How does it work?
The Savings Account is a feature in the Revolut app that allows retail customers to set aside funds that will earn interest.
When you put money into a Savings Account, it is deducted from your main Revolut account to a new Savings account maintained by Revolut Bank UAB.
You begin to earn interest as soon as the money arrives in your Savings Account.
Withdrawals from your Savings Account should appear in your Revolut account instantly.
Deposit Insurance
All funds you deposit in your Savings Account are held by Revolut Bank UAB which means that your eligible deposits are insured by the Lithuanian Deposit Insurance scheme (Public Institution "Deposit and Investment Insurance") up to EUR 100,000.
This means that you are guaranteed by the Deposit and Investment Insurance to receive back any eligible deposits you have made into Revolut Bank UAB (via the Savings Account, Personal or Joint accounts), or otherwise up to EUR 100,000 even if the bank fails.
The total value of deposits that the Deposit and Investment Insurance covers and your eligibility for coverage may change from time to time. More information on deposit insurance can be found here. You can read more about Deposit and Investment Insurance on the company website.
What interest will I receive and when?
You will accrue interest on the money that you deposit in the Savings Account on a daily basis. You can find more information about the calculation method in our Savings Account Terms.
Your accrued interest will be paid to you on a daily basis as long as you have your Savings Account open. If you close your Savings Account, any interest that was accrued will be paid to your main Revolut account. If your main Revolut account is also closed, any interest that was accrued but not yet paid will be forfeited.
Terms and conditions
Your agreement with Revolut is set out in the Savings Account Terms, which describe how Revolut manages your Savings Account and directs any movement of your money.