Effective date: 28 October 2024
If you opened your Instant Access Savings before 28 October 2024, the previous version of the document (click here) will apply to you until 28 November 2024.
This document contains a summary of the most important features of the Instant Access Savings demand deposit product.
Product data | |
Product | Instant Access Savings |
Bank | Revolut Bank UAB Address: Konstitucijos ave 21B, LT-08130, Vilnius, Lithuania Company No: 304580906 |
Product type | Demand deposit |
Currency | EUR |
Term | Indefinite. The account can be closed at any time. |
Deposit amount | No minimum deposit amount. The total amount of money you can add to your Instant Access Savings (and cumulatively across all your savings with Revolut) is limited to €100,000. 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 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. |
Interest | |
Interest type | Variable. This means that we may change the interest rate from time to time as described in the Instant Access Savings terms. |
Interest rate (Standard plan) | 1.50% p.a. (gross rate) |
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 1 month 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 and withdraw 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 | 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. You are able to generate a statement with the summary of interest received each year, for your own personal tax affairs, from the app. 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. |