Joint Instant Access Savings - Product Terms and Summary Box

Product Terms

Why is this information important?

These Terms and Conditions (the “Product Terms”) are specific to your Joint Instant Access Savings. They form part of your overall agreement with Revolut Ltd and ClearBank Limited, including ClearBank’s Instant Access Savings Terms & Conditions and Revolut Instant Access Savings (powered by ClearBank) Terms (together the “Joint Instant Access Savings Terms”). If anything in these Product Terms conflicts with another part of the Joint Instant Access Savings Terms, these Product Terms take priority for your Joint Instant Access Savings.

To the extent that they do not conflict with the Joint Instant Access Savings Terms, Revolut's Joint Account Terms shall apply to Joint Instant Access Savings.

Any reference to “you” or “your” in the Joint Instant Access Savings Terms will include the other account holder, unless the context otherwise requires.

What are Joint Instant Access Savings?

A Joint Instant Access Savings is an Instant Access Savings linked to your Joint Account. Both you and the other account holder have the same legal rights to the Joint Instant Access Savings.

Can we open a Joint Instant Access Savings?

To be eligible to open a Joint Instant Access Savings, you (and the other account holder) must meet the criteria set out in the Revolut Instant Access Savings (powered by ClearBank) Terms. You can only have one Joint Instant Access Savings at any time.

How do we manage our Joint Instant Access Savings?

You can only deposit and withdraw money into your Joint Instant Access Savings from your Joint Account (the “Nominated Accounts”).

Changes to these Product Terms

We may amend these Product Terms in line with the “Changes to these Terms” section in the Revolut Instant Access Savings Terms.

Summary Box

Account Name	Revolut Joint Instant Access Savings (powered by ClearBank)
What is the interest rate?	Interest is payable on this account, according to the lowest active Revolut subscription plan held by you or the other account holder (for example, if one holder has a Standard Plan and the other has a Metal Plan, the Standard Plan interest rate will apply): Standard Plan - 3.51% AER (variable) Plus Plan - 3.51% AER (variable) Premium Plan - 3.75% AER (variable) Metal Plan - 4.00% AER (variable) Ultra Plan - 4.50% AER (variable) Interest is calculated daily based on your end of day balance. This interest is then paid by ClearBank the next calendar day on a gross basis (i.e. before tax).
Can Revolut change the interest rate?	Revolut may vary the interest rates up or down. In the event of a decrease in your active rate you will be given at least 14 days’ notice. For a full list of reasons for an interest rate change, see the “Can my interest rate change?” section within the Revolut Instant Access Savings (powered by ClearBank) Terms. No notice will be provided in respect of changes to interest rates if you or the other account holder changes your active Revolut subscription plan. You should confirm current interest rates (set out in the latest Summary Box published by Revolut here) prior to upgrading or downgrading your Revolut subscription plan.
What would the estimated balance be after 12 months based on a £1,000 deposit?	Standard Plan - Based on an interest rate of 3.51% AER (variable), your balance would be £1035.10. Plus Plan - Based on an interest rate of 3.51% AER (variable), your balance would be £1035.10. Premium Plan - Based on an interest rate of 3.75% AER (variable), your balance would be £1037.50. Metal Plan - Based on an interest rate of 4.00% AER (variable), your balance would be £1040.00. Ultra Plan - Based on an interest rate of 4.50% AER (variable), your balance would be £1045.00. This projection is provided for illustrative purposes only and does not consider your individual circumstances. It assumes: that £1000 is deposited in the account at the time it's opened, and that no further deposits or withdrawals are made the interest rates do not change you do not upgrade/downgrade your plan
How do I open and manage my account?	To be eligible to open a Joint Instant Access Savings, you (and the other account holder) 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 You are only able to apply for and manage your Joint Instant Access Savings via the Revolut App if you have an existing Joint Account with the other account holder. There is no minimum required balance to open an account. You can pay in any amount up to the maximum balance of £200,000. Interest will continue to accrue in excess of the maximum balance, but no further deposits will be accepted. 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 Joint Instant Access Savings we may terminate your account following expiry of the notice.
Can I withdraw money?	You can access your funds at any time – without any restrictions – via the Revolut App. Payments are usually available to spend on your Revolut Joint Account immediately.
Additional information	Powered by ClearBank Joint Instant Access Savings are powered by ClearBank. Revolut introduces you to, and works together with ClearBank to provide you with Joint Instant Access Savings. When you put money into your Joint Instant Access Savings, this amount is deposited on your behalf directly within your Financial Services Compensation Scheme (FSCS) protected account held with ClearBank. ClearBank Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (FRN: 754568). Tax Depending on personal circumstances, you may have to pay tax on the interest to HM Revenue & Customs. Please seek professional tax advice if you are unsure about your tax position. AER Meaning AER stands for Annual Equivalent Rate and shows what the interest rate would be if interest was paid and compounded once each year. FSCS Protection All eligible deposits in accounts powered by ClearBank (in the case of Joint Instant Access Savings half the balance per account holder) are added up when determining your level of Financial Services Compensation Scheme (FSCS) coverage. Compensation is limited to a maximum of £85,000 per person per bank. You can find further information on coverage and eligibility under FSCS in ClearBank’s FSCS Information Sheet and list of exclusions accessible here. For more information about the compensation provided by the FSCS please visit: https://www.fscs.org.uk.