Sub accounts


#1

I use Revolut as a second account to my main bank account, and put my weekly spend on the card, leaving my bills and other costs in my conventional account.

I’d prefer to avoid using a traditional bank at all, so having “sub accounts” I could top up, and then assign amounts to them, allowing each card to only use one, that would be a great way to separate out my household costs and avoid using high street banks at all.

In case this isn’t clear, I’d be taking my pay directly onto the Revolut account, and dividing or something like this:

  • 60% to household bills, on a virtual card
  • 20% for spending, on my physical card
  • 20% for contingency, kept aside

It would be a very useful tool for organising finances


#2

It’s not exactly what you are asking for but you already can setup spending limits for cards.


#3

Yeah, and it’s helpful, especially if I created virtual cards for different purposes etc, but it’s not as intuitive as having sub accounts generally.


#4

I would be interested in Sub Accounts too. I use revolut as my daily card and transfer in an amount that i expect to spend in a week. Helps me manage, etc.

What would help more is if I could label an amount of currency for a specific purpose and remove it from being able to be withdrawn. Like having a amounts of money for specific purposes, could be saving money during the month, saving for a specific purpose or just isolating money for a future purchase.

At the point you actually want to spend the money you would have to move it to the main currency account for the Revolut card to be able to spend it.

e.g. top up to main account each week in GBP with £100. At the end of the first week there is £10 left so move that into a sub account (labelled savings) - Top up again with £100, move what remains at the end of the week into the sub account account labelled ‘Savings’, etc. At the end of the month you would have money that hasn’t been frittered away or additional money to help with holidays, big purchases, etc.

Would also help where as a family, money can be topped up from multiple sources - personal accounts, joint accounts (family money), money received from spouse, etc. Would help track and plan what and how money is being spent.

Thanks