Kids & Teens Savings account

Revolut - Kids & Teens Instant Access Savings (powered by ClearBank).

The interest payable on this account depends on your Revolut plan:

• Standard: 3% AER (variable)
• Plus: 3% AER (variable)
• Premium: 3.25% AER (variable)
• Metal: 3.51% AER (variable)
• Ultra: 4% AER (variable)

Interest is calculated daily based on your end of day balance. This interest is then paid by ClearBank the next calendar day on a gross basis (i.e. before tax).

Revolut may vary the interest rates up or down. In the event of a decrease in your active rate you will be given at least 14 days’ notice. For a full list of reasons for an interest rate change, see the “Can my interest rate change?” section in the Revolut Instant Access Savings (powered by ClearBank) Terms.

No notice will be provided regarding changes to interest rates when you change your Revolut plan. You should confirm current interest rates (set out in the latest Summary Box published by Revolut) prior to upgrading or downgrading your plan.

• Standard Plan: based on an interest rate of 3.51% AER (variable), your balance would be £1,035.10
• Plus Plan: based on an interest rate of 3.51% AER (variable), your balance would be £1,035.10
• Premium Plan: based on an interest rate of 3.75% AER (variable), your balance would be £1,037.50
• Metal Plan: based on an interest rate of 4.00% AER (variable), your balance would be £1,040.00
• Ultra Plan: based on an interest rate of 4.50% AER (variable), your balance would be £1,045.00

This projection is provided for illustrative purposes only and does not consider your individual circumstances. It assumes:

• that £1,000 is deposited in the account at the time it's opened, and that no further deposits or withdrawals are made
• the interest rates do not change
• you do not upgrade/downgrade your plan

Eligibility

To be eligible to open a Revolut - Kids & Teens Instant Access Savings, you must be, and continue to be:

• a UK Revolut personal account customer who has successfully completed our Know Your Customer checks with no restrictions;
• at least 18 years of age;
• a UK tax resident (you must notify us promptly if your tax residency changes);
• not a US resident; and
• a Revolut - Kids & Teens account Lead Parent.

How to open the account

You can apply for and manage your Revolut — Kids & Teens Instant Access Savings via our app. Your kid or teen can also request to open a Revolut — Kids & Teens Instant Access Savings account, but it must be approved by you. You may open one Revolut — Kids & Teens Instant Access Savings account for each Revolut — Kids & Teens account you hold (up to 5 in total).

There is no minimum required balance to open an account.

Managing your account

You are the legal owner of the Revolut — Kids & Teens Instant Access Savings account. The kid or teen is an authorised user who can view the account balance, deposit funds into it, and withdraw funds from it. You are responsible for the actions performed by the kid or teen on the Revolut — Kids & Teens Instant Access Savings.

Deposits

Deposits to the Revolut — Kids & Teens Instant Access Savings can be made by transferring funds from your Revolut personal account or Revolut — Kids & Teens account.

You can pay in any amount up to the maximum balance of £3,500. This balance counts towards the Revolut — Kids & Teens account limits set out in the Revolut — Kids & Teens Terms. You may earn interest on your Revolut — Kids & Teens Instant Access Savings in excess of these limits.

Where you have a zero balance and have not held a positive balance for at least the previous 3 months, we may provide one month’s notice of our intention to close your account. In the event that you do not add money to your Instant Access Savings we may terminate your account following expiry of the notice.

You can access your funds at any time — without any restrictions — via our app. Payments are usually available to spend on your Revolut account immediately.

You can withdraw to the Revolut — Kids & Teens account or to your Revolut personal account. Withdrawals made by the kid or teen will go to the Revolut — Kids & Teens account.

What happens when my kid turns 16?

When the kid or teen turns 16, they may be eligible to open a Revolut personal account. As part of this, they may complete a Funds Transfer as set out in the Revolut —Kids & Teens terms.

Blocking withdrawals before 18

You can block withdrawals by the kid or teen before they turn 18. At 18, the block on withdrawals will expire and you are deemed to have authorised withdrawals from the Revolut — Kids & Teens Instant Access Savings.​​

Account closure at 19

If the account is not closed earlier, it will be automatically closed on the kid or teen's 19th birthday, and any remaining balance held in the Revolut — Kids & Teens Instant Access Savings account will be returned to your Revolut account.

Powered by ClearBank

Instant Access Savings are powered by ClearBank. Revolut introduces you to, and works together with ClearBank to provide you with Instant Access Savings. When you put money into your Instant Access Savings, this amount is deposited on your behalf directly within your Financial Services Compensation Scheme (FSCS) protected account held with ClearBank.

Tax

Depending on personal circumstances, you may have to pay tax on the interest to HM Revenue & Customs. Please seek professional tax advice if you are unsure about your tax position.

AER Meaning

AER stands for Annual Equivalent Rate and shows what the interest rate would be if interest was paid and compounded once each year.

FSCS Protection

All eligible deposits in accounts powered by ClearBank are added up when determining your level of Financial Services Compensation Scheme (FSCS) coverage. Compensation is limited to a maximum of £85,000 per person per depositor.

You can find further information on coverage and eligibility under FSCS in ClearBank’s FSCS Information Sheet and list of exclusions accessible here. For more information about the compensation provided by the FSCS please visit: https://www.fscs.org.uk.