Revolut launches spare change savings tool

Revolut launches spare change savings tool

Digital banking startup Revolut has launched a tool, called Vaults, that lets users round up and save the spare change from their everyday purchases.

Revolut, which is used for over 15 million transactions every month, says that users can save in any of the 25 currencies it supports, as well as Bitcoin, Litecoin and Ether.

One-off or regular payments can also be added to a Vault at any time and if users feel like saving more or less at any point, the settings can be easily adjusted in the Revolut app. Money in the Vault can be withdrawn instantly at any point.

Nikolay Storonsky, CEO, Revolut, says: "We’ve had thousands of people in our community asking for this feature, so we wanted to give something back and ask for their help in naming it. We believe that Vaults will enable us to help many more people start saving and investing towards their future."

Comments: (7)

Chetan Ghadge
Chetan Ghadge - Wipro - Pune 17 April, 2018, 09:30Be the first to give this comment the thumbs up 0 likes

Sounds like nice feature , but really has consumeri sm come down to such  a level that you need a third party too put aside change from your regular purchases to make people "start saving and investing towards their future" ?

Or is just the digitisation of the old fashioned piggy banks where one use to drop spare change  in it and not worry about carrying a heavy wallet.

Either way I dont understand which customer segment is asking for these features. May bE its the Millennial thing!!!!

 

 

 

 

Jonathan Bowles
Jonathan Bowles - catalyst - odiham 17 April, 2018, 10:55Be the first to give this comment the thumbs up 0 likes

It's not compulsory!

added options are great - some do this already into their kids piggy bank so when they reach 16 is worthwile - may variations.

JB

Ketharaman Swaminathan
Ketharaman Swaminathan - GTM360 Marketing Solutions - Pune 17 April, 2018, 16:16Be the first to give this comment the thumbs up 0 likes

I'm very gung-ho about this feature. I think it was Acorn that first introduced it. As a marketing professional, I see a lot more than a feature in this - I see a promising way to change consumer behavior for the consumer's own good.

Regular PFM / MoMMA app tells consumers to avoid that $5.00 expense. Nobody likes budgeting. This approach hasn't worked. Revolut / Acorn are trying to achieve fiscal discipline in a positive way: "It's your money; spend all you want; just remember, your total outflow is more than what you spend; so be careful what you spend". I expect this approach to work much better. I remember reading that Acorn has already entered the "league table of fintechs to watch out for".

A Finextra member
A Finextra member 18 April, 2018, 09:241 like 1 like

I can't believe this is the top story.  The competition have been doing this for months!  Is there some connection between Finextra and Revolut?

Jonathan Bowles
Jonathan Bowles - ImpactApp - Odiham 18 April, 2018, 09:31Be the first to give this comment the thumbs up 0 likes

good point. loads of noise but little is new. watch out for behaviour harvesting like facebook.

Paul Penrose
Paul Penrose - Finextra - London 18 April, 2018, 12:294 likes 4 likes

No connection at all between Finextra and Revolut. It's a top story because it garnered the most page views on the day. We're just reflecting the interests of our readership

Ketharaman Swaminathan
Ketharaman Swaminathan - GTM360 Marketing Solutions - Pune 18 April, 2018, 13:00Be the first to give this comment the thumbs up 0 likes

Oh LOL. In marketing, it's quite common to come across big differences between what consumers say they'd do (e.g. switch account to a neobank) and what consumers actually do (e.g. stay with their traditional bank). I didn't think I'd see that disconnect on Finextra e.g. claim a story to be boring versus bestow that story with the most pageviews! 

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