Effective date: 22 04 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, acting via its branch in the Netherlands (our “Netherlands Branch”) Establishment number 000053153170 Address: Barbara Strozzilaan 201, 1083HN Amsterdam, the Netherlands. Revolut bank UAB Address: Konstitucijos ave 21B, LT-08130, Vilnius, Lithuania Company No: 304580906 |
Product type | Demand deposit |
Currency | EUR |
Term | Indefinite. The Instant Access Savings 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 EUR 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 document. |
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 document. |
Interest | |
Interest type | Variable |
Interest rate (Ultra plan) | 3,50% p.a. |
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 15 calendar days 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 | Revolut Bank does not charge any tax that applies to you for and in relation to Revolut Bank services under this agreement. You have sole responsibility for the management of your tax and legal obligations. Under Dutch tax regulations, Revolut is required to keep records of, and report to the Dutch authorities, information pertaining to the Instant Access Savings . Under these reporting obligations (“RENSAGEG reporting”), Revolut are obligated to provide certain details such as the interest payments made to the account. 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. |