Revolut offers a convenient "Spare Change" feature that automatically rounds up your card transactions and deposits the difference into a designated savings Pocket, helping you effortlessly build your savings over time.
Understanding Revolut's Spare Change Feature
The Spare Change feature is an ingenious way to save money without actively thinking about it. Every time you make a purchase with your Revolut card, the transaction amount is rounded up to the nearest whole currency unit (e.g., £2.30 becomes £3.00, or $15.75 becomes $16.00). The leftover "change" (e.g., £0.70 or $0.25) is then transferred to a specific Pocket you've chosen, allowing your savings to grow incrementally with each spend.
Step-by-Step Guide to Activating Spare Change
Setting up this automatic savings tool on your Revolut app is straightforward:
- Go to 'Home': Open your Revolut app and navigate to the 'Home' tab located on the bottom menu.
- Access 'Accounts': Just below your main balance display, tap on 'Accounts'.
- Choose Your Pocket: From the list of your accounts and Pockets, select the specific Pocket where you wish your spare change to accumulate. If you haven't created a Pocket yet, you'll need to do so first. Pockets are virtual sub-accounts designed for saving towards specific goals or simply segregating funds.
- Find 'Spare change': Scroll down within the details of your chosen Pocket until you see and tap on the 'Spare change' option.
- Set Your Multiplier: Here, you can decide how aggressively you want to save. Revolut allows you to multiply your spare change by a factor of your choice (x1, x2, x5, or x10).
- Activate Savings: Once you've set your desired multiplier, tap 'Save' to activate the feature.
Example:
- If you buy a coffee for £3.40, the spare change is £0.60.
- With a x1 multiplier, £0.60 is saved.
- With a x2 multiplier, £1.20 (£0.60 x 2) is saved.
- With a x5 multiplier, £3.00 (£0.60 x 5) is saved.
- With a x10 multiplier, £6.00 (£0.60 x 10) is saved.
Understanding the Multiplier
The multiplier feature empowers you to accelerate your savings. Instead of just saving the exact rounded-up amount (x1), you can choose to multiply that amount by 2, 5, or even 10 times. This means a small spare change of 50p can become £5 if you have the x10 multiplier active, turning everyday spending into significant savings faster.
| Multiplier | Description | Example (for £0.50 spare change) |
|---|---|---|
| x1 | Saves the exact rounded-up amount. | £0.50 |
| x2 | Saves double the rounded-up amount. | £1.00 |
| x5 | Saves five times the rounded-up amount. | £2.50 |
| x10 | Saves ten times the rounded-up amount, for rapid saving. | £5.00 |
Benefits of Using Revolut's Spare Change
- Effortless Savings: Money is saved automatically in the background with every transaction, requiring no manual effort.
- Gradual Accumulation: Small amounts add up quickly over time, helping you reach savings goals without feeling a pinch.
- Flexible Control: You can adjust the multiplier at any time to suit your financial situation or savings pace.
- Goal-Oriented Pockets: Integrate with Revolut's Pockets feature to save specifically for a holiday, a new gadget, or an emergency fund.
- Transparency: Easily track your saved spare change directly within the designated Pocket in your app.
For more information on managing your Revolut Pockets and savings features, you can always refer to the official Revolut Help Centre.
