Revolut Group Vaults has launched as a way for family and friends to collectively save.
From today, customers will be able to contribute money into a Group Vault at anytime. They can round up their spare change and making a recurring payment or add a one-off payment.
With a group of friends, flatmates or family, the Revolut Group Vaults makes it easy to pool together funds. Customers may use it to pay for things such as bills, holidays or joint gifts.
Revolut also noted that this new feature may appeal to couples that don’t want to go through the process of filing for a joint account. As a group savings function, it is pretty nifty, however couples that want to go further in their joint finances will most likely still opt for an official joint account.
Nevertheless, the flexibility of the Revolut Group Vaults allows users to quickly adjust the amount they have contributed.
More features, bigger expansions
The fintech has come under fire recently with complaints from former employees surrounding the work environment.
Is Revolut managing to ride the waves on this? It is certainly powering ahead with its plans for international launches and developing new features.
Furthermore, over one million Vaults have been created since the feature launched in April 2018. In total, Revolut customers have saved over £75m ($95m) during that time. In addition, Revolut reports that customers open 3,000 new Vaults each day.
Head of Mobile at Revolut, Ed Cooper, commented:
“After the huge success of our Vaults feature, we’ve been inundated with requests from thousands of customers in our community asking for an easier way to save together with family and friends.
“Group Vaults are the payments equivalent of a group chat. It’s easy to create, easy to join, easy to leave, and easy to close. We can’t wait to see what people do with them.”