Effective date: 31.01.2024
This document contains a summary of the most important features of the Savings Account demand deposit product.
Product data | |
Product | Savings Account |
Bank | Revolut Bank UAB Address: Konstitucijos ave 21B, LT-08130, Vilnius, Lithuania Company No: 304580906 |
Product type | Demand deposit |
Currency | HUF |
Term | Indefinite. The account can be closed at any time. |
Deposit amount | No minimum amount established. The maximum amount that can be placed in all of your Savings Accounts at Revolut combined is 20,000,000 HUF. In case you have several accounts with Revolut Bank UAB all your deposits held with Revolut Bank UAB are aggregated and the insurance coverage limit of EUR 100,000 applies to the total amount of your deposits. Please also note that some exceptions apply. More information can be found in the Deposit Insurance Information document. |
Deposit start date | The date when the money is received in the Savings Account. This happens immediately after you deposit funds from your current account to the Savings Account. |
Risks | |
Risk in the event of insolvency of the bank | Deposits held with Revolut Bank UAB are insured by the Lithuanian Public Institution "Deposit and Investment Insurance". Insurance coverage limit: up to EUR 100,000 for a single depositor for all their deposits held with Revolut Bank UAB. In case you have several accounts with Revolut Bank UAB all your deposits held with Revolut Bank UAB are aggregated and the insurance coverage limit of EUR 100,000 applies to the total amount of your deposits. Please also note that some exceptions apply. More information can be found in the Deposit Insurance Information document. |
Interest | |
Interest type | Variable |
Interest rate (Standard plan) | 1.06% p.a. (net rate). Revolut is obliged under Lithuanian tax regulations to deduct 15% of withholding tax on interest. |
EBKM | 1.25% further information on the calculation of EBKM can be found in the Savings Account Terms. |
Interest calculation and payment | The interest is calculated based on the actual number of days in a year, and the actual number of days in a month. The interest is calculated daily on the balance of the Savings Account and paid daily to this account. The interest will begin accruing on the same calendar day after you deposit funds from your current account to your Savings Account. You’ll earn interest on your balance in the Savings Account until the calendar day prior to you withdrawing the funds from the Savings Account. |
Interest rate change | Revolut has the right to change the interest rate. If the rate is decreased, then we’ll let you know at least 2 (two) months before the change is made. If the rate is increased, Revolut can make the change immediately. We may notify you about it prior or after the change. |
Costs | |
Total costs | You can open the Savings Account and deposit funds free of charge. |
Availability | |
During the term | You can deposit and withdraw funds from the Savings Account at any time from within the Revolut app. |
Taxation | |
Tax | In line with applicable Lithuanian tax law, we are obliged to make a 15% withholding tax deduction from any interest credited to your Savings Account(s), For the avoidance of doubt we will not increase any payment in respect of such deduction or withholding tax or otherwise compensate you for that deduction of withholding tax. We will deduct the relevant tax from your interest before the interest is paid out into your Savings Account. Further information regarding general conditions of this product can be found in the Savings Account Terms. |
Other deposit requirements | |
Rejection of deposit | Revolut reserves the right to reject deposits without giving any reasons. Further information regarding general conditions of this product can be found in the Savings Account Terms. |