Select: Savings/ Banking

Revolut Adds Support for U.S. Savings Bonds, Expanding Financial Toolkit – But Users Report Occasional App Glitches

NEW YORK, NY – November 8, 2023 – Fintech giant Revolut has announced it now allows U.S. customers to purchase and hold electronic U.S. Savings Bonds directly within its app,a move broadening its appeal as a thorough financial management platform. This feature, launched November 7th, 2023, provides a convenient alternative to TreasuryDirect.gov, the traditional method for buying these government-backed securities. However, some users continue to report intermittent issues with the app, including delayed transaction updates.

Understanding Revolut and its Growing Services

Revolut, founded in 2015 by Nikolay Storonsky and Vlad Yatsenko in London, has rapidly grown from a currency exchange service to a full-fledged financial “super app.” Available in over 40 countries, including the U.S., it offers a range of services including checking accounts, stock trading, cryptocurrency trading, travel insurance, and now, U.S. Savings Bonds. The company currently boasts over 25 million customers globally.

The addition of Savings Bonds is especially noteworthy as it caters to a growing demand for secure, long-term investment options, especially in a fluctuating economic climate.U.S. Savings Bonds, backed by the full faith and credit of the U.S. government, are considered one of the safest investments available. They come in two main types: EE bonds, which earn a fixed rate of return for up to 30 years, and I bonds, which offer a combination of a fixed rate and an inflation-adjusted rate, protecting purchasing power.

Key Features and Benefits of Revolut’s Savings bond offering:

Convenience: Users can purchase bonds directly within the Revolut app, eliminating the need to create a separate account on TreasuryDirect.gov.
Accessibility: The minimum purchase amount for electronic I bonds is $25, making them accessible to a wide range of investors. The annual purchase limit per Social Security number is $10,000.
Security: Revolut employs robust security measures, including data encryption, Touch ID, and multi-factor authentication, to protect user funds and information.
Simplified Management: Bonds are held electronically within the Revolut app, simplifying tracking and management.
* No Fees: Revolut does not charge any fees for purchasing or holding U.S.Savings Bonds.

What Users are Saying: A Mixed Bag

While the addition of Savings Bonds has been met with enthusiasm, some Revolut users have reported ongoing issues with the app’s functionality. Complaints center around occasional bugs and delays in transactions appearing in their account history.These reports, primarily found on platforms like Reddit and the Apple App Store, suggest that while Revolut is expanding its services, maintaining a consistently smooth user experience remains a challenge. Revolut’s customer support team has acknowledged these issues and states they are actively working on resolving them.

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