Group Vault, only you will be able to withdraw funds and/or close the Vault.

Just like a regular Vault, contributors may choose to add money by rounding up their spare change. Alternatively, Group Vault members may contribute via a recurring payment, or by a one-off contribution of any amount.

You can withdraw your funds at any time before reaching your goal, or continue saving beyond the goal, should you manage to reach it.


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