Revolut Instant Access Savings (powered by ClearBank) Terms
Please make sure you read these terms and conditions carefully, and print or save a copy for future reference. If you have any questions, you can contact us through the Revolut App.
Why is this information important?
This document (the “Terms”) sets out the terms and conditions for use of Instant Access Savings accounts (powered by ClearBank) available on the Revolut App (“Instant Access Savings”). These Terms, along with our Personal Terms and other documents referred to throughout form a legal agreement between:
- you, the Instant Access Savings holder; and
- us, Revolut Ltd.
ClearBank Limited (“ClearBank”) have their own terms and conditions (the “ClearBank Terms and Conditions”), which can be accessed here. By applying to open Instant Access Savings you are also agreeing to the ClearBank Terms and Conditions.
You can ask for a copy of these terms through the Revolut App, at any time.
Who is ClearBank?
We introduce you to, and work together with ClearBank to provide you with Instant Access Savings.
ClearBank Limited is a bank authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under firm reference number 754568.
What are Instant Access Savings?
Instant Access Savings are immediately accessible savings accounts that allow you to earn interest on your money. You can only manage your Instant Access Savings through the Revolut App. When you put money into your Instant Access Savings, this amount is deposited on your behalf directly within your Financial Services Compensation Scheme (“FSCS”) protected account held with ClearBank (see “Is the money I put in my Instant Access Savings safe?” section below).
Instant Access Savings are for personal use only.
How much interest will I earn and how is this paid?
Your interest is variable as set out in these Terms. Interest is paid daily on the balance of your Instant Access Savings at the end of each day. Interest will be calculated at the rate indicated in the Summary Box accessible on the Revolut App or here. Your interest rate may also vary depending on your active Revolut subscription plan.
The interest will be calculated based on the actual number of days in the current calendar year. Interest accrues immediately following deposit into your Instant Access Savings, and is paid on the next calendar day. Interest will not be calculated and paid for the day on which money is withdrawn from your Instant Access Savings, including the day on which your Instant Access Savings is closed.
While interest accrues daily, the minimum threshold for interest payable is GBP 0.01; this means that interest may not be paid to your Instant Access Savings every day (until net interest becomes at least GBP 0.01).
Can my interest rate change?
Your interest rate is subject to change. Your interest rate may change for the following reasons:
- If you upgrade or downgrade your Revolut subscription plan, your Instant Access Savings will be moved to a ClearBank account with the relevant interest rate for your new active Revolut plan (you should check active rates prior to upgrading or downgrading your plan);
- If we increase your interest rate at any other time we may do this with immediate effect; or
- If we decrease your interest rate, we will give you at least 14 days notice of one or more of the following reasons:
- to respond, in a proportionate manner, to changes in the Bank of England Base Rate (which can be accessed here) or another relevant market rate;
- to respond, in a proportionate manner, to changes in market and economic conditions to ensure that our business operates in an efficient and prudent manner;
- to respond, in a proportionate manner, to any changes in the way we do business (including changes in technology) increasing our costs;
- to respond, in a proportionate manner, to changes in legal or regulatory requirements, codes of practices with which we intend to comply, or the way we are regulated, or to a decision of a court or an Ombudsman;
- for any other reason where we believe the change is appropriate and reasonable.
If, as a result of changes to the interest rate you wish to close your Instant Access Savings, you may do so in the Revolut App without penalty.
Is the money I put in my Instant Access Savings safe?
ClearBank will hold your money as a deposit. Just like deposits with other banks, the money in your Instant Access Savings is protected by the FSCS. If ClearBank was to fail you are guaranteed by the FSCS to receive back any eligible deposits you have made with ClearBank (through Instant Access Savings or otherwise) up to £85,000. You can find further information on coverage and eligibility under FSCS in ClearBank’s FSCS Information Sheet and list of exclusions.
The total value of deposits that the FSCS scheme covers and your eligibility for coverage may change from time to time. You can read more about FSCS protection on the FSCS website.
Can I open an Instant Access Savings?
To be eligible to open an Instant Access Savings, you must be, and continue to be:
- a UK Revolut personal account customer who has successfully completed our Know Your Customer checks with no restrictions;
- at least 18 years of age;
- a UK tax resident (you must notify us promptly if your tax residency changes); and
- not a US person.
How do I put money into my Instant Access Savings, and take it out?
You can transfer money into or withdraw money out of your Instant Access Savings with your Revolut account at any time via the Revolut app. All payment instructions are non-reversible. In most cases these will be completed immediately.
Payments are not permitted into or out of your Instant Access Savings from any account other than your Revolut accounts.
You may pay into your Instant Access Savings up to the maximum balance (as set out in the Summary Box). There are no withdrawal limits that apply to your Instant Access Savings.
We will always follow your payment instructions unless:
- we need to ask you for further information to complete the payment and you don’t provide it to us;
- you don’t have enough money in your chosen Revolut account or Instant Access Savings to make the payment;
- we reasonably believe that your instruction is connected to, or is at high risk of being connected to, a scam, fraud or any other criminal activity;
- we think the instructions are unclear;
- we reasonably believe that making the payment would cause us to breach any law or regulation that we must comply with; or
- your Instant Access Savings is suspended by us or ClearBank.
Sometimes we or ClearBank need to make checks or ask you for further information before we can carry out a payment instruction, which may delay the payment.
We will tell you if we do not make a payment for you unless we cannot for legal, regulatory or security reasons. Where possible, we will tell you why this has happened and how you can resolve the issue.
How do I manage my Instant Access Savings?
You can also view your balance, transaction history and important documents, as well as request statements and close your Instant Access Savings in the Revolut app.
You must tell us immediately if you do not recognise any transaction within your Instant Access Savings.
What if something goes wrong?
We will take all reasonable steps to ensure your Instant Access Savings can be managed via the Revolut App at any time. However, we can’t promise that this will always be the case.
Sometimes we’ll suspend access to Instant Access Savings so that we can make technical changes, add new features, or make sure they run smoothly. We’ll try to give you notice before we do this, although we might not be able to do so in an emergency. We’ll also try to keep any suspension as short as possible.
We will not be responsible to you for losses that arise:
- if access to Instant Access Savings isn’t available;
- if we don’t meet our obligations under these Terms because of a legal or regulatory requirement;
- where you have acted fraudulently or with intent or gross negligence;
- our reasonable reliance on any instruction that we believe to be from you and/or a person authorised by you to give the same;
- any loss of interest (including, if ClearBank refuses to accept your deposit for whatever reason or if the placing of the deposit is delayed for any reason);
- if ClearBank defaults on paying back the money in your Instant Access Savings or any interest on it;
- if ClearBank goes into liquidation or a receiver, trustee, administration or other insolvency practitioner is appointed; or
- because there were unusual or unexpected events outside our control.
We will only be responsible for foreseeable losses. Loss of interest, business, profits, or damage to any goodwill are not covered.
If we don’t meet our obligations under these Terms, we will not be responsible for any loss that we couldn’t have thought you’d suffer at the time we entered into this agreement with you.
Nothing in these Terms removes the liability of us for death or personal injury resulting from our negligence or for fraud or fraudulent claims and statements.
Can Revolut stop providing Instant Access Savings to me?
We will try to give you one month’s notice if we decide to stop providing Instant Access Savings. However, we may immediately suspend or terminate your Instant Access Savings if any of the following apply:
- you no longer meet the eligibility criteria to hold a Instant Access Savings and/or the ClearBank Terms and Conditions are terminated;
- we reasonably believe that you or someone else is using your Instant Access Savings illegally or fraudulently;
- you haven’t given us information we need, or we believe that information you have provided is incorrect;
- you have broken these terms regularly or in a serious way;
- if you abuse our products, services or customer support, or otherwise perform activities which threaten our security and well-being, including that of our personnel or customers;
- you have died;
- you are subject to a bankruptcy or where we reasonably believe that this is likely to happen;
- if directed to do so by court order or in order to comply with our legal and/or regulatory obligations;
- there is a dispute (which we reasonably believe to be genuine) about the ownership or entitlement to the money in your Instant Access Savings.
Where you have a zero balance and have not held a positive balance for at least the previous three months, we may provide one month’s notice of our intention to close your account. In the event that you do not add money to your Instant Access Savings we may terminate your account following expiry of the notice.
Unless prevented due to legal reasons, upon closure of your Instant Access Savings, we will send any money including interest earned to your Revolut personal account.
We may retain the money in your Instant Access Savings if you do not address any concerns we have about the origin of the money or another person claims that the money belongs to them. If this occurs, you will not be able to access the money and we will continue to hold the money until the issue is resolved.
How do I 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 wish to make a complaint, please refer to our Complaints Policy which is available here.
If your complaint relates to your Instant Access Savings or any payment transaction relating to your Instant Access Savings and after having received our final response you are still unhappy or not satisfied, then you may, if your complaint falls within the Financial Ombudsman Service’s jurisdiction, be able to complain to the Financial Ombudsman Service (FOS) at: http://www.financial-ombudsman.org.uk/. You can also call or write to the FOS on 0800 023 4567 or at Exchange Tower, Harbour Exchange, London, E14 9SR.
Taxes
It is your responsibility to determine what, if any, tax obligations you have as a result of using our services. We can't provide tax, financial or legal advice. If you are in doubt, you should speak to an independent advisor.
To follow the law, we may need to share information about you and your Instant Access Savings with HMRC. They may pass this on to other tax authorities in other countries. You agree that we can give documents or information to HMRC for this purpose.
If we ask you to give us personal information or documents so that we can decide if we need to share information with HMRC, you agree to do this within 30 days of our request. You’ll need to let us know if any of this information changes after you give it to us. We won’t be responsible for any loss you may have if we disclose information about you in this way.
Data Protection
We need to process your personal data in order to perform our obligations under these Terms. In particular, we need to share certain of your personal data (including your name, identification details, contact details and financial information) with ClearBank in order to provide you with Instant Access Savings. ClearBank acts as an independent data controller in respect of the personal data they receive from us. For more information about how ClearBank will handle your personal data, please refer to ClearBank’s Privacy Notice here.
For more information about how we use your personal information, see our Customer Privacy Notice (accessible here).
Some legal bits and pieces
English law and courts
These terms and all matters arising out of the use of your Instant Access Savings are subject to the laws of England and Wales. To the extent permitted by law, the courts of England and Wales have exclusive jurisdiction.
Changes to these terms
We may amend these terms where we have a valid reason for doing so. If any amendments change how we manage the service we provide in relation to your Instant Access Savings or handle your personal data, we will give at least 30 days notice of the changes.
We may make certain changes immediately, where required by law or regulation, to make non-material corrections, or to introduce additional features. The interest rate may be varied in line with the “Can my interest rate change?” section above.
If, as a result of the amendments you wish to close your Instant Access Savings, you may do so in the Revolut App without penalty.
Our contract with you
Only you and us have any rights under this agreement.
These Terms are personal to you and you may not transfer or assign any rights or obligations to any third party.
Our right to transfer
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 Terms to any third party, under the conditions provided for, and allowed by the law.
We will only transfer any of your and our rights or obligations under these Terms if this won't have a significant negative effect on your rights under these 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).
If you object, you may close your Instant Access Savings in the Revolut App without penalty.
Our right to enforce
If you have breached these terms 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. This is also the case if we have any legal rights that we don’t enforce straight away.