16-17 Instant Access Savings - Product Terms and Summary Box

Product Terms

These Terms and Conditions (the “Product Terms”) are specific to your 16-17 Instant Access Savings account (“16-17 Instant Access Savings”). They form part of your overall agreement with Revolut Ltd and ClearBank Limited. The ClearBank 16-17 Instant Access Savings Terms & Conditions will apply to the 16-17 Instant Access Savings which can be accessed here. You should read them alongside the Revolut Instant Access Savings Terms.

If anything here conflicts with another part of your agreement, these Product Terms take priority for your 16-17 Instant Access Savings.

To be eligible to open a 16-17 Instant Access Savings, you must be 16-17 years old and meet the remaining criteria set out in the Revolut Instant Access Savings Terms.

When you turn 18, we will automatically change your 16-17 Instant Access Savings to a Revolut Instant Access Savings (powered by ClearBank). We’ll let you know about the change one month before you turn 18. If you’d prefer not to move to the new account, you can close your 16-17 Instant Access Savings before the change takes effect.

We may amend these Product Terms in line with the “Changes to these Terms” section in the Revolut Instant Access Savings Terms.

Summary Box

Account Name	16-17 Instant Access Savings (powered by ClearBank)
What is the interest rate?	3.00% 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).
Can Revolut change the interest rate?	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 within the Revolut Instant Access Savings (powered by ClearBank) Terms.
What would the estimated balance be after 12 months based on a £1,000 deposit?	Based on an interest rate of 3.00% AER (variable), your balance would be £1030.00. This projection is provided for illustrative purposes only and does not consider your individual circumstances. It assumes: that £1000 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
How do I open and manage my account?	Eligibility To be eligible to open a 16-17 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; aged 16 or 17 years old; a UK tax resident (you must notify us promptly if your tax residency changes); and not a US person You are only able to apply for and manage your 16-17 Instant Access Savings via the Revolut App. There is no minimum required balance to open an account. You can pay in any amount up to the maximum balance of £200,000. Where you have a zero balance and have not held a positive balance for at least the previous three 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 16-17 Instant Access Savings we may terminate your account following expiry of the notice.
Can I withdraw money?	You can access your funds at any time – without any restrictions – via the Revolut App. Payments are usually available to spend on your Revolut account immediately. What happens when you turn 18? When you turn 18, we will automatically change your 16-17 Instant Access Savings to a Revolut Instant Access Savings (powered by ClearBank). We’ll let you know about the change one month before you turn 18. If you’d prefer not to move to the new account, you can close your 16-17 Instant Access Savings in the Revolut app before the change takes effect.
Additional information	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 £120,000 per person per bank. 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.