Your use of the Savings Vault is also subject to terms and conditions found in the Consumer Savings Account Agreement from Sutton Bank.
The Savings Vault is a feature in the Revolut app that allows retail customers to set aside funds that will earn interest.
Please read these terms and conditions carefully.
We call this the “Agreement”. These terms and conditions govern the relationship between you and us. They apply when you use Savings Vaults on the Revolut app.
If there is any inconsistency between the Agreement and our Personal Terms, these terms and conditions will apply.
You can ask for a copy of this Agreement through the Revolut app at any time. To use all the functions of the app, you must be connected to the internet.
Savings Vaults allow you to easily earn interest on your money.
What happens when I put money in a Savings Vault?
When you put money into a Savings Vault, we deduct it from your main Revolut account held at Metropolitan Commercial Bank (“MCB”), and MCB sends it on to an account at Sutton Bank.
You begin to accrue interest on your money when it arrives with Sutton Bank. This can take up to two business days after it is sent. In this Agreement, a business day is a day (other than a Saturday or Sunday or a Bank Holiday in the United States) on which banks are open for business in Ohio.
However, it might take longer depending on how you deposit funds in your Revolut account because we may not send the money to the bank until we receive the funds (which might take a few days). You can avoid this by making a deposit using funds that have already arrived with us or using funds that you received by bank transfer.
Is the money I put in a Savings Vault safe?
Any funds you deposit in your Revolut Savings Vault are held by Sutton Bank, which means your funds are fully insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000.
This means that then if Sutton Bank was to fail you are guaranteed by the FDIC to receive back any eligible deposits you have made with the particular bank (through Savings Vaults or otherwise) up to $250,000. If this were to happen, the FDIC would administer your claim.
You can read more about FDIC protection from the FDIC's website.
Who is the company providing the Savings Vaults?
We provide the function for you to make deposits in Savings Vaults using the Revolut app, but all funds in the Savings Vaults are held at our partner bank, Sutton Bank. We do so according to this Agreement and the Consumer Savings Account Agreement (the “Savings Agreement”).
Your funds will accrue interest on the money that you deposit in the Savings Vault on a daily basis. The amount of interest your funds will accrue will vary on a calculation method determined by Sutton Bank and described in the Savings Agreement.
It is at the discretion of Sutton Bank to change the interest rate and Annual Percentage Yield (“APY”) for the Savings Vault at any time. Up-to-date interest rates are always shown in the Interest Rate Schedule on the Revolut app. There are no minimum balance restrictions on the Savings Vault, however, the maximum balance of all your Savings Vaults combined is $250,000.
The interest rates for new deposits may change too. Some interest rates may only be available for a limited time, or for a limited total value across individual or all Revolut users.
The APY you receive will always be as stated in the Revolut app, with no hidden fees or deductions.
You will receive the interest accrued on a monthly basis if you keep your account open. If you close your Savings Vaults, any interest that was accrued during that month on balances in those Savings Vaults will be paid to your main Revolut account the following month. If your main Revolut account is closed any interest that was accrued but not yet paid will be forfeited. You can find more information in the Savings Agreement.
You will begin accruing interest on the business day the deposit is received by Sutton Bank. If you send the money on a day Sutton Bank is closed, they may not receive your money until the next day on which it is open.
You can send money to Savings Vaults at any time using the Revolut app.
The only way to transfer funds out of your Savings Vault is to move them back to your main Revolut account. There are no limits on transfers between the Savings Vault and your main Revolut account.
Sometimes, if you withdraw money from Savings Vaults, we may credit some or all of the deposit to your personal Revolut account before we actually receive the money back from Sutton Bank. We may do this so that you can access the money more quickly. If we don’t receive the money back, we may reverse the credit.
We don’t charge you any fees to use Savings Vaults.
As explained in section 3 of this Agreement, we may receive additional interest that is paid by Sutton Bank over the rate that is shown to you in the app. Where this happens, it’s an arrangement between us and Sutton Bank, and that additional interest is retained by us. The interest rate you see in the app is always the rate you will get.
Sometimes we might refuse your instruction to send money to Savings Vaults. If we do, we will not be responsible for any losses you suffer as a result. We may refuse your instruction if:
You cannot cancel any instruction to send money to Savings Vaults once it has been submitted. You can, of course, withdraw money from the Savings Vaults according to the Savings Agreement.
You may have to pay tax on any interest. We cannot advise you on this, and will not collect any tax for you, make any payments on your behalf, or provide you with any tax certificates. We will provide you with information about the interest you earn so that you can do this yourself.
If we add a new product or service to Savings Vaults that doesn't change these terms and conditions, we may add the product or service immediately and let you know before you use it. Otherwise, we'll give you notice at least 30 days before we make any change to these terms and conditions. We'll assume you're happy with the change unless you tell us that you want to close your Savings Vaults before the change is made.
We’ll only change these terms and conditions for the following reasons:
We’ll do as much as reasonably possible to make sure that access to Savings Vaults through the Revolut app is not interrupted, is secure and virus-free, and is accessible at a reasonable speed. However, we can’t promise that this will always be the case.
Sometimes we’ll suspend access to Savings Vaults so that we can make technical changes, add new features, or make sure they run smoothly. We’ll try to give you notice before we do this, although we might not be able to do so in an emergency. We’ll also try to keep any suspension as short as possible.
Neither we, MCB, nor Sutton Bank will be responsible to you for losses that arise:
We will only be responsible for foreseeable losses
If we don’t meet our obligations under these terms and conditions, we will not be responsible for any loss that we couldn’t have thought you’d suffer at the time we entered into this Agreement with you.
What are the limits to the services we provide?
In providing Savings Vaults to you, neither we nor Sutton Bank are:
Once the Agreement has started, it won’t end until you or we end it.
You can end the Agreement at any time by letting us know through the Revolut app, by writing to us at our head office, or by emailing us at email@example.com.
What if Revolut stops providing Savings Vaults to me?
We will try to give you two months’ notice if we decide to stop providing Savings Vaults. However, we may end this Agreement immediately if any of the following apply:
If we end this Agreement, we will close all your Savings Vaults in line with the Deposit Information and return the money back to your personal Revolut account. You will receive the same interest, and pay the same fees (if any apply), as if you had closed your Savings Vaults at that time yourself.
If you’re unhappy with our service, we’ll try to put things right
Our contract with you
Our right to transfer
Governing law, courts and language applies
Our right to enforce the Agreement
If you have broken the Agreement between you and us and we don’t enforce our rights, or we delay in enforcing them, this will not prevent us from enforcing those or any other rights at a later date. This is also the case if we have any legal rights that we don’t enforce straight away.