Revolut Vaults Review: International-Friendly Savings for Frequent Travelers

A good savings account is a travel necessity. Revolut Vaults are competitive high-yield savings accounts ideal for international travelers and digital nomads. You'll need to pay extra to unlock all the potential features, so they may not be for everyone. Read our full Revolut Vaults review to learn whether it's worth the cost.

Revolut Vaults offers a decent (but not the highest) APY if you're a paying member. If you're not, you'll earn an APY further below the best options out there. But it's nice that you don't need a minimum deposit to open the account.

Here's a look at the pros and cons of the Revolut Vaults.

Top perks

APY of up to 4.25%: A high annual percentage yield (APY) can stand up to inflation.

ATM-enabled Revolut card: All account tiers come with a free Revolut debit card that can be used for purchases and ATM withdrawals. You get $0 fee withdrawals at 55,000 in-network ATMs. Users with a Metal-tier account will get an upgraded experience: an exclusive 18-gauge solid steel debit card.

Exchange currency without fees: There are two ways you can use your account to spend while you travel. For one, you can spend in over 150 currencies with Revolut's competitive exchange rate. Or, if you need cash, exchange more than 25 fiat currencies with no extra fees (available Sunday through Friday). Keep your money saved in your most-used currencies with personal vaults.

Travel and purchase protections for paid accounts: Folks with paid Premium and Metal accounts get access to a lot of travel and purchase perks. This includes trip delay and interruption coverage, baggage delay insurance, and even event ticket protection.

FDIC insured: The money in Revolut Vaults is actually kept in a bank account from Sutton Bank, which is a member of the FDIC. As such, standard FDIC coverage applies.

What could be improved

Only paid members get highest APY: At first glance, an APY of up to 4.25% looks pretty good. But it's important to realize that rate is only for paid users with Premium or Metal accounts. If you have the free Standard account, you don't qualify for that rate. Instead, you'll earn a full percentage point less at 3.25%. This is in line with inflation, but hardly a competitive interest rate.

Most features require monthly fees: As with the best rates, many of the notable features of Revolut Vaults accounts are reserved for the paid plans. This includes all of the purchase and travel protections, as well as discounted international transfers. Your currency exchange cap will also depend on your plan type, with free accounts limited to $1,000 a month.

Debit card requires "topping up": Unlike a traditional bank debit card that is linked directly to your bank account, Revolut cards are prepaid, meaning you need to top them up from your digital account when you spend money.

Putting cash into your account can be complicated, but there are a lot of ways to access your funds.

Deposit options

Getting money into Revolut Vaults requires using one of these methods:

• Debit or credit card (fee may apply)
• Electronic bank transfer from a linked bank account
• Transfer from another Revolut user
• Direct deposits
• Wire transfers (fee may apply)

There's no direct way to deposit cash or a check into your account. Instead, you'll want to deposit into another account then transfer it into your Revolut account.

Withdrawal options

You can use digital or physical methods to get your money:

• Debit card purchase
• ATM withdrawal
• Electronic bank transfer
• Wire transfer (fee may apply)
• Transfer to another Revolut user

If you're going to withdraw cash abroad, it could be beneficial to exchange currency in your account before hitting the ATM so you aren't stuck with inflated exchange rates.

If you're a frequent international traveler who is already paying for a Premium or Metal Revolut plan, then Revolut Vaults could be a very useful addition to your account. Paid members get a competitive APY, and the ability to easily convert between currencies can be very useful while traveling.

Folks who don't travel enough to make a paid plan worthwhile should look for a lower-cost savings account with a better APY. Our list of the best high-yield savings accounts is a good place to compare accounts.

Keep reading about Revolut

• Revolut Review

Our savings account methodology

At The Motley Fool Ascent, we rate savings accounts on a five-star scale (1 = poor, 5 = best). We evaluate all savings accounts across four main criteria: annual percentage yield (APY), brand and reputation, fees and minimum requirements, and perks that really make a difference -- think ATM access, linked checking accounts, or even branch access.

Our scores are weighted as:

• APY: 50%
• Brand and reputation: 20%
• Fees and minimums: 15%
• Other perks: 15%

Learn more about how The Motley Fool Ascent rates bank accounts.