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Revolut accrues and pays you interest on your savings balance daily. However, as per local tax laws, we're required to withhold ‌taxes and remit them to tax authorities.

While interest accrues daily, the minimum threshold for interest to be paid to your Instant Access Savings account is €0.01. This means that interest may not be paid to your Instant Access Savings account every day, as it won't be paid on any day where your interest is below €0.01.

As per our T&Cs, we verify your tax details with the central tax authority portal (tax ID number and church association), so no interest will be accrued and paid before you get fully onboarded to the product. It can take up to a few hours/days to get information from the tax portal.

Consider a balance of €1,000 with a 2.5% per annum (p.a.) interest rate, compounded daily, and subject to tax withholding (25% capital gains tax, 5.5% solidarity surcharge, and to keep it simple, we'll assume that there is no church affiliation, i.e. applicable church tax rate = 0%).

• Interest accrued:1,000*2.50%/365=€0.0684932
• Payable interest:€0.06
• Tax accrued: €0.015825 (Capital gains tax : €0.06*25% + Solidarity surcharge: €0.06*25%* 5.5%)
• Tax withheld:€0.01
• Interest paid after tax: 0.06-0.01=€0.05
• New balance: 1,000+0.05=€1,000.05

• Interest accrued: 1,000.05*2.50%/365=€0.0684966
• Payable interest: 0.06+0.01=€0.07 -with accrued interest from days 1 and 2
• Tax accrued: 0.0184625 (same as above)
• Tax withheld: 0.01+0.01=€0.02 -with accrued tax from days 1 and 2
• Interest paid after tax: 0.07-0.02=0.05
• New balance: 1,000.05+0.05=€1,000.10