Has anyone used the Revolut Vault function?

Tried it out as I've been poking around the Revolut offering recently.

It is basically a way to help out towards a savings goal, similar to CPF but without the rules and regulations (so the advantage is you can take out in a pinch with no issues but the downside is that you need some self-discipline to avoid dipping in).

To use - you first set up a vault - you give the savings goal a name (eg "Car deposit") and fill in how much you need. For esoteric goals (overseas holiday?) you can set up a goal in other currencies like the rest of Revolut offering.

From there you basically set the rules on how it can help you save:

• Spare change - round up your purchases to next dollar and the change goes into vault (eg you spend $1.50 and then 50 cents goes towards your goal). To turbo up - you can choose up to 10x the spare change to be saved instead. Basically the idea is to have a little bit for each transaction to be saved up so you get a nice surprise when target met.

• Regular deductions - a more traditional route and useful for setting up a deduction after your salary paid (ie you don't spend what you never see) you can set up a timetable where Revolut will deduct from your account regular amount and put into Vault.

In all cases - this is just to help you out - so when meeting your goal or breaking early, once you terminate the vault, the funds just go back into your Revolut account.

Hope that helps! Give me a comment if any other specific questions.