These terms were updated on 15 April 2026. If you would like to see the terms that applied until 15 April 2026, please click here.
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 product. It also sets out other important things that you need to know.
If you do choose to use the Revolut - Kids & Teens Instant Access Savings, these Revolut - Kids & Teens Instant Access Savings Terms will form part of the legal agreement between you (the Revolut retail account holder) and us (Revolut Bank UAB). There is no legal agreement between us and any Revolut - Kids & Teens User ("User") you allow to use the Revolut - Kids & Teens Instant Access Savings.
We call this agreement the Revolut - Kids & Teens Instant Access Savings Terms. 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 Account , Personal terms | Revolut Ireland and these terms and conditions, these terms and conditions will apply.
In these Revolut - Kids & Teens Instant Access Savings Terms:
- When we say “Lead Parent”, we mean the Revolut personal account holder who originally set up the Revolut - Kids & Teens Instant Access Savings.
- When we say User, we mean any person who the Lead Parent has allowed to use the Revolut - Kids & Teens Instant Access Savings.
You agree that these Revolut - Kids & Teens Instant Access Savings Terms and any other communications between us, will be in English.
These Revolut - Kids & Teens Instant Access Savings Terms are entered into by means of distance communication.
You can access these Revolut - Kids & Teens Instant Access SavingsTerms along with our Customer Privacy Notice, standard information for deposit insurance of the Public Institution “Deposit and Investment Insurance” and other terms and conditions that apply to our services in the Revolut App or on our website at any time.
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. The Bank of Lithuania is the central bank and the financial supervisory authority of the Republic of Lithuania whose address is Gedimino ave. 6, 01103 Vilnius, the Republic of Lithuania, registry number 188607684 (further information on the Bank of Lithuania can be obtained on its website at www.lb.lt, the Bank of Lithuania can be contacted at on telephone number +370 800 50 500).
2. What type of account is Revolut - Kids & Teens Instant Access Savings?
Revolut - Kids & Teens Instant Access Savings (the Revolut - Kids & Teens Instant Access Savings) with us is a demand deposit account, and the money in it is held by us as a deposit. In these terms and conditions we may refer to it as the “Revolut - Kids & Teens Instant Access Savings”, or an “account”.
When you or a User put money as a deposit into the Revolut - Kids & Teens Instant Access Savings, we accept the money, hold it, and undertake to return it to you or a User upon your or a User’s request within the Revolut App.
To set up Revolut - Kids & Teens Instant Access Savings, you must have a Revolut - Kids & Teens account opened through your Revolut personal account. These Revolut - Kids & Teens Instant Access Savings Terms apply together with Revolut - Kids & Teens Terms as well as Personal Terms.
You consent to authorise User to add and withdraw money to/from the Revolut - Kids & Teens Instant Access Savings. If the Lead Parent wants to disable User’s ability to add and withdraw money to/from Revolut - Kids & Teens Instant Access Savings, the Lead Parent can do that through the Revolut - Kids & Teens Instant Access Savings settings in their Revolut app. Withdrawals made by the User can only go to their Revolut - Kids & Teens main balance. The Lead Parent can withdraw to the Revolut - Kids & Teens main balance or, in some cases, directly to their own Revolut Personal account. If direct withdrawal isn't available, the Lead Parent can still transfer funds from the Revolut - Kids & Teens main balance to their Personal account as usual.
You can open only one Revolut - Kids & Teens Instant Access Savings per User.
3. Who can open Revolut - Kids & Teens Instant Access Savings?
The Lead Parent can open a Revolut - Kids & Teens Instant Access Savings at any time in the Revolut app or by receiving a request from a User.
By accepting these Revolut - Kids & Teens Instant Access Savings Terms, you confirm that you have received, read and understood the standard information for deposit insurance of the Public Institution Deposit and Investment Insurance (VšĮ "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. Further information is available here.
The Revolut - Kids & Teens Instant Access Savings Account counts towards the Lead Parent’s total protected balance under this insurance, and is not an independent balance held by the User.
When you ask us to open a Revolut - Kids & Teens Instant Access Savings, we or our representatives may ask for information about you and a User and where the money that will be deposited into the Revolut - Kids & Teens Instant Access Savings 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 (including your TIN number, or a copy of passport or national ID card). When we have the information we need, we will open a Revolut - Kids & Teens Instant Access Savings, and you and a 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 Notice explains how we use your information for these and other purposes.
We can only provide services to you once you and a 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 is opened.
If any of your or User’s personal details change, you must notify us immediately.
When we refer to "email" we mean the email you provided to us during the onboarding process (unless you updated your email afterwards). It's important that you provide your primary email address and check it regularly. 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?
As the Revolut - Kids & Teens Instant Access Savings 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 User in the Revolut - Kids & Teens Instant Access Savings as if you had done it yourself.
Although we provide you as the Lead Parent with tools to assist you to control your User's use of the Revolut - Kids & Teens Instant Access Savings, 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 SavingsTerms. 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 legal owner, you, as Lead Parent, are responsible for it and all actions taken by your User with it.
You are also responsible for:
- explaining to your User how to use the Revolut - Kids & Teens Instant Access Savings in line with these Revolut - Kids & Teens Instant Access Savings Terms (and must do so before they start using it);
- ensuring that your User's use of your Revolut - Kids & Teens Instant Access Savings is acceptable to you;
- making sure that the money in the Revolut - Kids & Teens Instant Access Savings is in line with the account limits on Revolut - Kids & Teens Instant Access Savings;
- contacting us to resolve any issues with or ask questions about Revolut - Kids & Teens Instant Access Savings (customer support is not offered in the Revolut - Kids & Teens app).
Remember as Lead Parent you are responsible for ensuring that your and your User's use of Revolut - Kids & Teens Instant Access Savings is in line with Revolut - Kids & Teens Instant Access Savings Terms.
6. How to make a deposit into Revolut - Kids & Teens Instant Access Savings
Add money at any time
Deposits to the Revolut - Kids & Teens Instant Access Savings can be made by transferring funds from your Revolut personal account, or by a User transferring funds from the Revolut - Kids & Teens account held with us, to the Revolut - Kids & Teens Instant Access Savings.
These deposits can be made at any time. The total amount of money that can be added to the Revolut - Kids & Teens Instant Access Savings Is limited to €4,200. The frequency of your additions is not limited. Funds that are deposited into the Revolut - Kids & Teens Savings Account 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 Immediately after the transfer of these funds from your Revolut personal account or Revolut - Kids & Teens account to Revolut - Kids & Teens Instant Access Savings.
7. Will you pay any interest on the Deposit held in Revolut - Kids & Teens Instant Access Savings?
We will pay interest daily on the balance of the Revolut - Kids & Teens Instant Access Savings at the end of each day. Interest will be calculated at a yearly rate indicated in the Deposit Information Sheet document available on the Revolut App. The yearly rate may differ depending on the Revolut personal account paid subscription plan you have with us.
The interest will be calculated based on the number of actual days in a year, and the actual number of days in a month. The interest accrued will be subject to taxation and interest paid to you will be net of Deposit Interest Retention Tax as required under Irish tax laws. For more information, please refer to Section 17 of the Revolut - Kids & Teens Instant Access Savings Terms. The interest will begin accruing immediately after you deposit funds from your current account to your Revolut - Kids & Teens Instant Access Savings, and the first interest payment will be done on the next calendar day after you deposit funds from your current account to your Revolut - Kids & Teens Instant Access Savings.
You’ll earn interest on your balance in the Revolut - Kids & Teens Instant Access Savings until the day you or a User withdraws the funds from the Revolut - Kids & Teens Instant Access Savings.
The interest will be calculated using the following formula:
Gross Interest = Closing balance in Revolut - Kids & Teens Instant Access Savings * Gross Interest Rate/ 365 (or 366)*100
However, Revolut will withhold Deposit Interest Retention Tax, in line with Irish tax regulations on the interest accrued and the daily interest payment that will happen in your Revolut - Kids & Teens 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 Revolut - Kids & Teens Instant Access Savings is € 0.01; this means that interest may not be paid to your Revolut - Kids & Teens Instant Access Savings every day (until net interest becomes min € 0.01), the accrued interest will be paid to your Revolut - Kids & Teens Instant Access Savings at the point that it reaches a minimum of €0.01.
8. How to make a withdrawal from the Revolut - Kids & Teens Instant Access Savings?
We will honour valid withdrawal requests from the Revolut - Kids & Teens Instant Access Savings Account
Withdrawal requests can be made by you, or by the 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.
Withdrawals made by the User can be sent only to the Revolut - Kids & Teens main balance. Withdrawals made by the Lead Parent can also be made to the Revolut - Kids & Teens main balance, and in some cases the Lead Parent may also be able to withdraw directly to their own Revolut Personal account balance. If the latter is not available, after withdrawing to the Revolut - Kids & Teens main balance, the Lead Parent may nonetheless transfer funds between the Revolut - Kids & Teens main balance and their own Revolut Personal account balance as normal.
9. How is my money protected?
The money is protected once it reaches the Revolut - Kids & Teens Instant Access Savings which happens immediately after you or a User transfers these funds from the Revolut - Kids & Teens account or your Revolut retail account to the Revolut - Kids & Teens Instant Access Savings. The funds in the Revolut - Kids & Teens Instant Access Savings are protected in the same way as the funds in the Revolut current account, as described in our Personal terms | Revolut Ireland applicable to you.
The money in the Revolut - Kids & Teens Instant Access Savings is protected by Lithuanian deposit insurance administered by the Public Institution Deposit and Investment Insurance (VŠĮ "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. When we might prevent you from using your Revolut - Kids & Teens Instant Access Savings
The safety of your money is important to us, therefore we can prevent you from using the Revolut - Kids & Teens Instant Access Savings. 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 to meet our legal obligations arising from the laws of the Republic of Ireland.
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. 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 normally as soon as the reasons for the limit no longer exist.
11. How can I close Revolut - Kids & Teens Instant Access Savings?
Only the Lead Parent can stop the use of a Revolut - Kids & Teens Instant Access Savings at any time by closing it. Upon closure, any remaining money in the Revolut - Kids & Teens Instant Access Savings will be returned to Lead Parent’s personal account.
12. What happens when a User turns 18?
When a User turns 18, they can continue to use the Revolut - Kids & Teens Instant Access Savings together with their Revolut - Kids & Teens account as per Revolut - Kids & Teens Account.
Once a User is eligible for a retail account as per Revolut - Kids & Teens Account, and if User chooses to migrate their Revolut - Kids & Teens account the funds deposited in the Revolut - Kids & Teens Instant Access Savings 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 will be sent to the main balance on the new retail account.
If a User chooses not to migrate their account as per Revolut - Kids & Teens Account, the money will sit in their savings balance as long as their Revolut - Kids & Teens Instant Access Savings 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, will be deposited back to the Lead Parent's retail account.
If, for some reason you would prefer for a 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 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 by the time a User initiates the migration, you will be deemed to have authorised the the transfer of funds from Revolut - Kids & Teens Instant Access Savings.
13. When could we suspend or close Revolut - Kids & Teens Instant Access Savings?
We may close or suspend the Revolut - Kids & Teens Instant Access Savings immediately in exceptional circumstances. Exceptional circumstances as per Personal Terms Part 23.
14. Our right to withdraw money from your Revolut - Kids & Teens Instant Access Savings in exceptional cases
We have a right to withdraw money from the Revolut - Kids & Teens Instant Access Savings without your instruction in the following cases:
if money was transferred to the Revolut - Kids & Teens Instant Access Savings 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 Irish laws and other applicable legislation.
15. How do I get information about transactions for Revolut - Kids & Teens Instant Access Savings?
All the Revolut - Kids & Teens Instant Access Savings 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 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 is closed, you can contact us at feedback@revolut.com and we will provide you with such information.
16. Changing the interest rate
We have the right to change the annual interest rate applicable to you. If the rate is decreased, then we’ll let you know at least 15 (fifteen) calendar days before the change takes effect.
If the rate is increased, we can make the change immediately. We may notify you about it prior or after the change.
Remember, the yearly rate may differ depending on the paid subscription plan you have with us. If you change (upgrade or downgrade) your subscription, your yearly rate will either increase or decrease. We will not be responsible for any losses you incur if you downgrade your paid subscription.
17. Fees and Taxes
Revolut Bank does not charge any fees that apply to you for and in relation to Revolut Bank services under this agreement. This also means that you will not pay any fees for us in relation to using the Revolut App or any other means of distance communication for your Revolut - Kids & Teens Instant Access Savings.
You note and accept that you have sole responsibility for the management of your legal obligations and tax affairs, including making any applicable filings and tax payments, and complying with any applicable laws and regulations. These may depend on your personal tax status and the tax rules and regulations in force that may change from time to time. In particular you will be responsible for deciding and making any tax related claims for reduction or exemption from withholding taxes. You should seek independent advice from a professionally qualified tax adviser if you have any questions in this regard.
Deposit Interest Retention Tax (DIRT)
In line with applicable Irish tax law, we will deduct Deposit Interest Retention Tax (DIRT) from any interest credited to your Revolut - Kids & Teens Instant Access Savings(s), except where DIRT exemptions apply. The Irish Government sets the rate of DIRT and may change it at any time. We will deduct the relevant tax from your interest before the interest is paid out into your Revolut - Kids & Teens Instant Access Savings. We withhold tax from your interest payments only when the deductible tax 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. As a result, the tax rate applied to individual interest payment transactions may differ. To see the tax withheld on your aggregate interest payments, you can refer to your aggregate savings statements.
In cases where Revolut paid users an interest and tax was not withheld owing to rounding rules (only), Revolut will take up the cost and make the differential treatment to the Irish Tax Authority, such that the DIRT paid to the Irish revenue is in line with the percentage set by the Irish Tax Authority. However, Revolut will not be responsible for making any tax claims or submissions on user’s behalf.
Under tax law in Ireland, the Irish Tax Authority (the Revenue Commissioners) can ask us to send them details on the interest we pay out and to whom we pay it.
If you are aged 65 or over during the current tax year, or are permanently incapacitated, you may apply to have all interest on the account paid without the deduction of DIRT. If you would like any further information on DIRT, including what exemptions apply, please see further information on www.revenue.ie.
It could take a few days for Revolut to apply for the DIRT exemption for users. Revolut will not backdate the tax exemption and it is the user's responsibility to claim the refund, if applicable directly from the Irish Tax Authority. It is the users responsibility to inform the Irish Revenue if their circumstances change, and they are no longer eligible for the exemption.
18. How do I close my Revolut - Kids & Teens Instant Access Savings?
You can withdraw from the Revolut - Kids & Teens Instant Access Savings and so end this agreement within the first 14 days of opening it by letting us know through the Revolut app or by emailing us at feedback@revolut.com. You have a right to withdraw without paying any penalties and without having to indicate any reason. In case of withdrawal from the Revolut - Kids & Teens Instant Access Savings, we will return any remaining balance and the accrued interest to your current account.
You retain your right to close the Revolut - Kids & Teens Instant Access Savings and so end this agreement, at any time and free of charge by letting us know, even after the 14 days period has passed. You can do this through the Revolut app or by emailing us at feedback@revolut.com.
What happens if my Revolut - Kids & Teens account or Revolut personal account is closed?
Immediately after the Revolut - Kids & Teens Instant Access Savings is closed, we will return any remaining balance and accrued interest to your Revolut personal account held with us.
The Revolut - Kids & Teens account and the Revolut - Kids & Teens Instant Access Savings are different accounts and it is impossible to subscribe for the Revolut Kids & Teens Instant Access Savings with us without subscribing for the Revolut - Kids & Teens account. Closing the Revolut - Kids & Teens Instant Access Savings will not automatically close the Revolut Kids & Teens account.
If the Revolut - Kids & Teens account or Revolut personal account is closed, we will have to close the Revolut - Kids & Teens Instant Access Savings as well.