How does it work?
Instant Access Savings Account is a feature in the Revolut app that allows retail customers to set aside funds that will earn interest.
When you put money into an Instant Access Savings Account, it is deducted from your main Revolut account to a new Instant Access Savings maintained by Revolut Bank UAB, Sucursal en España.
You begin to earn interest as soon as the money arrives in your Instant Access Savings Account.
Withdrawals from your Instant Access Savings Account should appear in your Revolut account instantly.
Deposit Insurance
All funds you deposit in your Instant Access Savings Account are held by Revolut Bank UAB which means that your eligible deposits are insured by the Lithuanian Deposit Insurance scheme (Public Institution "Deposit and Investment Insurance").
You are guaranteed by the Deposit and Investment Insurance to receive back any eligible deposits you have made into Revolut Bank UAB (via the Instant Access Savings Account, Personal or Joint account), or otherwise up to EUR 100,000 even if the bank fails.
The total value of deposits that the Deposit and Investment Insurance covers and your eligibility for coverage may change from time to time and some exceptions apply. More information on deposit insurance can be found here. You can read more about Deposit and Investment Insurance on the company website.
What interest will I receive and when?
You will accrue interest on the money that you deposit in the Instant Access Savings on a daily basis. You can find more information about the calculation method in our Instant Access Savings Account Terms.
Your accrued interest will be paid to you on a daily basis as long as you have your Instant Access Savings open. If you close your Instant Access Savings, any interest that was accrued will be paid to your main Revolut account If your main Revolut account is also closed, any interest that was accrued but not yet paid will be forfeited.
Full terms and conditions
Your agreement with Revolut is set out in the Instant Access Savings Account Terms and Conditions, which describe how Revolut manages your Instant Access Savings Account and directs any movement of your money.