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As required by German tax law, we'll deduct taxes from any interest we pay to you. We do this before it's credited to your Instant Access Savings. Revolut withholds the applicable taxes and pays it to the tax office. The tax deductions include:

• Capital gains tax — 25%
• Solidarity surcharge — 5.5%
• Church tax — 0%, 8%, or 9%, based on your association with church

Tax is withheld once interest reaches €0.01. If the interest is less, it accumulates until it hits €0.01 and tax is then deducted from the next payment. This can cause different tax rates on different payments. Check combined savings statements to see the total tax withheld. Learn more in this FAQ.

If you're a member of a church, federal tax law mandates us to withhold church tax on your capital gains tax, along with a solidarity surcharge. This is as a result of Section 51a of the Income Tax Act.

Revolut queries your church tax data from the Federal Central Tax Office, based on the tax identification number or identification details you share with Revolut during onboarding.

The Church Tax is 8% in Bavaria and Baden-Württemberg and 9% in the remaining federal states. The church tax paid can be deducted as a special expense, so that the capital gains tax of 25% is reduced as follows:

• 24.51% capital gains tax with 8% church tax
• 24.45% capital gains tax with 9% church tax

You can block your church tax query with the Federal Central Tax Office directly to prevent Revolut from receiving it then only Capital Gains Tax and Solidarity Surcharge apply to your interest. For more on Church Tax, visit Federal Central Tax Office (BZSt) website and our Customer Privacy Notice.

If you have any questions regarding your tax responsibilities, you should seek independent advice from a professional tax adviser.