Instant Access Savings
(additional service of Revolut current account framework agreement)
Effective date: This information sheet will be effective from 17 January 2025
This document contains a summary of the most important features of the Instant Access Savings demand deposit product.
Product data | |
Product | Savings Account (sub-account of the main current account) |
Bank | Revolut Bank UAB - Italian Branch Address: Via Filippo Sassetti 32, 20124 - Milano |
Product type | Demand deposit account |
Currency | EUR |
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 Instant Access Savings at Revolut combined is 100,000 EUR . 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. |
Deposit start date | The date when the money is received in the Instant Access Savings. This happens immediately after you deposit funds from your current account to the Instant Access Savings. |
Risks | |
Risk in the event of insolvency of the bank | Deposits held with Revolut Bank UAB are insured by the Lithuanian State Company "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. |
Interest | |
Interest type | Variable |
Interest rate Standard Plus Premium Metal Ultra | 2.0% p.a. (gross rate) 2.0% p.a. (gross rate) 2.25% p.a. (gross rate) 2.50% p.a. (gross rate) 3.00% p.a. (gross rate). Revolut is obliged under Italian tax regulations to deduct 26% of withholding tax on interests paid. |
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 Instant Access Savings 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 Instant Access Savings. 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. |
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 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 Instant Access Savings and deposit funds free of charge. |
Availability | |
During the term | You can deposit and withdraw funds from the Instant Access Savings at any time from within the Revolut app. |
Taxation | |
Tax | In line with applicable Italian tax law, we are obliged to make a 26% withholding tax deduction from any interest credited to your Instant Access Savings(s). For the avoidance of doubt we will not increase any interest payment in respect of such deduction of 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 Instant Access Savings, meaning that the interest you receive will be net of the aforementioned withholding tax. Further information regarding general conditions of this product can be found in the Instant Access Savings 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 Instant Access Savings Terms. |