They apply when you use Savings Vaults on the Revolut app. 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). 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. Individual Savings Vaults also have their rules, about things like interest rates and how they are calculated, maximum deposit amounts and minimum terms. For example. But it makes it way more complex. Let the Revolut app know the value you want to work toward saving in the Vault and give it a name. You do not have any contractual relationship with the bank.
It would mean that funds are owned by a joint group of people, not a single person. You are entitled to the amount you put in your Savings Vaults and to interest on it in accordance with the Deposit Information. 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. Same needs doing for your vaults. The service is available for any of Revolut's 25 supported fiat currencies as well as the popular digital currencies Bitcoin, Ether and Litecoin. The trustees who hold your deposits also have their own terms and conditions, which we call the âTrustee Termsâ.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: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.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. 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.
Weâll try to give you notice before we do this, although we might not be able to do so in an emergency. These banks are shown in the Revolut app. This can take up to two business days after it is sent. £3,000). This means that if you send money to Savings Vaults on Monday, but the bank doesnât receive the money until Wednesday, youâll start accruing interest no later than Thursday. It’s so effortless, you’ll hardly notice you’re saving… These notice periods are detailed in the Depositor Information.Weâll 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. We may refuse your instruction if:You may have to pay tax on any interest. Setting up a Group Vault is as simple as creating a regular Vault. Could really use this, to have a joint savings account.Shared Spaces is the shared banking feature with your N26 bank account. Otherwise, we'll give you two months' notice before we make any change to these terms and conditions. However, if you are a customer of both Paragon Bank and Revolut, only the first £85,000 is protected.
Weâll include minimum notice periods for interest rate decreases in the Deposit Information (and they may vary between Savings Vaults). The service is available for any of Revolut’s 25 supported fiat currencies as well as the popular digital currencies Bitcoin, Ether and Litecoin.“Offering spare change savings and roundups to Revolut users has been one of our most popular feature requests,” says Nikolay Storonsky, Founder and CEO of Revolut. The Deposit Information is also shown in the Revolut app.You will choose the bank to make your deposits with and will see the interest rate you will receive in the Revolut app. You have a contractual relationship with the trustee under the Trustee Terms and the trust deed (which is the document establishing the âbare trustâ). The money that a trustee deposits with banks on your behalf is held by the trustee on âbare trustâ for you.
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