1. Why this information is important
This document sets out the terms and conditions for the use of the Revolut - Kids & Teens Instant Access Savings product. It also sets out other important things that you need to know.
If you do choose to use the Revolut - Kids & Teens Instant Access Savings, these Revolut - Kids & Teens Instant Access Savings Terms will form part of the legal agreement between you (the Revolut retail account holder) and us (Revolut Bank UAB). There is no legal agreement between us and any Revolut - Kids & Teens User ("User") you allow to use the Revolut - Kids & Teens Instant Access Savings.
We call this agreement the Revolut - Kids & Teens Instant Access Savings 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 - Kids & Teens Terms, Personal terms and these terms and conditions, these terms and conditions will apply.
In these Revolut - Kids & Teens Instant Access Savings Terms:
- When we say “Lead Parent”, we mean the Revolut personal account holder who originally set up the Revolut - Kids & Teens Instant Access Savings.
- When we say “User”, we mean any person who the Lead Parent has allowed to use the Revolut - Kids & Teens Instant Access Savings.
You agree that these Revolut - Kids & Teens Instant Access Savings 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 - Kids & Teens Instant Access Savings Terms are entered into by means of distance communication.
You can access these Revolut - Kids & Teens Instant Access Savings 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. 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 - Kids & Teens Instant Access Savings?
Revolut - Kids & Teens Instant Access Savings account (the Revolut - Kids & Teens Instant Access Savings) 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 - Kids & Teens Instant Access Savings”, or an “account”.
When you or a User put money as a deposit into the Revolut - Kids & Teens Instant Access Savings, we accept the money, hold it, and undertake to return it to you or a User upon your or a User’s request.
To set up a Revolut - Kids & Teens Instant Access Savings, you must have a Revolut - Kids & Teens account opened through your Revolut personal account. These Revolut - Kids & Teens Instant Access Savings Terms apply together with Revolut - Kids & Teens Terms as well as Personal terms.
You consent to authorise User to add and withdraw money to/from the Revolut - Kids & Teens Instant Access Savings. If you as the Lead Parent want to disable User’s possibility to withdraw money from Revolut - Kids & Teens Instant Access Savings, the Lead Parent can do that through the Revolut - Kids & Teens Instant Access Savings settings in their Revolut app. Withdrawals made by the User can only go to their Revolut - Kids & Teens main balance. The Lead Parent can withdraw to the Revolut - Kids & Teens 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 Revolut - Kids & Teens main balance to their Personal account as usual.
You can open only one Revolut - Kids & Teens Instant Access Savings per User.
3. Who can open a Revolut - Kids & Teens Instant Access Savings?
The Lead Parent can open a Revolut - Kids & Teens Instant Access Savings at any time in the Revolut app proactively or by receiving a request from a User.
By accepting these Revolut - Kids & Teens Instant Access Savings 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. The Revolut - Kids & Teens Instant Access Savings counts towards the Lead Parent’s total protected balance under this insurance, and is not an independent balance held by the User.
When you ask us to open a Revolut - Kids & Teens Instant Access Savings, we or our representatives may ask for information about you and a Revolut - Kids & Teens User and where the money that will be deposited into the Revolut - Kids & Teens Instant Access Savings 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 - Kids & Teens Instant Access Savings, and you and a 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 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 - Kids & Teens Instant Access Savings is opened.
If any of your or User’s personal details change, you must notify us immediately.
4. Who is the legal owner of a Revolut - Kids & Teens Instant Access Savings?
As the Revolut - Kids & Teens Instant Access Savings is a part of the Revolut - Kids & Teens 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 User in the Revolut - Kids & Teens Instant Access Savings as if you had done it yourself.
Although we provide you as the Lead Parent with tools to assist you to control your User's use of the Revolut - Kids & Teens Instant Access Savings, you remain responsible for that use.
Only you, as the Lead Parent, and we (Revolut Bank UAB) have rights under these Revolut - Kids & Teens Instant Access Savings Terms. 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 - Kids & Teens Instant Access Savings legal owner, you, as Lead Parent, are responsible for it and all actions taken by your User with it.
You are also responsible for:
- explaining to your User how to use the Revolut - Kids & Teens Instant Access Savings in line with these Revolut - Kids & Teens Instant Access Savings Terms (and must do so before they start using it);
- ensuring that your User's use of your Revolut - Kids & Teens Instant Access Savings is acceptable to you;
- making sure that the money in the Revolut - Kids & Teens Instant Access Savings is in line with the account limits on Revolut - Kids & Teens Instant Access Savings;
- contacting us to resolve any issues with or ask questions about the account (customer support is not offered in the Revolut - Kids & Teens app).
Remember as Lead Parent you are responsible for ensuring that your and your User's use of Revolut - Kids & Teens Instant Access Savings is in line with Revolut - Kids & Teens Instant Access Savings Terms.
6. How to make a deposit into Revolut - Kids & Teens Instant Access Savings
Add money at any time
Deposits to the Revolut - Kids & Teens Instant Access Savings can be made by transferring funds from your Revolut personal account, or by a User transferring funds from the Revolut - Kids & Teens account held with us, to the Revolut - Kids & Teens Instant Access Savings.
These deposits can be made at any time. The total amount of money that can be added to the Revolut - Kids & Teens Instant Access Savings is limited to 4,200 EUR. The frequency of your additions is not limited. Funds that are deposited into the Revolut - Kids & Teens Instant Access Savings will also count towards the general Revolut - Kids & Teens account limits.
How soon will money be credited?
The deposit will be credited to Revolut - Kids & Teens Instant Access Savings immediately after the transfer of these funds from your Revolut personal account or Revolut - Kids & Teens account to Revolut - Kids & Teens Instant Access Savings.
7. Will you pay any interest on the Deposit held in Revolut - Kids & Teens Instant Access Savings?
We will pay interest daily on the balance of your Revolut - Kids & Teens Instant Access Savings 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 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 Revolut - Kids & Teens account or your Revolut retail account to Revolut - Kids & Teens Instant Access Savings.
The interest will be calculated using the following formula:
Gross Interest = Closing balance in your Revolut - Kids & Teens Instant Access Savings * Gross Interest Rate/ Number of days in a year
While interest accrues daily, the minimum threshold for interest payable is EUR 0.01; this means that interest may not be paid to your Revolut - Kids & Teens Instant Access Savings every day (until net interest becomes at least EUR 0.01), the accrued interest will be paid to your Revolut - Kids & Teens Instant Access Savings at the point that it reaches a minimum of EUR 0.01.
8. How to make a withdrawal from the Revolut - Kids & Teens Instant Access Savings?
We will honour valid withdrawal requests from the Revolut - Kids & Teens Instant Access Savings. Withdrawal requests can be made by you or by the User (if not disabled by the Lead Parent). Withdrawal requests can be made at any time and in any amount not exceeding the available balance.
Withdrawals made by the User can be sent only to the Revolut - Kids & Teens main balance. Withdrawals made by the Lead Parent can also be made to the Revolut - Kids & Teens 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 - Kids & Teens main balance, the Lead Parent may nonetheless transfer funds between the Revolut - Kids & Teens 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 - Kids & Teens Instant Access Savings which happens immediately after you or a User transfers these funds from the Revolut - Kids & Teens account or your Revolut retail account to the Revolut - Kids & Teens Instant Access Savings. The funds in the Revolut - Kids & Teens Instant Access Savings 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 - Kids & Teens Instant Access Savings 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. Your deposits are not being insured by the Slovak Deposit Protection Fund scheme.
10. When could we suspend or close Revolut - Kids & Teens Instant Access Savings?
We may close or suspend the Revolut - Kids & Teens Instant Access Savings immediately in exceptional circumstances as per Personal Terms Part 23. We may also close the Revolut - Kids & Teens Instant Access Savings 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 - Kids & Teens Instant Access Savings in accordance with these terms and conditions. Upon closing the Revolut - Kids & Teens Instant Access Savings, we will return any remaining balance in the Revolut - Kids & Teens Instant Access Savings 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 - Kids & Teens Instant Access Savings to your current account or to the User account, depending on who would withdraw the funds.
11. Our right to withdraw money from your Revolut - Kids & Teens Instant Access Savings in exceptional cases
We have a right to withdraw money from the Revolut - Kids & Teens Instant Access Savings without your instruction in the following cases:
- if money was transferred to the Revolut - Kids & Teens Instant Access Savings 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 Lithuanian laws and other applicable legislation.
12. How do I get information about transactions for Revolut - Kids & Teens Instant Access Savings?
All the Revolut - Kids & Teens Instant Access Savings inflows and outflows are available in the Revolut app and Revolut - Kids & Teens app. If you need to keep a copy of the information after the Revolut - Kids & Teens Instant Access Savings 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 - Kids & Teens Instant Access Savings 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 - Kids & Teens Instant Access Savings containing the inflows and outflows on the Revolut - Kids & Teens Instant Access Savings for the previous 12 (twelve) months or less if your Revolut - Kids & Teens Instant Access Savings was opened for less than 12 (twelve) months.
13. Changing the interest rate
We have the right to change the annual interest rate applicable to you. If the rate is decreased, then we’ll let you know at least 21 months 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.
14. Fees and Taxes
Revolut Bank does not charge any fees 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 Revolut - Kids & Teens 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.
You are able to generate a statement with the summary of interest received each year, for your own personal tax affairs, from the app.
15. How do I close my Revolut - Kids & Teens Instant Access Savings?
You can withdraw from the Revolut - Kids & Teens Instant Access Savings 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 - Kids & Teens Instant Access Savings, we will return any remaining balance and the accrued interest to your current account.
You retain your right to close the Revolut - Kids & Teens Instant Access Savings 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 - Kids & Teens Instant Access Savings is closed, we will return any remaining balance and accrued interest to your Revolut personal account held with us.
The Revolut - Kids & Teens account and the Revolut - Kids & Teens Instant Access Savings are different accounts and it is impossible to subscribe for the Revolut - Kids & Teens Instant Access Savings with us without subscribing for the Revolut - Kids & Teens account. Closing the Revolut - Kids & Teens Instant Access Savings will not automatically close the Revolut - Kids & Teens account.
If the Revolut - Kids & Teens account or Revolut personal account is closed, we will have to close the Revolut - Kids & Teens Instant Access Savings as well.