I’d like to see Vaults functioning more like accounts. For instance, I could have a vault called “Gym membership” and have the gym withdraw money from the vault each month rather than having to withdraw the money from the vault each month manually. Then when signing up for the gym I could deposit all the money for the whole year at once into the vault.
I like that idea. Simple budgetting control using vaults.
After having thought about this for a while, it strikes me that Revolut might not want to make Vaults act more like account. Instead, this could be solved if Revolut allowed user to not only automatically put money into the Vault, but also automatically take it out. Monzo recently introduced this feature.
they are already working on a similar feature that will allow you to divide your expensed for certain merchant categories.
I know they are working on it, but that’s a completely different feature
That would make spending much better!
@AndreasK I don’t suppose this is being considered?
Along with actually enabling Direct Debits for GBP accounts.
I know your new sortcode supports it
As part of the Group Vaults release, you will be able to select Vaults as a payment source from the Payments section and withdraw directly to a bank account
Would you be able to clarify Edward? I think what we actually want from Vaults is to be able to link them to Direct Debits, not to be able to withdraw to a bank account.
Could you also clarify if Group Vaults will be region restricted? For example Revolut comes to America, can I then have a Group Vault with an American user?
Ah you mean direct deposit to a Vault. Not yet but we’re talking internally how to make this happen.
We will need to check per region for Group Vaults, but they are pretty lightweight so don’t anticipate problems. USA team is checking currently actually, fingers crossed it should be fine
Yes, and like SEPA Direct Debits or equivalent for all currencies (at least ones with local details)
I’m not sure I get this reply, my question is kind of like, “if I live in the UK and had a relative or partner in the US, would we be able to share a vault between us?”
I believe he was saying that he can’t tell right now because it depends on regional circumstances, like regulations. But he considers potential hurdles to be “pretty lightweight” so he’s not anticipating problems. And that the USA team is checking vault related things currently.
Hey Edward, I am puzzled why nobody copied Simple’s approach yet. To me, it seems perfect. Simple, flexible, sophisticated.
Budgets and saving goals are basically the same. The one with a negative – sign (budgets, because it’s spending), the other one with a positive + sign (saving, because it’s deposits.)
For both categories, the rules that allocate transactions can be limitless. Some examples:
Budgets: automatic and manual categorization … Savings: recurring and spontaneous transfers to the vault, P2P money gifts from relatives, spare change, Metal cash back …
And it works in conjunction: save over the year for vacation, then spend from that budget during vacation.
I can also see it in combination with the group vault feature you announced. And budgets would also work with joint accounts, two people spending what they’ve defined as their budget for groceries.