Notification - Joint Account Terms

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Revolut Payments New Zealand Pty Ltd has submitted an application to the New Zealand financial services regulators to become a registered bank. No decision has been made on that application and Revolut is not a bank in New Zealand. The following terms and conditions would apply only if Revolut becomes a bank in New Zealand in the future. If that were to happen, this notice would be updated and customers would be notified of that change.

1. Your Revolut Joint Account

1.1 Why this information is important

This document (our “Joint Terms”) sets out the terms and conditions for your Revolut joint account (your “Joint Account”) and other important things that you need to know.

These Joint Terms, along with our Fees Page form a legal agreement (the “Agreement”) between:

“you”, the account holder;
the person you open a Joint account with (the “other account holder”); and
Revolut Bank New Zealand Limited (“Revolut Bank”, “us”, “we”).

As set out in your Personal Terms, you may also choose to access services in addition to your Personal Account through the Revolut App. Your Joint Account is such an additional service. You can only hold your Joint Account while you also have a Personal Account, and if your Personal Account is closed then your Joint Account will also be closed.

Your Joint Account is a different account to your Revolut personal account, but it is the same type of account, and so our Personal Terms apply when you use it. These Joint Terms set out additional things specific to your use of the Joint Account that are either not covered in or are different to the Personal Terms. If there is any inconsistency between those Personal Terms and these Joint Terms, these Joint Terms will apply in relation to your Joint Account.

You can access a copy of these Joint Terms through the Revolut App and on our website at any time.

Some of our Joint Account services have fees. To keep things easy, any fees are the same as for your Personal Account, and count towards any limits on your Personal Account. These fees are set out in our Fees Page.

It's important for you to understand your rights and obligations and how your Joint Account works, so please read these Joint Terms carefully.

1.2 What type of account is your Joint Account?

Your Joint Account is the same type of account as your Personal Account.

The only difference is that your Joint Account is jointly held by you and the other account holder, instead of just you. This means that:

You both have the same legal rights relating to your Joint Account.
You both jointly own all of the money in your Joint Account, even if one person adds more money than the other.
We will act on any instruction from either of you in relation to your Joint Account without the other’s permission, unless we’ve become aware of a legal reason not to follow that approach (for example, if if we’ve received a court order telling us to stop allowing any further payments) or you are in a dispute (please see the “Disputes” section of these Terms). This means one of you can withdraw all money from or close your Joint Account at any time.

You are both jointly responsible for things that happen in relation to your Joint Account (for example, you both may be bound by an action that the other account holder takes in relation to your Joint Account).

Each of you is jointly and severally liable under these Joint Terms and for any instruction that we receive from either of you. This means we can ask both, or just one, of you to pay us any money owed to us or meet any obligations in connection with your Joint Account.

1.3 How is my money protected?

All money in your Joint Account is protected in the same way as your Personal Account.

The New Zealand Depositor Compensation Scheme is a scheme run by the Reserve Bank of New Zealand to cover your New Zealand dollar deposits up to $100,000 if your deposit taker fails, when your money is held in a DCS-protected account. Your Joint Account is DCS-protected, but your protection is limited to $100,000 in total across all DCS-protected accounts you hold with Revolut Bank. For more information on the scheme, including to see illustrated examples of how protection works across more than one account, visit the Reserve Bank's DCS Webpage: www.rbnz.govt.nz/dcs.

1.4 Can you open a Joint Account?

The eligibility criteria for your Personal Account also apply to your Joint Account.

In addition:

You and the other account holder must have a Revolut Personal Account.
You must not already have a Joint Account (or have not had one in the past that we have closed).
You must not have a pending invite for a Joint Account with someone else.
You must provide us any additional information that we reasonably require to identify you and to meet our legal and regulatory requirements for your Joint Account.

You and the other account holder must continue to satisfy these criteria or your Joint Account may be closed.

1.5 Communicating with you

We’ll communicate with you about your Joint Account in the same way as we do for your Personal Account.

1.6 Information about your Joint Account

We’ll share information about your Joint Account in the same way as we do for your Personal Account.

1.7 Restrictions on using your Joint Account

The restrictions on using your Personal Account also apply to your Joint Account.

In addition, you must not use your Joint Account with more than two people (just you and the other account holder).

1.8 Disputes between you and the other account holder

If you or another party acting on your behalf (for example, a lawyer) tell us that there is a dispute between you and the other account holder (a “Dispute”), we will suspend your Joint Account and block any outbound payments (including any scheduled or recurring payments) being made. We may also block inbound payments.

Only one account holder needs to tell us about a Dispute for the suspension and block to be applied. However, both account holders must give us written confirmation that the Dispute has been resolved for the suspension and block to be lifted.

2. Adding Money & Making Payments

Your Joint Account shares many features with your Personal Account, but does not have all the features of your Personal Account. Only the Adding Money & Making Payments features set out below are available on your Joint Account.

However, your Joint Account does not have its own list of saved payees. You can see, use, add and edit the list of saved payees for your individual Personal Account, but not for your other account holder’s list.

2.1 Adding money to your Joint Account

From another New Zealand account

This feature is available, but your Joint Account has a different local Revolut Bank account number. This number is shown in your Revolut App, to both you and the other account holder.

From an international account

This feature is available, but your Joint Account has different international Revolut Bank account details. These details are shown in your Revolut App, to both you and the other account holder.

From your debit or credit card, in the Revolut App

You can also add money to Your Joint Account using your Stored Card from your Personal Account. However, you can only see and use your own Stored Card. The other account holder will not be able to see or use your Stored Card.