Revolut has launched a joint savings facility to enable users to club together with family and friends through in-app pots.
The challenger bank’s Group Vaults function marks an evolution of its Vaults feature, which has been used to create one million savings pots with more than £75 million in value, since the product launched in April last year.
They let customers to pay into a Group Vault by rounding up spare change, making a recurring payment or adding a one-off contribution, enabling users to pool their money to pay for household bills, an upcoming holiday, or a group gift.
Revolut also reported that around 3,000 new Vaults are being created each day, with Euros (EUR), Pound Sterling (GBP), Polish Zloty (PLN), Swiss Francs (CHF) and Bitcoin (BTC) proving the most popular currencies to save in.
Ed Cooper, head of mobile at Revolut said: “Group Vaults are the payments equivalent of a group chat - easy to create, easy to join, easy to leave, and easy to close.”
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