Revolut <18 Instant Access Savings Accounts Terms

1. Why this information is important

This document sets out the terms and conditions for the use of the Revolut <18 Instant Access Savings Account product. It also sets out other important things that you need to know.

If you do choose to use the Revolut <18 Instant Access Savings Account, these Revolut <18 Instant Access Savings Account Terms will form part of the legal agreement between you (the Revolut retail account holder/ the Lead parent ) and us (Revolut Bank UAB, acting via its branch in the Netherlands). There is no legal agreement between us and any Revolut <18 User you allow to use the Revolut <18 Instant Access Savings Account.

We call this agreement the Revolut <18 Instant Access Savings Account 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 <18 Terms, Personal terms and these terms and conditions, these terms and conditions will apply.

In these Revolut <18 Instant Access Savings Account Terms:

When we say “Lead Parent”, we mean the Revolut personal account holder who originally set up the Revolut <18 Instant Access Savings Account.
When we say “Revolut <18 User”, we mean any person who the Lead Parent has allowed to use the Revolut <18 Instant Access Savings Account.

You agree that these Revolut <18 Instant Access Savings Account Terms and any other communications between us, will be in English. We will try our best to respond to you in your preferred language, but we reserve the right to respond in English.

These Revolut <18 Instant Access Savings Account Terms are entered into by means of distance communication.

You can access these Revolut <18 Instant Access Savings Account Terms 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.

Revolut Bank UAB has established a branch in the Netherlands, with the establishment number 000053153170 and whose address is at Barbara Strozzilaan 201, 1083HN Amsterdam, the Netherlands (our “Netherlands Branch”).

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 <18 Instant Access Savings Account?

Revolut <18 Instant Access Savings Account (the Revolut <18 Instant Access Savings Account) 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 <18 Instant Access Savings Account”, or an “account”.

When you or a Revolut <18 User put money as a deposit into the Revolut <18 Instant Access Savings Account, we accept the money, hold it, and undertake to return it to you or a Revolut <18 User upon your or a Revolut <18 User’s request.

To set up a Revolut <18 Instant Access Savings Account, you must have a Revolut <18 account opened through your Revolut personal account. These Revolut <18 Instant Access Savings Account Terms apply together with Revolut <18 Terms as well as Personal Terms.

You consent to authorise Revolut <18 User to add and withdraw money to/from the Revolut <18 Instant Access Savings Account. If you as the Lead Parent wants to disable Revolut <18 User’s possibility to withdraw money to/from Revolut <18 Instant Access Savings Account, the Lead Parent can do that through the Revolut <18 Instant Access Savings Account settings in their Revolut app. Withdrawals made by the <18 User can only go to their Revolut <18 main balance. The Lead Parent can withdraw to the Revolut <18 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 <18 main balance to their Personal account as usual.

You can open only one Revolut <18 Instant Access Savings Accounts per Revolut <18 User.

3. Who can open a Revolut <18 Instant Access Savings Account?

The Lead Parent, provided they are a customer of the Netherlands Branch and fulfil the other conditions under the Instant Access Savings Terms, can open a Revolut <18 Instant Access Savings Account at any time in the Revolut app proactively or by receiving a request from a Revolut <18 User.

By accepting these Revolut <18 Instant Access Savings Account Terms, you confirm that you have received, read and understood the standard information for deposit insurance of the State Company Deposit and Investment Insurance (VĮ "Indėlių ir investicijų draudimas") which is also available here. Note - the Revolut <18 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 <18 User.

When you ask us to open a Revolut <18 Instant Access Savings Account, we or our representatives may ask for information about you and a Revolut <18 User and where the money that will be deposited into the Revolut <18 Instant Access Savings Account 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 <18 Instant Access Savings Account, and you and a Revolut <18 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 Revolut <18 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 <18 Instant Access Savings Account is opened.

If any of your 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 <18 Instant Access Savings Account?

As the Revolut <18 Instant Access Savings Account is a part of the Revolut <18 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 Revolut <18 User in the Revolut <18 Instant Access Savings Account as if you had done it yourself.

Although we provide you as the Lead Parent with tools to assist you to control your Revolut <18 User's use of the Revolut <18 Instant Access Savings Account, you remain responsible for that use.

Only you, as the Lead Parent, and we (Revolut Bank UAB) have rights under these Revolut <18 Instant Access Savings Account Terms. Revolut <18 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 <18 Instant Access Savings Account’s legal owner, you, as Lead Parent, are responsible for it and all actions taken by your Revolut <18 User with it.

You are also responsible for:

explaining to your Revolut <18 User how to use the Revolut <18 Instant Access Savings Account in line with these Revolut <18 Instant Access Savings Account Terms (and must do so before they start using it);
ensuring that your Revolut <18 User's use of your Revolut <18 Instant Access Savings Account is acceptable to you;
making sure that the money in the Revolut <18 Instant Access Savings Account is in line with the account limits on Revolut <18 Instant Access Savings Account;
contacting us to resolve any issues with or ask questions about the account (customer support is not oﬀered in the Revolut <18 app).

Remember as Lead Parent you are responsible for ensuring that your and your Revolut <18 User's use of Revolut <18 Instant Access Savings Account is in line with Revolut <18 Instant Access Savings Account Terms.

6. How to make a deposit into Revolut <18 Instant Access Savings Account

Add money at any time

Deposits to the Revolut <18 Instant Access Savings Account can be made by transferring funds from your Revolut personal account, or by a Revolut <18 User transfering funds from the Revolut <18 account held with us, to the Revolut <18 Instant Access Savings Account.

These deposits can be made at any time. The total amount of money that can be added to the Revolut <18 Savings Accounts is limited to:

- Maximum balance amount that can be hold at any given time: 4.200 EUR

- Yearly top-up limit (only applies to Parent): 5.400 EUR

The frequency of your additions is not limited. Funds that is deposited into the Revolut <18 Savings Account will also count towards the general Revolut <18 account limits

How soon will money be credited?

The deposit will be credited to Revolut <18 Instant Access Savings Account immediately after the transfer of these funds from your Revolut personal account or Revolut <18 account to Revolut <18 Instant Access Savings Account.

7. Will you pay any interest on the Deposit held in Revolut <18 Instant Access Savings Account?

We will pay interest daily on the balance of the Revolut <18 Instant Access Savings Account 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 actual number of days in a year, and the actual number of days in a month. The interest will begin accruing immediately, and the first interest payment will be done on the next calendar day after you deposit funds from your current account to your Instant Access Savings.

You’ll earn interest on your balance in the Revolut <18 Instant Access Savings Account until the day you or a Revolut <18 User withdraws the funds from the Revolut <18 Instant Access Savings Account.

The interest will be calculated using the following formula:

Gross Interest = Closing balance in Revolut <18 Instant Access Savings Account * Gross Interest Rate/ 365 (or 366) *100

The minimum threshold for interest payable is 0,01 Eur. If you earn less than this on a given day, no interest will be payable.

8. How to make a withdrawal from the Revolut <18 Instant Access Savings Account?

We will honour valid withdrawal requests from the Revolut <18 Instant Access Savings Account.

Withdrawal requests can be made by you or by the Revolut <18 User at any time and in any amounts not exceeding the available balance.

Withdrawals made by the <18 User can be sent only to the Revolut <18 main balance. Withdrawals made by the Lead Parent can also be made to the Revolut <18 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 <18 main balance, the Lead Parent may nonetheless transfer funds between the Revolut <18 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 <18 Instant Access Savings Account which happens immediately after you or a Revolut <18 User transfers these funds from the Revolut <18 account or your Revolut retail account to the Revolut <18 Instant Access Savings Account. The funds in the Revolut <18 Instant Access Savings Account are protected in the same way as the funds in the Revolut current account, as described in our Personal Terms applicable to you.

The money in the Revolut <18 Instant Access Savings Account is protected by Lithuanian deposit insurance administered by the State Company Deposit and Investment Insurance (VĮ "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. Keeping your security details safe

We do everything we can to keep your money safe. We ask you to do the same by keeping your security details safe. This means you should make sure they are kept secure, not accessible to other people, and not shared with anyone else.

Sometimes it's easy to forget to take the steps you should take to keep your money safe. Here are a couple of tips:

make sure you don’t leave the Revolut app open on an unlocked device; and
keep your mobile device and your email account secure and don't let other people use them.

You can contact us in the following ways

Tell us about lost or stolen or security details:

Send us a message through chat on the Revolut app.
Email us at [email protected].
Call us to block a lost or stolen card on +370 5 214 3608 (your telecommunication service provider’s standard rates apply)
Our website: www.revolut.com

11. Are there any restrictions on using the Revolut app?

Please act reasonably and responsibly when using the Revolut app.

The Revolut app must not be used (directly or indirectly) as follows:

for illegal purposes (for example, committing fraud);
in a way that might harm our ability to provide our services;
to control or use a Revolut <18 Instant Access Savings Account that's not yours;
to allow anyone else except a Revolut <18 User to have access to or use the Revolut <18 Instant Access Savings Account or the Revolut app; or
for business purposes.

Please also act in a respectful way towards us and our support staff – we're here to help you.

12. When we might prevent you from using your Revolut <18 Instant Access Savings Account

The safety of your money is important to us, therefore we can prevent you from using the Revolut <18 Instant Access Savings Account. 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 <18 Instant Access Savings Account to meet our legal obligations arising from the laws of the Netherlands.

We'll tell you through the Revolut app before, or as soon as possible after, we have limited the use of the Revolut <18 Instant Access Savings Account. 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 <18 Instant Access Savings Account normally as soon as the reasons for the limit no longer exist.

13. How can I close Revolut <18 Instant Access Savings Account?

Only the Lead Parent can stop the use of a Revolut <18 Instant Access Savings Account at any time by closing it. Upon closure, any remaining money in the Revolut <18 Instant Access Savings Account will be returned to Lead Parent’s personal account.

What happens when a Revolut <18 User turns 18?

When a Revolut <18 User turns 18, they can continue to use the Revolut <18 Instant Access Savings Account together with their Revolut <18 account as per Revolut <18 Terms.

If, for some reason you would prefer for a Revolut <18 User not to migrate from the Revolut <18 account to a Revolut account and the Lead Parent closes the Revolut <18 as per Revolut <18 Terms, upon closure, balance in Revolut <18 Instant Access Savings Account will be returned to Lead Parent’s personal account.

Once a Revolut <18 User is eligible for a retail account as per Revolut <18 Terms, and if Revolut <18 User chooses to migrate their Revolut <18 account the funds deposited in the Revolut <18 Instant Access Savings Account will be migrated to their new Revolut retail account together with the rest of the funds from the Revolut <18 account. Funds from the Revolut <18 Instant Access Savings Account will be sent to the main balance on the new retail account.

If a Revolut <18 User chooses not to migrate their account as per Revolut <18 Terms, the money will sit in their savings balance as long as their Revolut <18 Instant Access Savings Account is active. When users reach the maximum age limit (19 years old), the Revolut <18 Account will be terminated and any remaining balance, including the funds deposited in the Revolut <18 Instant Access Savings Account, will be deposited back to the Lead Parent's retail account.

If, as Lead Parent, you do not close the Revolut <18 account or withdraw the remaining funds from the Revolut <18 Instant Access Savings Account by the time a Revolut <18 User initiates the migration, you will be deemed to have authorised the the transfer of funds from Revolut <18 Instant Access Savings Account.

14. When could we suspend or close Revolut <18 Instant Access Savings Account?

We may close or suspend the Revolut <18 Instant Access Savings Account immediately in exceptional circumstances. Exceptional circumstances include the following:

If your current account with us is closed;
if your Revolut <18 account with us is closed;
if we have good reason to suspect that you are behaving fraudulently or otherwise criminally;
if you've broken these Revolut <18 Instant Access Savings Account Terms in a serious or persistent way and you haven't put the matter right within a reasonable time of us asking you to;
if we have information that your use of the Revolut app or Revolut <18 User’s use of Revolut <18 App is harmful to us or our software, systems or hardware, or our reputation or goodwill;
if you've been declared bankrupt;
if you die or a declaratory judgement of your death is pronounced; or
if we have to do so under any law, regulation, court order or ombudsman's instructions.

We may also close the Revolut <18 Instant Access Savings Account in case we change our business model and we no longer offer a demand deposit product in a specific geography. If we do so, we will inform you in advance of closing the Revolut <18 Instant Access Savings Account in accordance with these terms and conditions. Upon closing the Revolut <18 Instant Access Savings Account, we will return any remaining balance in the Revolut <18 Instant Access Savings Account to your current account held with us. We will consider that you gave us consent and authorised us to execute this transaction. We may allow you to make a withdrawal directly from your Revolut <18 Instant Access Savings Account to your current account or to the Revolut <18 User account, depending on who would withdraw the funds.

15. Are we responsible if something goes wrong with Revolut <18 Instant Access Savings Account or the Revolut App?

We'll do as much as reasonably possible to make sure that our services are not interrupted and are accessible at a reasonable speed. However, we can't promise that this will always be the case or that the services will be free from faults. We also may rely on some third parties to provide services to you, which can disrupt our services. We'll always do our best to solve any problems with our services, no matter what the cause.

We will not be responsible for losses resulting from us failing to meet our obligations to timely credit into the Revolut <18 Instant Access Savings Account incoming money or debit from the Revolut <18 Instant Access Savings Account money being withdrawn because:

of a legal or regulatory requirement; or
unforeseeable events outside our control, which were unavoidable at the time;
of criminal or any other illegal actions of third parties resulting in damage to you or any other person (unless specified in these terms and conditions directly); or
of the blocking of your Revolut <18 Instant Access Savings Account when implementing legal requirements, including those in relation to anti-money laundering and counter-terrorist financing.

We will only be responsible for foreseeable losses

If we break this agreement, we will be responsible for any loss that we could have foreseen at the time we entered into the agreement, also for the loss that results from our fraud or gross negligence.

We won't be responsible to you for any of the following, whether direct or indirect, that arises in connection with this agreement:

loss of income or profit;
loss of goodwill or damage to your reputation;
loss of business contracts or opportunities;
loss of anticipated savings; or
consequential loss.

Nothing in this agreement removes or limits our liability for death or personal injury resulting from our negligence or from fraud or fraudulent claims and statements.

16. Our right to withdraw money from your Revolut <18 Instant Access Savings Account in exceptional cases

We have a right to withdraw money from the Revolut <18 Instant Access Savings Account without your instruction in the following cases:

if money was transferred to the Revolut <18 Instant Access Savings Account 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 Dutch laws and other applicable legislation.

17. When you might be responsible for our losses?

You may be responsible to us for certain losses.

If you have broken this agreement and this has caused us to suffer a loss, the following will apply:

you will be responsible for any foreseeable losses we suffer as a result of your action (we will try to keep the losses to a minimum); and
you will also be responsible for any reasonable legal costs that arise as a result of our losses.

18. How do I get information about transactions for Revolut <18 Instant Access Savings Account?

All the Revolut <18 Instant Access Savings Account inflows and outflows are available in the Revolut app and Revolut <18 app. If you need to keep a copy of the information after the Revolut <18 Instant Access Savings Account 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 <18 Instant Access Savings Account is closed, you can contact us at [email protected] and we will provide you with such information.

Periodic information - we will send you a separate notice once a year or within thirty days of the termination of the Revolut <18 Instant Access Savings Account containing the inflows and outflows on the Revolut <18 Instant Access Savings Account for the previous 12 (twelve) months or less if your Revolut <18 Instant Access Savings Account was opened for less than 12 (twelve) months.

Communicating with you

We'll communicate with you through the Revolut app. Other Revolut group entities may also communicate with you via the Revolut app if this is agreed with you and that entity.

This is how we will provide the Revolut <18 Instant Access Savings Account information. It is also how we will tell you if there is a security threat to the Revolut <18 Instant Access Savings Account. Make sure you regularly check the Revolut app for this information.

To help keep the Revolut <18 Instant Access Savings Account safe, download the latest software for your mobile device and the latest version of the Revolut app as soon as they are available.

We may also communicate with you by text message (SMS) or email, so you should regularly check your text messages and email account.

Your consents, approvals, acceptances and other statements given using the Revolut app shall have the same legal validity as your signature on a written document. Your agreements concluded with us via the Revolut app shall be deemed to be written agreements concluded between you and us. Any instructions to us for conducting operations and other actions submitted/executed from you through the Revolut app will be treated as submitted/executed by you and valid as actions performed by you.

We will usually communicate with you in English.

Keep us in the loop

Please keep your details up to date and let us know immediately if any information you've given us changes. If we discover that any of your information is incorrect, we may update it or ask you to provide further information.

To meet our legal and regulatory requirements we might need to ask for more information about you (for example, if your deposit inflow or outflow increases). Please provide this information quickly so that disruption to your Revolut <18 Savings Account or our services is minimised.

19. Confidentiality

You understand and consent that due to the nature of the Revolut Bank services under this agreement, we may be required to disclose the following information about you:

the fact that you are our customer;
the services being provided to you;
the balances available in the Revolut <18 Instant Access Savings Account;
operations performed or being performed on your behalf;
your debt obligations towards us; the circumstances of us providing financial services to you;
the terms and conditions of the agreements on the basis of which we provide you with services;
the fact of the termination of this agreement and of the closing of your Revolut <18 Instant Access Savings Account;
your financial situation and assets; and
your activities, plans, debt obligations to or transactions with other persons.

Your commercial or professional secrets are all treated as confidential information (i.e. as a client secret or bank secret).

You understand and consent that the people we may disclose that information to are:

Any affiliate of Revolut Bank. This includes, but is not limited to Revolut Ltd (a company incorporated in England and Wales with company number 08804411 and firm reference number 900562, whose registered office is at 7 Westferry Circus, Canary Wharf, London, E14 4HD, United Kingdom) (Revolut Ltd).
Revolut Bank's representatives and other parties directly or indirectly involved in the provision of Revolut Bank services under this agreement to you or in the preparation of the provision of such service to you, and their subcontractors (for example, correspondent banks, financial institutions, insurance companies, financial intermediaries, brokers, participants of, or parties to, payment, clearing or settlement systems, exchanges and other) if, due to the specifics of such services, it is necessary to disclose such data.
Third parties that provide services to Revolut Bank (supplementing the provision of our financial services), and subcontractors of such third parties, provided that third parties and their subcontractors were engaged in compliance with all regulatory requirements applicable to such outsourcing.

The above information may be disclosed to other Revolut group members where:

it is necessary for the performance of financial accounting, audit or risk assessment;
we use common information systems or technical equipment (servers);
it is necessary for the provision of services you have requested; or
it is necessary to develop or improve the services we provide across the Revolut group.

During the communication and exchange of information between you and us by means of telecommunications or electronic communication, confidential information (including information constituting client secrets or bank secrets) may become available to third parties without our will or knowledge. If this happens, we are not liable for any such disclosure of the information and you shall assess this risk prior to entering into this agreement with us.

Required disclosures of information

We will disclose your information where required or permitted to do so by Dutch laws and other applicable legislation or to exercise or enforce our rights, or the rights of our customers.

20. Our intellectual property

All the intellectual property in our products (for example, the content in the Revolut app and on our website, our logo) is owned by Revolut Ltd and is being used by us and other Revolut group companies. You must not use this intellectual property as your own, except to enjoy our products. You also must not reverse-engineer any of our products (that is, reproduce them after a detailed examination of their construction or composition).

21. How to make a complaint?

If you’re unhappy with our service, we’ll try to put things right

We always do our best, but we realise that things sometimes go wrong. If you have a complaint, please contact us. We will accept and consider any complaint sent by you to us. Our final response to your complaint, or a letter explaining why the final response has not been completed, will be provided to you within 15 business days after your complaint has been made, and in exceptional circumstances, within 35 business days (and we will let you know if this is the case).

How to make a complaint

If you'd just like to speak to someone about an issue that's concerning you, please contact us through the chat available on the Revolut app. The in-app chat is our customer support tool, and our answers to the queries made by you through the in-app chat are not subject to the complaint handling time frames indicated above. We can usually settle matters quickly through the app. You’ll probably need to give us the information below.

If you wish to make a formal complaint, you can do that using this form. You can also email us at [email protected]. If you express your wish to complain when communicating with us, we will provide you with a complaint form, or may submit the formal complaint form for you and have our agents analyse your case as a formal complaint.

You’ll need to tell us:

your name and surname;
the phone number and email address associated with your account;
what the issue is;
when the problem arose; and
how you'd like us to put the matter right.

We'll look into your complaint and respond to you by email. We will communicate with you in English, unless we tell you otherwise.

Irrespective of the above, you always have the right to approach the out of court dispute resolution authorities mentioned above in relation to any complaint about our service. You also have the right to apply to any competent court if you think we have breached the law.

Out of court dispute resolution authority for complaints related to financial services and the processing of personal data further to the General Data Protection Regulation (GDPR)

If after receiving our final response you are still unhappy with how we have dealt with your complaint, you can then refer it to the Dutch Institute for Financial Disputes ("Kifid"). More information about how KiFiD will handle your complaint can be found here. Kifid will only accept the complaint after you have received our final response.

More information

Click here for more information about our complaints handling procedure.

22. We can change these Revolut <18 Instant Access Savings Account Terms

We'll only change the agreement for the following reasons:

if we think it will make it easier to understand or more helpful to you;
to reflect the way our business is run, particularly if the change is needed because of a change in the way any financial system or technology is provided;
to reflect legal or regulatory requirements that apply to us (including any statutory legislation and other legal means of state control, local legal acts and legal acts of the European Union, or a resolution, order, recommendation or guideline by a court, arbitration committee or administrative body which govern the agreement relationship between you and us under these terms and conditions, or any change in their official or court interpretation);
to reflect changes in the cost of running our business (e.g. changes in the tax, capital or liquidity requirements that apply to us, in our operating costs, or to other factors which impact our costs); or
to reflect changes in the amount of the fee for applicable mandatory deposit insurance;
to reflect changes in financial market conditions and the macroeconomic events (e.g. interbank lending and deposit rates, the aggregate or service-related consumer price index, inflation, change in interests and yields defined by third-party and incurred by us in relation to our services provided to you, and other factors changing the markets in which we operate or our position within them);
to reflect changes in service conditions of third-parties (e. g. outsourced party, agent) in connection with the services provided by us to you; or
because we are changing or introducing new services or products that affect our existing services or products covered by these Revolut <18 Instant Access Savings Account Terms.

Telling you about changes

If we add a new product or service that doesn't change the agreement we may add the product or service immediately and let you know before you use it.

If we add amendments affecting fees and costs, or if we change these terms in any other way we will give you at least 60 (sixty) days’ notice through the Revolut app and/or email before we make any change, unless otherwise provided by law. We'll assume you're happy with the change unless you tell us that you want to close your account before the change comes into effect.

In the event of an unfavourable modification of interest, fees, costs and other agreement conditions you are entitled to close your account, and so terminate your agreement immediately without payment of any fees, upon the day before the amendment takes effect.

23. Changing the interest rate

We have the right to change the annual variable 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 immediately upon change of subscription plan. We will not be responsible for any losses you incur if you downgrade your paid subscription.

24. 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 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.

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.

25. How do I close my Savings Account?

You can withdraw from the Revolut <18 Instant Access Savings Account 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 [email protected]. You have a right to withdraw without paying any penalties and without having to indicate any reason. In case of withdrawal from the Revolut <18 Instant Access Savings Account, we will return any remaining balance and the accrued interest to your current account.

You retain your right to close the Revolut <18 Instant Access Savings Account 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 [email protected].

What happens if my current account is closed?

Immediately after the Revolut <18 Instant Access Savings Account is closed, we will return any remaining balance and accrued interest to your Revolut personal account held with us.

The Revolut <18 account and the Revolut <18 Instant Access Savings Account are different accounts and it is impossible to subscribe for the Revolut <18 Instant Access Savings Account with us without subscribing for the Revolut <18 account. Closing the Revolut <18 Instant Access Savings Account will not automatically close the Revolut <18 account.

If the Revolut <18 account or Revolut personal account is closed, we will have to close the Revolut <18 Instant Access Savings Account as well.

26. Legal bits and pieces

Data Protection

We need to collect information about you to provide you with the services under the agreement. For more information about how we use and share your personal information, see our Customer Privacy Notice (accessible here).

By entering into the agreement, you acknowledge that we will gather and store your personal information to provide our services to you and for other purposes indicated in the Customer Privacy Notice.

Our contract with you

Only you and we have any rights under the agreement.

The agreement is personal to you and you cannot transfer any rights or obligations under it to anyone else, without our consent.

Our right to transfer and assign

You agree and permit us to merge, reorganise, spin-off, transform or execute any other form of reorganisation or restructuring of our company or business and/or transfer or assign all of our rights and obligations under these Revolut <18 Instant Access Savings Account Terms to any third party.

We will only transfer any of your and our rights or obligations under these Revolut <18 Instant Access Savings Account Terms if this won't have a significant negative effect on your rights under these Revolut <18 Instant Access Savings Account Terms or we need to do so to keep to any legal or regulatory requirement, or it is done as a result of implementation of reorganisation (or a similar process). You will be able to terminate the Savings Account upon notification about the assignment, merger, reorganisation or any other similar notification.

Dutch law applies

The laws of the Netherlands govern your relationship with us. They also apply to this agreement.

Place of conclusion of this agreement

This agreement is deemed to be concluded in the place where you live at the moment of conclusion.

The Dutch version of the agreement applies

Our right to enforce the agreement

If you have broken the agreement between you and us and we don't enforce our rights, or we delay in enforcing them, this will not prevent us from enforcing those or any other rights at a later date.

Taking legal action against us

Legal action under these terms and conditions can only be brought in the courts of the Netherlands .