Product Terms
These Terms and Conditions (the “Product Terms”) are specific to your Revolut - Kids & Teens Instant Access Savings account (“Revolut - Kids & Teens Instant Access Savings”). They form part of your overall agreement with Revolut Ltd and ClearBank Limited. The ClearBank Revolut - Kids & Teens Instant Access Savings Terms & Conditions apply to the Revolut - Kids & Teens Instant Access Savings which can be accessed here. You should read them alongside the Revolut Instant Access Savings Terms, and the Revolut - Kids & Teens Account Terms (the “Revolut - Kids & Teens Terms”).
If anything here conflicts with another part of your agreement, these Product Terms take priority for your Revolut - Kids & Teens Instant Access Savings.
To be eligible to open a Revolut - Kids & Teens Instant Access Savings, you must meet the criteria set out in the Revolut Instant Access Savings Terms and be a Revolut - Kids & Teens account Lead Parent.
The Revolut - Kids & Teens Instant Access Savings is a savings account linked to your Revolut - Kids & Teens account. The Revolut - Kids & Teens User is an authorised user who can view the Revolut - Kids & Teens Instant Access Savings balance, deposit funds into, and withdraw funds from it. We may provide tools to assist you to control the Revolut - Kids & Teens User's use of the Revolut - Kids & Teens Instant Access Savings, but you remain responsible for that use.
You can deposit money into your Revolut Instant Access Savings from your Revolut personal account or the Revolut - Kids & Teens account (the “Nominated Accounts”), and withdraw them to either account. Any withdrawal the Revolut - Kids & Teens User makes will always go to the Revolut - Kids & Teens account.
Your Revolut - Kids & Teens Instant Access Savings will terminate when the Revolut - Kids & Teens User’s turns 19.
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 - Kids & Teens Instant Access Savings (powered by ClearBank) |
What is the interest rate? | Interest is payable on this account, according to your active Revolut subscription plan: 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 on changing 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:
|
How do I open and manage my account? | Eligibility To be eligible to open a Revolut - Kids & Teens Instant Access Savings, you must be, and continue to be:
How to open the account You can apply for and manage your Revolut - Kids & Teens Instant Access Savings via the Revolut App. A Revolut - Kids & Teens User can also request to open a Revolut - Kids & Teens Instant Access Savings account, but it must be approved by you. You may open one Revolut - Kids & Teens Instant Access Savings account for each Revolut - Kids & Teens account you hold (up to five in total). There is no minimum required balance to open an account. Managing your account You are the legal owner of the Revolut - Kids & Teens Instant Access Savings account. The Revolut - Kids & Teens User is an authorised user who can view the account balance, deposit funds into it, and withdraw funds from it. You are responsible for the actions performed by a Revolut - Kids & Teens User on the Revolut - Kids & Teens Instant Access Savings. Deposits Deposits to the Revolut - Kids & Teens Instant Access Savings can be made by transferring funds from your Revolut personal account or Revolut - Kids & Teens account. You can pay in any amount up to the maximum balance of £3,500. This balance counts towards the Revolut - Kids & Teens account limits set out in the Revolut - Kids & Teens Terms. You may earn interest on your Revolut - Kids & Teens Instant Access Savings in excess of these limits. 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. |
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 account immediately. You can withdraw to the Revolut - Kids & Teens account or to your Revolut personal account. Withdrawals made by the Revolut - Kids & Teens User will go to the Revolut - Kids & Teens account. What happens when a Revolut - Kids & Teens User turns 16? When the Revolut - Kids & Teens User turns 16, they may be eligible to open a Revolut personal account. As part of this, they may complete a Funds Transfer as set out in the Revolut - Kids & Teens terms. Blocking withdrawals before 18 You can block withdrawals by the Revolut - Kids & Teens User before they turn 18. At 18, the block on withdrawals will expire and you are deemed to have authorised withdrawals from the Revolut - Kids & Teens Instant Access Savings. Account closure at 19 If the account is not closed earlier, it will be automatically closed on the Revolut - Kids & Teens User’s 19th birthday, and any remaining balance held in the Revolut - Kids & Teens Instant Access Savings account, will be returned to your Revolut account. |
Additional information | Powered by ClearBank Instant Access Savings are powered by ClearBank. Revolut introduces you to, and works together with ClearBank to provide you with Instant Access Savings. 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. 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 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 depositor. 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. |