1. Why this information is important
This document sets out the terms and conditions (RKT Savings Terms) for the Revolut - Kids & Teens instant access savings account (the RKT Savings Account). It also sets out other important things that you need to know.
These terms and conditions, along with the Personal Terms, Fees and Charges Section, Interest Rates and Fees, Revolut - Kids & Teens Terms (RKT Terms), Privacy Policy and any other terms and conditions that apply to our services, forms a legal agreement between:
- you, the RKT Savings Account holder; and
- us, Revolut Payments Australia Pty Ltd t/a Revolut Bank Australia (ABN 21 634 823 180) (Revolut).
There is no legal agreement between us and any eligible person aged between 6 years old and 17 years old who you have nominated to use your RKT Savings Account (the RKT user)
Any terms defined in the RKT Terms shall have the same meaning in these RKT Savings Terms. If there is any inconsistency between the RKT Terms, the Personal Terms, and these RKT Savings Terms, these RKT Savings Terms shall prevail.
You can access a copy of these RKT Savings Terms through the Revolut app or on the website at any time.
2. What type of account is the RKT Savings Account?
The RKT Savings Account is a sub-account of your Revolut account that is also linked to an existing RKT Account. The only way you can put money into, or take money out of, a RKT Savings Account is through your RKT Account or Revolut account in the way described in these RKT Savings Terms.
The RKT Savings Account is not a separate bank account. It does not have its own unique BSB and account details and cannot be used for sending or receiving payments.
3. Opening a RKT Savings Account
You can open a RKT Savings Account for a RKT user if all the eligibility requirements for a RKT Account are met or if a RKT user requests you to open a RKT Savings Account in the Revolut app.
A Co-parent cannot open a RKT Savings Account.
4. Who is the legal owner of the RKT Savings Account?
The RKT Savings Account is a sub-account of your Revolut account and you are the legal owner. As you are the legal owner of RKT Savings Account, you are responsible for it and all actions taken by the RKT User.
You are also responsible for:
- any tax that is payable on any interest earned on the RKT Savings Account;
- explaining to your RKT User how to use the RKT Savings Account in line with these RKT Savings Terms (and must do so before they start using it);
- ensuring that your RKT User's use of your RKT Savings Account is acceptable to you;
- making sure that the balance in the RKT Savings Account is in line with the account limits;
- contacting us to resolve any issues with or ask questions about RKT Savings Account (customer support is not offered in the Revolut - Kids & Teens app).
5. Interest Rates and Fees
There is no fee to open a RKT Savings Account.
However, the interest rate that applies to the RKT Savings Account may differ depending on your subscription plan.
Please refer to the Interest Rates and Fees page for more information.
6. How will interest be paid on deposits held in a RKT Savings Account?
Interest is paid daily on the balance of the RKT Savings Account at the end of each day. The interest rate is variable and may change if the Reserve Bank of Australia’s cash rate changes. We will give you notice of such changes as set out in Section 12.
Even though you are the legal owner of the RKT Savings Account, the balance in the RKT Savings Account does not form part of your consolidated balance of any other personal savings accounts you hold with us for the purpose of calculating the application of tiered interest rates. It does, however, form part of your FCS protection limit. Please see section 9 for more information.
How is interest calculated?
Interest will be calculated based on the number of actual days in a year. The interest accrued may be subject to withholding tax. For more information, please refer to Section 7.
Interest will begin accruing immediately after funds are deposited into your RKT Savings Account, with the first interest payment made on the next calendar day.
Interest will be calculated using the following formula:
Gross Interest = Closing balance in your RKT Savings Account * Gross Interest Rate(p.a.)/ Number of days in a year
While interest accrues daily, the minimum interest payment to be made to a RKT Savings Account is $0.01; this means that interest may not be paid to your RKT Savings Account every day, the accrued interest will be paid to your RKT Savings Account at the point that it reaches a minimum of $0.01.
7. Tax File Numbers (TFN) and withholding tax
As the owner of the RKT Savings Account, you have the option to quote your TFN. You can add or remove your TFN or notify any TFN exemption within the Revolut app at any time. We are authorised under the Income Tax Assessment Act 1936 to collect this information.
Providing your TFN or any TFN exemption is not mandatory. However, without this information, we may be required by law to deduct withholding tax from any interest earned on deposits held in the RKT Savings Account.
You acknowledge that when you quote your TFN, or any TFN exemption, it is quoted for your Revolut account and all interest-bearing deposits associated with it, including the RKT Savings Account.
If any information given to us changes (including tax related information), you must inform us as soon as possible.
8. How do I get statements or information about transactions for the RKT Savings Account?
Both you and the RKT User can monitor the RKT Savings Account transaction information. Information can be downloaded from the Revolut app directly. If the RKT Savings Account is closed, you will need to contact us at feedback@revolut.com to request this information.
Statements
A statement for the RKT Savings Account covering the tax year will be provided to you. All statements are provided electronically and are available to view and download at any time through the Revolut app. We’ll also email you a closing statement after the RKT Savings Account is closed.
You may also view and download statements for any specified period at any time within the Revolut app.
It is important to check statements regularly and let us know through the Revolut app if there’s been any error or unauthorised transaction as soon as possible.
9. How is the money in a RTK Savings Account protected?
The Financial Claims Scheme (FCS) provides protection to deposit holders of their funds deposited, subject to a limit for each depositor.
Your RKT Savings Account is a sub-account of your Revolut account, which means any deposits in your RKT Savings Account will be combined with any deposit in your Revolut account for the purposes of determining any FCS limits.
For more information, visit the Financial Claims Scheme at www.fcs.gov.au.
10. What happens when a RKT User turns 16?
When a RKT User turns 16, they will be eligible to sign up to their own Revolut Personal account with restrictions (16-17 Account) in the main Revolut app. The 16–17 Account has basic functionality only (please see Personal Terms).
Prior to the RKT User signing up for a 16–17 Account, you may block the transfer of funds from their RKT Savings Account to their 16–17 Account. You will receive a notification in-app with information on how to do this. Any funds that you do not transfer will be transferred to your Revolut account. An RKT User under 19 years old is able to hold a RKT Savings Account and 16–17 account concurrently.
Any RKT Savings Account will automatically terminate at the earlier of:
- the closure of the RKT Savings Account by you; or
- the RKT User reaching the age of 19 years.
11. How can I close the RKT Savings Account?
A RKT Savings Account can be closed in-app at any time. The RKT User cannot close the RKT Savings Account. Any remaining funds will be transferred to the RKT account.
There are no fees or charges associated with closing a RKT Savings Account.
What happens if my RKT account is closed?
Closing your RKT Savings Account does not automatically close your RKT account or Revolut account. However if your RKT account or Revolut account is closed, the RKT Savings Account will also be closed.
12. When we can change these RKT Savings Terms
In addition to the circumstances identified in section 26 of the Personal Terms, we may also need to change these RKT Savings Terms if there are economic or monetary policy changes such as changes to the Reserve Bank of Australia’s cash rate.
Telling you about changes
We’ll notify you of any changes to these RKT Savings Terms through the Revolut app.
If we change the interest rate due to the Reserve Bank of Australia’s cash rate changes, add a new product or service that doesn't change these RKT Savings Terms, or doesn’t increase the amount of fees and charges payable by you, we can add the product or service immediately and let you know before you use it.
For changes that we believe are not adverse to your interests we will tell you about the change no later than the day the change occurs. Otherwise, we'll provide you with 30 days notice through the Revolut app or by email before we make any change. We'll assume you're happy with the change unless you instruct us to close your RKT Savings Account before the change is made.
13. Everything else
Except as expressly modified in these RKT Savings Terms, our Personal Terms and RKT Terms also apply to your use of the RKT Savings Account.
This means that those rights and obligations contained in the Personal Terms and the RKT Terms also apply to the use of a RKT Savings Account. For this reason, you should read these RKT Savings Terms and the Personal Terms and RKT Terms together.