Savings Vaults

Why is this information important?

These terms and conditions govern the relationship between you and us. They apply when you use Savings Vaults on the Revolut app.

Individual Savings Vaults also have their rules, about things like interest rates and how they are calculated, maximum deposit amounts and minimum terms. We call these rules the “Deposit Information” and show them to you in the Revolut app whenever you open a new Savings Vault.

The trustees who hold your deposits also have their own terms and conditions, which we call the “Trustee Terms”.

These terms and conditions, along with our Personal Terms, Fees page and any other documents we give you that apply to our services, form a legal agreement between:

you; and
us, Revolut Ltd.

We call this “the Agreement”.

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 the Agreement through chat in the Revolut app.

What are Savings Vaults?

Savings Vaults are types of Vaults that allow you to easily earn interest on your money.

When you put money in a Savings Vault, it is sent to a trustee, who deposits it with a bank you choose, on your behalf.

This is different to your normal Revolut account (which is an e-money account instead of a deposit, where your money is held by us instead of by a trustee or bank and does not earn interest).

What happens when I put money in a Savings Vault?

When you put money into a Savings Vault, we deduct it from your Revolut e-money account and send it to the trustee, who then sends it on to the bank, on your behalf.

You begin to earn interest on your money when it arrives with the 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 England and Wales) on which banks are open for business in London.

However, it can take longer if you make a deposit using money you recently added to your normal Revolut account using your Stored Card. This is because we may not send the money to the bank until the payment you made with your Stored Card arrives with us (which can 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 money you put in a Savings Vault is deposited with the bank you choose, on your behalf. While there, it will always be held in a segregated trust account. Any trust account in which your money is held will be operated by a trustee on your behalf, in accordance with the instructions that you provide in the Revolut app.

The trustee will hold your money for a short time in their “hub account” after we send it to them and before they send it to the bank. The hub account is also a segregated trust account, as set out in the Trustee Terms.

The bank will hold your money as a deposit. Just like other deposits with banks, the money in your Savings Vault may be protected by the Financial Services Compensation Scheme (or FSCS as it is sometimes called). This means that if the deposit is made in a bank providing FSCS coverage, and if you meet the eligibility criteria yourself, then if bank was to fail you are guaranteed by the Scheme to receive back any eligible deposits you have made with the particular bank (through Savings Vaults or otherwise) up to £85,000. If this were to happen, the trustee would be responsible for administering your claim in conjunction with the rules of the Scheme.

The total value of deposits that the FSCS scheme covers and your eligibility for coverage may change from time to time. You can read more about FSCS protection on the FSCS website.

Your normal Revolut accounts (which are e-money accounts you hold with us) are not covered by the Scheme, but are “safeguarded”. This means that whenever money is moved from your Savings Vault back to your normal Revolut account, it stops being protected by the FSCS, but is safeguarded instead. You can read more about safeguarding in the terms and conditions for your normal Revolut account here.

Who is the company providing the Savings Vaults?

Three companies work together to provide you with any Savings Vaults. They are:

us (we provide the function in our app);
the trustee (they make the deposit on your behalf and operate the accounts in which deposits are held);
and the bank (who holds the deposit and pays the interest).
We provide the function for you to make deposits in Savings Vaults using the Revolut app. We do so according to this Agreement.

The deposits are placed by the trustee with banks on your behalf. These banks are shown in the Revolut app. You do not have any contractual relationship with the bank. You do have a contractual relationship with the trustee under the Trustee Terms and the trust deed.

The bank which the deposit is placed with and the trustee will be shown to you in the app. You can ask for a copy of the trust deed or the Trustee Terms through chat in the Revolut app. The Deposit Information is also shown in the Revolut app.

What interest will I receive and when?

You will choose the bank to make your deposits with and will see the interest rate you will receive in the Revolut app. Up to date interest rates are always shown in the Deposit Information.

Depending on the type of Savings Vault you have chosen, the interest rate on your deposit may be fixed or variable. We will give you reasonable notice if the interest rate is going to go down, but we may not give you notice if the rate is going to go up. We’ll include minimum notice periods for interest rate decreases in the Deposit Information (and they may vary between Savings Vaults).

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. These limits are typically decided on by the banks the deposits are held with, but there may be reasons for us to apply them too.

The interest rate you receive will always be as stated in the Revolut app and Deposit Information, with no hidden fees or deductions. Just so you know, this rate may be higher or lower than the rate of interest paid by the bank on the segregated trust account. This is because the bank may require or allow us to pay a higher or lower interest rate to customers than is paid on the segregated trust account.

Interest on Savings Vaults accrues and is paid into your Savings Vaults in accordance with the Deposit Information.

You will begin earning interest no later than the first business day following the day when your money arrives with the bank. This means that if you send money to Savings Vaults on Monday, but the bank doesn’t receive the money until Wednesday, you’ll start accruing interest no later than Thursday. It also means that if you send the money on a day the bank is closed, it may not receive your money until the next day on which it is open.

How do I put money into Savings Vaults, and take it out?

You can send money to Savings Vaults at any time using the Revolut app.

We will send the money to the trustee who will deposit it with the bank as quickly as possible. Normally, the bank will receive your deposit within two business days.

You can take money out of Savings Vaults according to the rules you agree to when you put the money in. We’ll clearly explain these rules in the Deposit Information before you sign up to them.

When you take money out of Savings Vaults, we’ll get it back to you as soon as we can. We aim to return some or all of it instantly where possible, and otherwise the next business day after we receive it back from the bank.

Some Savings Vaults may have a minimum or maximum limit on the length of time you can deposit the money. You may not be able to withdraw your money before the minimum length of time has elapsed, or you may have to pay a fee. Any limits like this will be clearly shown in the Deposit Information in the Revolut app when you create the Savings Vault.

Sometimes, if you withdraw money from Savings Vaults, we may credit some or all of the deposit to your normal Revolut account before we actually receive the money back from the bank. We may do this so that you can access the money more quickly. If we don’t ever receive the money back, we may reverse the credit.

Who is the trustee and what is its role?

Revolut may partner with a range of different trustees to provide Savings Vaults to you. The trustee for any particular deposit is shown in the Deposit Information.

Each trustee is appointed by Revolut to place money deposited through Savings Vaults with banks on your behalf.

The money that a trustee deposits with banks on your behalf is held by the trustee on “bare trust” for you. The accounts with the bank are in the name of the trustee, meaning you do not have a direct or contractual relationship with the bank. You are entitled to the amount you put in your Savings Vaults and to interest on it in accordance with the Deposit Information.

You have a contractual relationship with the trustee under the Trustee Terms and the trust deed (which is the document establishing the “bare trust”). You can ask for a copy of the trust deed through chat in the Revolut app.

How are the banks used for Savings Vaults chosen?

The banks you can deposit with using Savings Vaults are shown in the Revolut app.

We like to keep an eye out for banks offering good interest rates for our customers and may add new Savings Vaults with new banks or new interest rates, at any time. When we do, you’ll be able to see them in the app.

In some circumstances, we may stop working with a particular bank for Savings Vaults. If we do this, we will give you at least two months’ notice (where possible). During the notice period you will have the option to withdraw your money from the relevant Savings Vault to your normal Revolut account (according to the Deposit Information). If you do not do so within the notice period, your deposit will be returned to your normal Revolut account.

How might this Agreement end?

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 feedback@revolut.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:

we suspect that you are behaving fraudulently;
you haven’t given us information we need, or we believe that information you have provided is incorrect;
you’ve broken these terms and conditions regularly or in a serious way, and you haven’t put the matter right within a reasonable time of us asking you to;

you have died;
you’ve been declared bankrupt (or the equivalent);
we have good reason to believe that your use of Savings Vaults could damage our reputation or business, or badly affect us or any of our services; or
we have to do so by law.
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 normal 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.

How to make a complaint

If you’re unhappy with our service, we’ll try to put things right.

We always do our best, but we realise that things sometimes go wrong. If you have a complaint, please contact us.

The most efficient way to make a complaint is to use this online form. We’ll look into your complaint and respond to you by email.

As our part in the Savings Vaults service is not regulated by the Financial Conduct Authority, the Financial Ombudsman Service cannot get involved if you have a complaint.

Some legal bits and pieces

Our contract with you

Only you, we and the trustee have any rights under the Agreement.

The Agreement is personal to you and you cannot transfer any rights or obligations under it to anyone else.

Our right to transfer

We will only transfer any of your and our rights or obligations under the Agreement if we reasonably think that this won’t have a significant negative effect on your rights under these terms and conditions or we need to do so to keep to any legal or regulatory requirement.

If we choose to change a trustee for a particular Savings Vault, you agree that we can transfer your rights and obligations under this contract to the new Trustee.

Where we do this, we will ensure that the terms of the new trust arrangement are at least equal to those offered to you under the old trust arrangement.

When we transfer rights and obligations we call this ‘novation’. When we only transfer rights, we call this ‘assignment’.

English law, courts and language applies

The laws of England and Wales apply to the Agreement.

If these terms and conditions are translated into another language, the translation is for reference only and the English version will apply.

If you want to take legal action against us in the courts, only the courts of England and Wales can deal with any matter relating to these terms and conditions. If you live in another country, you can take other action in the courts where you live.

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

Are there any fees?

We don’t charge you any fees to use Savings Vaults.

As explained in section 3 of this Agreement, we (or our partners the trustees) may receive additional interest that is paid by the bank over the rate that is shown to you in the app. Where this happens, it’s an arrangement between us, the trustee and the bank, and is not charged to you. The interest rate you see in the app is always the rate you will get.

If your Savings Vaults have a minimum deposit term, and you are able to withdraw your money before that term ends, a fee may apply. These fees are typically decided on by the banks the deposits are held with, but there may be reasons for us to apply them too. Any fees like this will be clearly shown in app when you create the Savings Vault, and we’ll give you a warning before you confirm the withdrawal as well.

Can you refuse my request to make a deposit, or can I cancel it myself?

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:

the particular Savings Vaults are fully subscribed or no longer available;
we, the trustee or the bank have good reason to suspect receipt of incomplete, unauthorised, revoked or fraudulent instructions, or your instruction was for an illegal purpose; or
we, the trustee or the bank have good reason to believe that your instruction could badly affect our reputation or goodwill. 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 Deposit Information.

Taxes

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.

Can you change these terms?

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 two months' notice 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:

to make them easier to understand or more helpful to you;
to reflect the way our business is run (for example, if the way a financial system or technology is provided changes);
to reflect legal or regulatory requirements that apply to us;
to reflect changes in the cost of running our business;
because we are changing our services or products or adding new ones.

The Deposit Information you agree to with any trustees will have their own notice periods, so you may not receive two months' notice before they are changed. These notice periods are detailed in the Depositor Information.

Are we responsible if something goes wrong with your Savings Vaults?

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, the trustee or the bank will be responsible to you for losses that arise:

if access to Savings Vaults isn’t available;
if we don’t meet our obligations under these terms and conditions because of a legal or regulatory requirement;
if a bank refuses to accept your deposit for whatever reason or if the placing of the deposit is delayed for any reason;
if a bank holding your deposit defaults on paying back the money in your Savings Vaults or any interest on it;
if a bank goes into liquidation or a receiver, trustee, administration or other insolvency practitioner is appointed; or
because there were unusual or unexpected events outside our respective controls.

We will only be responsible for foreseeable losses

If we or a trustee 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.

Nothing in these terms and conditions removes the liability of us or the trustee for death or personal injury resulting from our negligence or for fraud or fraudulent claims and statements.

What are the limits to the services we provide?

In providing Savings Vaults to you, neither we nor the trustee are:

advising you on whether cash is a suitable investment to meet your needs;
advising you on which banks are appropriate for your cash deposits;
advising you on the impact that any deposits will have on your tax position; or
undertaking that you will receive a guaranteed rate of return on your deposits.

How might this Agreement end?

Once the Agreement has started, it won’t end until you or we end it.