Products

Revolut - Kids & Teens Instant Access Savings Accounts Terms

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1. Why this information is important

This document sets out the terms and conditions for the use of the Revolut Kids & Teens Instant Access Savings Account product. It also sets out other important things that you need to know.

This document, along with the Revolut Kids & Teens Terms, our Privacy Policy and any other terms and conditions that apply to our services, forms a legal agreement between:

  • you, the Revolut Kids & Teens Instant Access Savings holder; and
  • us, Revolut Bank UAB, acting via our branch in Belgium (our “Belgian branch”)..

We call this agreement the Kids & Teens Instant Access Savings Account Terms. There is no legal agreement between us and any Revolut Kids & Teens User you allow to use the Revolut Kids & Teens Instant Access Savings Account.

This agreement is indefinite. It means that it is valid until you or we end it. If there is any inconsistency between the Revolut Kids & Teens Terms, Personal terms and these terms and conditions, these terms and conditions will apply.

These Instant Access Savings Terms are entered into by means of distance communication.

  • In these Revolut Kids & Teens Terms, when we say “Lead Parent”, we mean the Revolut personal account holder who originally set up the Revolut Kids & Teens Instant Access Savings Account.
  • When we say “Revolut Kids & Teens User”, we mean any person who the Lead Parent has allowed to use the Revolut Kids & Teens Instant Access Savings Account.

You agree that these Terms and any other communications between us, will be in Dutch, French or English.

You can access these Revolut Kids & Teens Instant Access Savings Terms along with the precontractual information, the Revolut Privacy Policy, standard information for deposit insurance of the Public Institution "Deposit and Investment Insurance" (Viešoji įstaiga"Indėlių ir investicijų draudimas") and other terms and conditions that apply to our services in the Revolut App or on our website at any time. Moreover, they are sent to you in a durable medium when accepting these Revolut Kids & Teens Instant Access Savings Terms.

Revolut Bank UAB is a bank incorporated and licensed in the Republic of Lithuania with company number 304580906 and authorisation code LB002119 and whose registered office is at Konstitucijos ave. 21B, 08130 Vilnius, the Republic of Lithuania. We are licensed and regulated by the Bank of Lithuania and the European Central Bank as a credit institution. You can see our licence on the Bank of Lithuania website here dated 13 December 2021 and our incorporation and company documents on the Lithuanian Register of Legal Entities website here.

Revolut Bank UAB provides services in Belgium through its branch, Revolut Bank UAB – Belgian Branch, which is registered with the Crossroads Bank for Enterprises under number 0784.549.658 and whose registered office is at Silver Square, Sq. de Meeûs 35, 1000 Brussels, Belgium.

When providing services in Belgium, the Belgian Branch is subject to prudential supervision by the European Central Bank and the Bank of Lithuania, and to conduct supervision by the National Bank of Belgium.


2. What type of account is Revolut - Kids & Teens Instant Access Savings?

Revolut Kids & Teens Instant Access Savings Account (the Revolut Kids & Teens Instant Access Savings Account) with us is a demand deposit account, and the money in it is held by us as a deposit(also known as a ‘deposit at sight’). In these terms and conditions we may refer to it as the “Revolut Kids & Teens Instant Access Savings Account”, or an “account”.

When you or a Revolut Kids & Teens User put money as a deposit into the Revolut Kids & Teens Instant Access Savings Account, we accept the money, hold it, and undertake to return it to you or a Revolut Kids & Teens User upon your or a Revolut Kids & Teens User’s request.

To set up a Revolut Kids & Teens Instant Access Savings Account, you must have a Revolut Kids & Teens account opened through your Revolut personal account. These Revolut Kids & Teens Instant Access Savings Account Terms apply together with Revolut Kids & Teens Terms as well as Personal Terms.

You consent to authorise Revolut Kids & Teens User to add and withdraw money to/from the Revolut Kids & Teens Instant Access Savings Account. If the Lead Parent wants to disable Revolut Kids & Teens User’s possibility to add and withdraw money to/from Revolut Kids & Teens Instant Access Savings Account, the Lead Parent can do that through the Revolut Kids & Teens Instant Access Savings Account settings in their Revolut app.

You can open only one Revolut Kids & Teens Instant Access Savings Accounts per Revolut Kids & Teens User.

The Revolut Kids & Teens Instant Access Savings Account is not a payment account and cannot be used for sending or receiving payments, and the Lead Parent or Kids & Teens User can only place your deposit in the way described in these Terms.

The Lead Parent can terminate the Revolut Kids & Teens Instant Access Savings Account at any time


3. Who can open a Revolut Kids & Teens Instant Access Savings Account?

The Lead Parent, holder of a Personal Revolut Account with Revolut Bank UAB, Belgian Branch can open a Revolut Kids & Teens Instant Access Savings Account at any time in the Revolut app proactively or by receiving a request from a Revolut Kids & Teens User.

By accepting these Revolut Kids & Teens Instant Access Savings Account Terms, you confirm that you have received, read and understood the precontractual information (available here) and the standard information for deposit insurance of the State Company Deposit and Investment Insurance (VĮ "Indėlių ir investicijų draudimas") which is also available here.

When you ask us to open a Revolut Kids & Teens Instant Access Savings Account, we or our representatives may ask for information about you and a Revolut Kids & Teens User and where the money that will be deposited into the Revolut Kids & Teens Instant Access Savings Account comes from. We do this for a number of reasons, including to meet our legal and regulatory requirements. Make sure you have provided us with all the information we have requested from you. When we have the information we need, we will open a Revolut Kids & Teens Instant Access Savings Account, and you and a Revolut Kids & Teens User can make a deposit into it. If you have already provided this information to one of our group entities when opening a current account, you acknowledge and agree that we may use and rely on that information for this purpose.

Our Customer Privacy Policy explains how we use your information for these and other purposes.

We can only provide services to you once you and a Revolut Kids & Teens User have passed our internal checks, and not before. We will notify you via the Revolut app once this has happened and will let you know once the Revolut Kids & Teens Instant Access Savings Account is opened.

If any of your personal details change, you must notify us immediately.

It's important that you provide your primary email address and check it regularly (when we refer to "email" we mean the email you provided to us during the onboarding process (unless you updated your email afterwards)). Should your email address change or should you have any trouble receiving or opening emails from us, you must notify us immediately. Otherwise, you agree that if an email has been delivered to your email address, you should have read it, even if you failed to do so for whatever reason.


4. Who is the legal owner of a Revolut Kids & Teens Instant Access Savings Account?

As the Revolut Kids & Teens Instant Access Savings Account is a part of the Revolut Kids & Teens account which is a sub-account of the Lead Parent’s Revolut personal account, the Lead Parent is the legal owner of it. You, as the Lead Parent, are responsible for the actions performed by a Revolut Kids & Teens User in the Revolut Kids & Teens Instant Access Savings Account as if you had done it yourself.

Although we provide you as the Lead Parent with tools to assist you to control your Revolut Kids & Teens User's use of the Revolut Kids & Teens Instant Access Savings Account, you remain responsible for that use.

Only you, as the Lead Parent, and we (Revolut Bank UAB) have rights under these Revolut Kids & Teens Instant Access Savings Account Terms. Revolut Kids & Teens Users do not. This agreement is personal to you and you cannot transfer any rights or obligations under it to anyone else.


5. What are my responsibilities?

As your Revolut Kids & Teens Instant Access Savings Account’s legal owner, you, as Lead Parent, are responsible for it and all actions taken by your Revolut Kids & Teens User with it.

You are also responsible for:

  • explaining to your Revolut Kids & Teens User how to use the Revolut Kids & Teens Instant Access Savings Account in line with these Revolut Kids & Teens Instant Access Savings Account Terms (and must do so before they start using it);
  • ensuring that your Revolut Kids & Teens User's use of your Revolut Kids & Teens Instant Access Savings Account is acceptable to you;
  • making sure that the money in the Revolut Kids & Teens Instant Access Savings Account is in line with the account limits on Revolut Kids & Teens Instant Access Savings Account;
  • contacting us to resolve any issues with or ask questions about the account (customer support is not offered in the Revolut Kids & Teens app).

Remember as Lead Parent you are responsible for ensuring that your and your Revolut Kids & Teens User's use of Revolut Kids & Teens Instant Access Savings Account is in line with Revolut Kids & Teens Instant Access Savings Account Terms.


6. How to make a deposit into Revolut Kids & Teens Instant Access Savings Account

Add money at any time

Deposits to the Revolut Kids & Teens Instant Access Savings Account can be made by transferring funds from your Revolut personal account, or by a Revolut Kids & Teens User transferring funds from the Revolut Kids & Teens account held with us, to the Revolut Kids & Teens Instant Access Savings Account.

These deposits can be made at any time. The total amount of money that can be added to the Revolut Kids & Teens Savings Accounts is limited to 4,200 EUR. The frequency of your additions is not limited. Funds that are deposited into the Revolut Kids & Teens Instant Access Savings will also count towards the general Revolut Kids & Teens account limits.


How soon will money be credited?

The deposit will be credited to Revolut Kids & Teens Instant Access Savings Account immediately after the transfer of these funds from your Revolut personal account or Revolut Kids & Teens account to Revolut Kids & Teens Instant Access Savings Account.


7. Will you be paid any interest on the Deposit held in Revolut Kids & Teens Instant Access Savings Account?

Interest will be calculated at a yearly rate indicated in the Information Sheet document available on the Revolut app. Your yearly rate may differ depending on the membership you have with us. The interest will be calculated based on the number of actual days in a year, and the number of actual days in a month. The interest accrued will be subject to local taxation. For more information, please refer to Section 21 of these Instant Access Savings Terms. The interest will begin accruing immediately after you deposit funds from your personal account to your Instant Access Savings, and the first interest payment will be done on the next calendar day after you deposit funds from your personal account to your Instant Access Savings.

The interest will be calculated using the following formula:

Gross Interest = Closing balance in your Instant Access Savings * Gross Interest Rate / Number of days in a year.

However, Revolut will withhold taxes, in line with Belgian tax regulations on the interest accrued and the daily interest payment that will happen in your Instant Access Savings will be net of tax withheld at source.

While interest accrues daily, the minimum threshold for interest to be paid to your Instant Access Savings is €0.01; this means that interest may not be paid to your Instant Access Savings every day. The accrued interest will be paid to your Instant Access Savings at the point that it reaches a minimum of €0.01.

You’ll earn interest on your balance in the Instant Access Savings until the calendar day prior to you withdrawing the funds from the Instant Access Savings.


8. How to make a withdrawal from the Revolut Kids & Teens Instant Access Savings Account?

We will return money to the Lead Parent from the Revolut Kids & Teens Instant Access Savings Account at the Lead Parent’s request.

Withdrawal requests can be made by you or Revolut Kids & Teens User (if not disabled by the Lead Parent). Withdrawal requests can be made at any time and in any amount not exceeding the available balance. When you or a Revolut Kids & Teens User withdraws the money from the Revolut Kids & Teens Instant Access Savings Account, we will transfer the funds to the Revolut Kids & Teens account or your Revolut personal account depending on who made a withdrawal.


9. How is my money protected?

The money is protected once it reaches the Revolut Kids & Teens Instant Access Savings Account which happens immediately after you or a Revolut Kids & Teens User transfers these funds from the Revolut Kids & Teens account or your Revolut retail account to the Revolut Kids & Teens Instant Access Savings Account. The funds in the Revolut Kids & Teens Instant Access Savings Account are protected in the same way as the funds in the Revolut current account, as described in our Personal Terms applicable to you.

The money in the Revolut Kids & Teens Instant Access Savings Account is protected by Lithuanian deposit insurance administered by the State Company Deposit and Investment Insurance (VĮ "Indėlių ir investicijų draudimas") in accordance with the conditions established by the Law on Insurance of Deposits and Liabilities to Investors of the Republic of Lithuania which are available here.


10. Keeping your security details safe

We do everything we can to keep your money safe. We ask you to do the same by keeping your security details safe. This means you should make sure they are kept secure, not accessible to other people, and not shared with anyone else.

Sometimes it's easy to forget to take the steps you should take to keep your money safe. Here are a couple of tips:

  • make sure you don’t leave the Revolut app open on an unlocked device; and
  • keep your mobile device and your email account secure and don't let other people use them.

Contact us through the Revolut app as soon as possible if your security details could be used without your permission.


You can contact us in the following ways

Tell us about lost or stolen or security details:

  • Send us a message through chat on the Revolut app.
  • Email us at feedback@revolut.com.
  • Call us to block a lost or stolen card on +370 5 214 3608 (your telecommunication service provider’s standard rates apply)
  • Our website: www.revolut.com


11. Are there any restrictions on using the Revolut app?

Please act reasonably and responsibly when using the Revolut app.

The Revolut app must not be used (directly or indirectly) as follows:

  • for illegal purposes (for example, committing fraud);
  • in a way that might harm our ability to provide our services;
  • to control or use a Revolut Kids & Teens Instant Access Savings Account that's not yours;
  • to allow anyone else except a Revolut Kids & Teens User to have access to or use the Revolut Kids & Teens Instant Access Savings Account or the Revolut app; or
  • for business purposes.

Please also act in a respectful way towards us and our support staff – we're here to help you.


12. When we might prevent you from using your Revolut Kids & Teens Instant Access Savings Account

The safety of your money is important to us, therefore we can prevent you from using the Revolut Kids & Teens Instant Access Savings Account. For example, we will deny the repayment of any deposit and will not credit any additional deposit if we're reasonably concerned about its security or that it might be used fraudulently or without your permission.

We might also have to prevent you from using your Revolut Kids & Teens Instant Access Savings Account to meet our legal obligations arising from the laws of the Kingdom of Belgium or other legislation applicable to you.

We'll tell you through the Revolut app before, or as soon as possible after, we have limited the use of the Revolut Kids & Teens Instant Access Savings Account. We'll also let you know why we've done it (unless it would reduce your or our security or it would be unlawful). We will let you use the Revolut Kids & Teens Instant Access Savings Account normally as soon as the reasons for the limit no longer exist.


13. How can I close Revolut Kids & Teens Instant Access Savings Account?

Only the Lead Parent can stop the use of a Revolut Kids & Teens Instant Access Savings Account at any time by closing it. Upon closure, any remaining money in the Revolut Kids & Teens Instant Access Savings Account will be returned to Lead Parent’s personal account.


What happens when a Revolut Kids & Teens User turns 18?

When a Revolut Kids & Teens User turns 18, they can continue to use the Revolut Kids & Teens Instant Access Savings Account together with their Revolut Kids & Teens account as per Revolut Kids & Teens Terms.

Once a Revolut Kids & Teens User is eligible for a retail account as per Revolut Kids & Teens Terms, and if Revolut Kids & Teens User chooses to migrate their Revolut Kids & Teens account the funds deposited in the Revolut Kids & Teens Instant Access Savings Account will be migrated to their new Revolut retail account together with the rest of the funds from the Revolut Kids & Teens account. Funds from the Revolut Kids & Teens Instant Access Savings Account will be sent to the main balance on the new retail account.

If a Revolut Kids & Teens User chooses not to migrate their account as per Revolut Kids & Teens Terms, the money will sit in their savings balance as long as their Revolut Kids & Teens Instant Access Savings Account is active. When users reach the maximum age limit (19 years old), the Revolut Kids & Teens account will be terminated and any remaining balance, including the funds deposited in the Revolut Kids & Teens Instant Access Savings Account, will be deposited back to the Lead Parent's retail account.

If, for some reason you would prefer for a Revolut Kids & Teens User not to migrate from the Revolut Kids & Teens account to a Revolut account and the Lead Parent closes the Revolut Kids & Teens as per Revolut Kids & Teens Terms, upon closure, balance in Revolut Kids & Teens Instant Access Savings Account will be returned to Lead Parent’s personal account.

If, as Lead Parent, you do not close the Revolut Kids & Teens account or withdraw the remaining funds from the Revolut Kids & Teens Instant Access Savings Account by the time a Revolut Kids & Teens User initiates the migration, you will be deemed to have authorised the transfer of funds from Revolut Kids & Teens Instant Access Savings Account.


14. When could we suspend or close Revolut Kids & Teens Instant Access Savings Account?

We may close or suspend the Revolut Kids & Teens Instant Access Savings Account immediately in exceptional circumstances. Exceptional circumstances include the following:

  • If your current account with us is closed;
  • if your Revolut Kids & Teens account with us is closed;
  • if we have good reason to suspect that you are behaving fraudulently or otherwise criminally;
  • if you've broken these Revolut Kids & Teens Instant Access Savings Account Terms in a serious or persistent way and you haven't put the matter right within a reasonable time of us asking you to;
  • if we have information that your use of the Revolut app or Revolut Kids & Teens User’s use of Revolut Kids & Teens App is harmful to us or our software, systems or hardware, or our reputation or goodwill;
  • if you've been declared bankrupt;
  • if you die or a declaratory judgement of your death is pronounced; or
  • if we have to do so under any law, regulation, court order or National Bank of Belgium’s (NBB) instructions.

We may also close the Revolut Kids & Teens Instant Access Savings Account in case we change our business model and we no longer offer a demand deposit product in a specific geography. If we do so, we will inform you in advance of closing the Revolut Kids & Teens Instant Access Savings Account in accordance with these terms and conditions. Upon closing the Revolut Kids & Teens Instant Access Savings Account, we will return any remaining balance in the Revolut Kids & Teens Instant Access Savings Account to your current account held with us. We will consider that you gave us consent and authorised us to execute this transaction. We may allow you to make a withdrawal directly from your Revolut Kids & Teens Instant Access Savings Account to your current account or to the Revolut Kids & Teens User account, depending on who would withdraw the funds.


15. Are we responsible if something goes wrong with Revolut Kids & Teens Instant Access Savings Account or the Revolut App?

We'll do as much as reasonably possible to make sure that our services are not interrupted and are accessible at a reasonable speed. However, we can't promise that this will always be the case or that the services will be free from faults. We also may rely on some third parties to provide services to you, which can disrupt our services. We'll always do our best to solve any problems with our services, no matter what the cause.

We will not be responsible for losses resulting from us failing to meet our obligations to timely credit into the Revolut Kids & Teens Instant Access Savings Account incoming money or debit from the Revolut Kids & Teens Instant Access Savings Account money being withdrawn because:

  • of a legal or regulatory requirement; or
  • unforeseeable events outside our control, which were unavoidable at the time;
  • of criminal or any other illegal actions of third parties resulting in damage to you or any other person (unless specified in these terms and conditions directly); or
  • of the blocking of your Revolut Kids & Teens Instant Access Savings Account when implementing legal requirements, including those in relation to anti-money laundering and counter-terrorist financing.


We will only be responsible for foreseeable losses

If we break this agreement, we will be responsible for any loss that we could have foreseen at the time we entered into the agreement, also for the loss that results from our fraud or gross negligence.

We won't be responsible to you for any of the following, whether direct or indirect, that arises in connection with this agreement:

  • loss of income or profit;
  • loss of goodwill or damage to your reputation;
  • loss of business contracts or opportunities;
  • loss of anticipated savings; or
  • consequential loss.

Nothing in this agreement removes or limits our liability for death or personal injury resulting from our negligence or from fraud or fraudulent claims and statements.


16. Our right to withdraw money from your Revolut Kids & Teens Instant Access Savings Account in exceptional cases

We have a right to withdraw money from the Revolut Kids & Teens Instant Access Savings Account without your instruction in the following cases:

  • if money was transferred to the Revolut Kids & Teens Instant Access Savings Account without any legal basis (i.e. due to fraud, mistakes or technical errors);
  • when we, as a service provider, are required by applicable laws, to withhold and pay to competent authorities taxes that apply to you in your capacity as a depositor; or
  • in other cases, as established by Lithuanian laws and other applicable legislation.


17. When you might be responsible for our losses?

You may be responsible to us for certain losses.

If you have broken this agreement and this has caused us to suffer a loss, the following will apply:

  • you will be responsible for any foreseeable losses we suffer as a result of your action (we will try to keep the losses to a minimum); and
  • you will also be responsible for any reasonable legal costs that arise as a result of our losses.


18. How do I get information about transactions for Revolut Kids & Teens Instant Access Savings Account?

All the Revolut Kids & Teens Instant Access Savings Account inflows and outflows are available in the Revolut app and Revolut Kids & Teens app. If you need to keep a copy of the information after the Revolut Kids & Teens Instant Access Savings Account is closed, you will need to download it. You can download information from the Revolut app while you are a customer or, if your Revolut Kids & Teens Instant Access Savings Account is closed, you can contact us at feedback@revolut.com and we will provide you with such information.


Periodic information -

  • We will prepare and make available to you a statement with the movements in your Revolut Kids & Teens Instant Access Savings. You can download it from the App at any time choosing the period of time you want to consult, including all your movements and interest liquidations.
  • We will send you a separate notice once a year or within thirty days of the termination of the Revolut Kids & Teens Instant Access Savings Account containing the inflows and outflows on the Revolut Kids & Teens Instant Access Savings Account for the previous 12 (twelve) months or less if your Revolut Kids & Teens Instant Access Savings Account was opened for less than 12 (twelve) months.


Communicating with you

We'll communicate with you through the Revolut app. Other Revolut group entities may also communicate with you via the Revolut app if this is agreed with you and that entity.

This is how we will provide the Revolut Kids & Teens Instant Access Savings Account information. It is also how we will tell you if there is a security threat to the Revolut Kids & Teens Instant Access Savings Account. Make sure you regularly check the Revolut app for this information.

To help keep the Revolut Kids & Teens Instant Access Savings Account safe, download the latest software for your mobile device and the latest version of the Revolut app as soon as they are available.

We may also communicate with you by text message (SMS) or email, so you should regularly check your text messages and email account.

Your consents, approvals, acceptances and other statements given using the Revolut app shall have the same legal validity as your signature on a written document. Your agreements concluded with us via the Revolut app shall be deemed to be written agreements concluded between you and us. Any instructions to us for conducting operations and other actions submitted/executed from you through the Revolut app will be treated as submitted/executed by you and valid as actions performed by you.

We will usually communicate with you in Dutch, French or English.


Keep us in the loop

Please keep your details up to date and let us know immediately if any information you've given us changes. If we discover that any of your information is incorrect, we may update it or ask you to provide further information.

To meet our legal and regulatory requirements we might need to ask for more information about you (for example, if your deposit inflow or outflow increases). Please provide this information quickly so that disruption to your Revolut Kids & Teens Instant Access Savings Account or our services is minimised.


19. Confidentiality

You understand and consent that due to the nature of the Revolut Bank services under this agreement, we may be required to disclose the following information about you:

  • the fact that you are our customer;
  • the services being provided to you;
  • the balances available in the Revolut Kids & Teens Instant Access Savings Account;
  • operations performed or being performed on your behalf;
  • your debt obligations towards us; the circumstances of us providing financial services to you;
  • the terms and conditions of the agreements on the basis of which we provide you with services;
  • the fact of the termination of this agreement and of the closing of your Revolut Kids & Teens Instant Access Savings Account;
  • your financial situation and assets; and
  • your activities, plans, debt obligations to or transactions with other persons.

Your commercial or professional secrets are all treated as confidential information (i.e. as a client secret or bank secret).

You understand and consent that the people we may disclose that information to are:

  • Any affiliate of Revolut Bank. This includes, but is not limited to Revolut Ltd (a company incorporated in England and Wales with company number 08804411 and firm reference number 900562, whose registered office is at 7 Westferry Circus, Canary Wharf, London, E14 4HD, United Kingdom) (Revolut Ltd).
  • Revolut Bank's representatives and other parties directly or indirectly involved in the provision of Revolut Bank services under this agreement to you or in the preparation of the provision of such service to you, and their subcontractors (for example, correspondent banks, financial institutions, insurance companies, financial intermediaries, brokers, participants of, or parties to, payment, clearing or settlement systems, exchanges and other) if, due to the specifics of such services, it is necessary to disclose such data.
  • Third parties that provide services to Revolut Bank (supplementing the provision of our financial services), and subcontractors of such third parties, provided that third parties and their subcontractors were engaged in compliance with all regulatory requirements applicable to such outsourcing.
  • Any authorities and supervisors that have a valid legal ground to request us to disclose certain information with them. We are required to do so as to ensure we remain compliant with the applicable rules and regulations.

The above information may be disclosed to other Revolut group members where:

  • it is necessary for the performance of financial accounting, audit or risk assessment;
  • we use common information systems or technical equipment (servers);
  • it is necessary for the provision of services you have requested; or
  • it is necessary to develop or improve the services we provide across the Revolut group.

During the communication and exchange of information between you and us by means of telecommunications or electronic communication, confidential information (including information constituting client secrets or bank secrets) may become available to third parties without our will or knowledge. If this happens, we are not liable for any such disclosure of the information and you shall assess this risk prior to entering into this agreement with us.


Required disclosures of information

We will disclose your information where required or permitted to do so by Lithuanian laws and other applicable legislation or to exercise or enforce our rights, or the rights of our customers.


20. Our intellectual property

All the intellectual property in our products (for example, the content in the Revolut app and on our website, our logo) is owned by Revolut Ltd and is being used by us and other Revolut group companies. You must not use this intellectual property as your own, except to enjoy our products. You also must not reverse-engineer any of our products (that is, reproduce them after a detailed examination of their construction or composition).


21. How to make a complaint

If you'd just like to speak to someone about an issue that's concerning you, please contact us through the chat available on the Revolut app. The in-app chat is our customer support tool, and our answers to the queries made by you through the in-app chat are not subject to the complaint handling time frames indicated above. We can usually settle matters quickly through the app. You’ll probably need to give us the information below.

If you wish to make a formal complaint, you can do that using this form. You can also email us at formalcomplaints@revolut.com. If you express your wish to complain when communicating with us, we will provide you with a complaint form, or may submit the formal complaint form for you and have our agents analyse your case as a formal complaint. We kindly request that you do not send any complaints to our office address in Belgium. For prompt resolution of any concerns or issues, please reach out to us through our designated complaint channels mentioned above.

You’ll need to tell us:

  • your name and surname;
  • the phone number and email address associated with your account;
  • what the issue is;
  • when the problem arose; and
  • how you'd like us to put the matter right.

We'll look into your complaint and respond to you by email.

Irrespective of the above, you always have the right to approach the out of court dispute resolution authorities mentioned below in relation to any complaint about our service. You also have the right to apply to any competent court if you think we have breached the law.


Out of court dispute resolution authority for complaints related to financial services

If you are unhappy with how we have dealt with your complaint or if there is no response within 35 business days upon your submission of the complaint, you can refer to the Ombudsman in financial conflict, also named the Ombudsman. Please note that the Ombudsman is only a mediator dealing with disputes between consumers and financial service providers that can issue non-binding opinions, but does not act as an out of court dispute resolution authority.

Please note that there are several conditions you have to meet, among others:

  • Complaints are only admissible if the complainant has first made a complaint with Revolut;
  • This is a written procedure: complaints may only be made by mail, e-mail or the online complaint form. You have to send copies of the correspondence and of all useful documents;
  • This must deal with a complaint concerning a financial institution which is affiliated with the mediation service (all Febelfin members). A list can be found on the Ombudsman's website;
  • The request is made before the expiry of the one-year period from the date on which the dispute was submitted to the company concerned.

If you meet the requirements and are ready to follow the procedure, you can contact the Ombudsman:

Ombudsman in financial conflicts

North Gate II, Boulevard du Roi Albert II 8 box 1,

1000 Brussels

Tel.: +32 2 545 77 70

Fax: +32 2 545 77 79

E-mail: ombudsman@ombfin.be

Website: http://www.ombudsfin.be

You can find more information on the following website.


Out of court dispute resolution authority for complaints related to the processing of personal data

Data Protection-related complaints may be addressed to the Belgian Data Protection Authority:

Rue de la Presse 35

1000 Brussels

Tel:. +32 2 274 48 00

Fax: +32 2 274 48 35

Email: contact@apd-gba.be

Website: https://www.autoriteprotectiondonnees.be


More information

Click here for more information about our complaints handling procedure.


22. We can change these Revolut Kids & Teens Instant Access Savings Account Terms

We'll only change the agreement for the following reasons:

  • if we think it will make it easier to understand or more helpful to you;
  • to reflect the way our business is run, particularly if the change is needed because of a change in the way any financial system or technology is provided;
  • to reflect legal or regulatory requirements that apply to us (including any statutory legislation and other legal means of state control, local legal acts and legal acts of the European Union, or a resolution, order, recommendation or guideline by a court, arbitration committee or administrative body which govern the agreement relationship between you and us under these terms and conditions, or any change in their official or court interpretation);
  • to reflect changes in the cost of running our business (e.g. changes in the tax, capital or liquidity requirements that apply to us, in our operating costs, or to other factors which impact our costs); or
  • to reflect changes in the amount of the fee for applicable mandatory deposit insurance;
  • to reflect changes in financial market conditions and the macroeconomic events (e.g. interbank lending and deposit rates, the aggregate or service-related consumer price index, inflation, change in interests and yields defined by third-party and incurred by us in relation to our services provided to you, and other factors changing the markets in which we operate or our position within them);
  • to reflect changes in service conditions of third-parties (e. g. outsourced party, agent) in connection with the services provided by us to you; or
  • because we are changing or introducing new services or products that affect our existing services or products covered by these Revolut Kids & Teens Instant Access Savings Account Terms.


Telling you about changes

If we add a new product or service that doesn't change the agreement we may add the product or service immediately and let you know before you use it.

If we add amendments affecting fees and costs, or if we change these terms in any other way we will give you one month’s notice through the Revolut app and/or email before we make any change, unless otherwise provided by law. We'll assume you're happy with the change unless you tell us that you want to close your account before the change comes into effect.

In the event of an unfavourable modification of interest, fees, costs and other agreement conditions you are entitled to close your account, and so terminate your agreement immediately without payment of any fees, upon the day before the amendment takes effect.


23. We can change these Instant Access Savings Terms

We may occasionally change these Terms. If we do so, we will give you at least 1 (one) month written notice before the change is effective.

We’ll assume you’re happy with this change unless you tell us that you want to close your account immediately before the change comes into effect.

If we add a new product or service that doesn't change the agreement we may add the product or service immediately and let you know before you use it.


24. Changing the interest rate

We may change the annual interest rate applicable to your Instant Access Savings. We can make this change immediately, and will let you know as soon as possible, prior or after the change. You will still have the option to close your Instant Access Savings immediately.

Remember, the interest rate may differ depending on the paid membership you have with us. If you change (upgrade or downgrade) your membership, your interest rate will either increase or decrease. We will try to give you notice about the change before you change your membership but we will not be responsible for any losses you incur if we don’t.


25. Fees and Taxes

We do not charge any fees that apply to you for and in relation to this agreement. This also means that you will not pay any fees to us in relation to using the Revolut app or any other means of distance communication for your Instant Access Savings.

You acknowledge and agree that you are solely responsible for complying with all applicable legal and tax obligations, including the filing of any applicable filings and tax payment, and for complying with any applicable laws and regulations, which may change from time to time.

Note that the withholding tax may differ from the final taxation applicable, that shall be determined by you according to the applicable regulations. You should seek independent advice from a professionally qualified tax adviser if you have any questions in this regard.


Belgian Withholding Tax

In line with applicable Belgian tax law, we will deduct and pay to the tax authorities the withholding tax due from any interest credited to your Instant Access Savings. Thus, the amounts received in your Instant Access Savings will be net from withholding tax. Note that the tax withholding rate will be applicable according to the regulations in place on the date of payment, so it may change at any time.

We will deduct the relevant withholding tax from your interest before the interest is paid out into your Instant Access Savings. We withhold tax from your interest payments only when the withholding tax applicable is €0.01 or greater. In cases where the tax liability is less than €0.01, we continue to accrue it until it reaches €0.01, at which point it is deducted from your next interest payment. To see the tax withheld on your aggregate interest payments, you can refer to your aggregate savings statements.

In cases where Revolut paid members an interest and tax was not withheld owing to rounding rules (only) or it not being min €0.01, Revolut will take up the cost and make the differential treatment to the Belgian tax authority, such that the withholding tax paid to the Belgian tax authority is in line with the percentage set by Belgian law.

Under the Belgian tax legislation, the information related to the interests paid to your account can be requested by the Belgian tax authorities.


26. How do I close my Revolut Kids & Teens Instant Access Savings Account?

Right of withdrawal

You have the right to withdraw Kids & Teens Instant Access Savings within a period of 14 calendar days from the day you entered into this agreement, without penalty and without giving reasons. You can do this through the Revolut app or by emailing us at support@revolut.com.


Right of termination

You may terminate your Instant Access Savings at any time subject to a notice period of 1 (one) month from the date of notification. You can do this through the Revolut app or by emailing us at support@revolut.com.

We may also terminate your Instant Access Savings subject to 2 (two) months' notice, barring force majeure.


Return of balances

Immediately after your Instant Access Savings is terminated or closed, we will return the remaining balance and accrued interest to your main account with us.


What happens to my current account?

Closing the Instant Access Savings will not automatically close the main current account.

If your main current account is closed, we will have to close your Instant Access Savings as well.


27. Legal bits and pieces

Permission for us to process your personal information

To provide services under the agreement we need to collect information about you. Under data protection law, we are what is known as the 'data controller' of your personal information. For more information about how we use your personal information, see our Privacy Policy.

By entering into the agreement you are giving us permission to gather, process and store your personal information for the purpose of providing our services to you. This doesn't affect any rights and obligations you or we have under data protection law.

You can withdraw your permission by closing your Instant Access Savings, which will end the agreement between you and us. If you do this, we'll stop using your information for the purpose of providing our services, but we may need to keep your information for other legal reasons.


Our contract with you

Only you and we have any rights under the agreement.

The agreement is personal to you and you cannot transfer any rights or obligations under it to anyone else, without our consent.


Our right to transfer and assign

You agree and permit us to merge, reorganise, spin-off, transform or execute any other form of reorganisation or restructuring of our company or business and/or transfer or assign all of our rights and obligations under these Instant Access Savings Terms to any third party.

We will only transfer any of your and our rights or obligations under these Instant Access Savings Terms if this won't have a significant negative effect on your rights under these Terms or we need to do so to keep to any legal or regulatory requirement, or it is done as a result of implementation of reorganisation (or a similar process). You will be able to terminate your Instant Access Savings upon notification about the assignment, merger, reorganisation or any other similar notification.


Belgian law applies

The laws of Belgium govern your relationship with us. They also apply to this agreement.


Place of conclusion of this agreement

This agreement is deemed to be concluded in the place where you live at the moment of conclusion.


The English version of the agreement applies

If these Instant Access Savings Terms are translated into another language, the translation is for reference only and the English version will apply. By entering into this agreement and accepting Revolut Bank’s services, you confirm that you understand the English language and agree to communicate with Revolut Bank in Dutch, French or English regarding this agreement.


Our right to enforce the agreement

If you have broken the agreement between you and us and we don't enforce our rights, or we delay in enforcing them, this will not prevent us from enforcing those or any other rights at a later date.


Taking legal action against us

Legal action under these terms and conditions can only be brought in the courts of the Kingdom of Belgium.