Revolut Savings Vault: Earn Up To 5% APY + $50 Referral


Update 5/17/21: There is a $50 referral bonus as well. Hat tip to reader AS

Offer at a glance

  • Interest Rate: Up to 5% APY
  • Minimum Balance: None
  • Maximum Balance: None listed, bonus rate is determined by how much you spend on a debit card
  • Availability: Nationwide
  • Direct deposit required: Yes, no minimum specified
  • Additional requirements: See below
  • Hard/soft pull: Unknown
  • ChexSystems: Unknown
  • Credit card funding: Unknown
  • Monthly fees: None – $17
  • Insured: FDIC

The Offer

Direct link to offer

  • FinTech Revolut is offering up to 5% APY. You receive 0.25% APY as the base rate (0.5% for paid Metal or Premium Members) and then 4.5% APY bonus rate. To receive the bonus 4.5% APY you need:
    • A direct deposit
    • Maximum balance you earn the 4.5% is determined by the amount you spent on your debit card the previous month. For example if you spend $5,000 the previous month then you could earn 4.5% on up to $5,000.

The Fine Print

  • All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Standard account has no monthly fees. Premium has a monthly fee of $10 monthly fee and metal has a $17 monthly fee (not avoidable)

$50 Referral Bonus

Revolut is also offering a referral bonus of $50 to both parties. Need to be referred and complete the following requirements:

  • Sign up to a Revolut account using unique referral link
  • Verify their identity and pass our Know your customer (KYC) checks
  • Add money by connecting their bank account or debit card
  • Order a physical Revolut card
  • Complete 3 purchase transactions with their new Revolut card (this can be through a virtual card while they wait for their physical one)

Do not share your referrals in the comment. Instead they can be shared in this linked post.

Our Verdict

For the first month you’ll receive a bonus of 4.5% APY on the amount you spent last month or $1000, whichever is greater. You’d be better off putting spend on a credit card to either earn 2%+ cash back (24% annualized) or to meet minimum spend requirements for big sign up bonuses.

Some purchases can only be made on debit card instead of credit card. This account basically earns roughly $3.75 per month, not worth it considering a lot of the time debit card purchases come with fees. We will still add this to our best high yield savings account as I suspect it will have some limited uses.


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