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Personal · Accounts · Revolut - Kids & Teens · More help with <18 Instant Access Savings

How to calculate interest on <18 Instant Access Savings?

Here’s an example

Consider a balance of €1,000 with a 2.5% annual interest rate, compounded daily:

Day 1 calculations:

  • Starting balance: €1,000

Day 2 calculations:

  • Interest accrued: €1,000 * 2.50%/365 = €0.0684932
  • Interest paid: €0.06 + €0.01 = €0.07 (Accrued interest of day 1: €0.0084932 and day 2: €0.0084966)
  • New balance: €1,000 + €0.06 = €1,000.06

Day 3 calculations:

  • Interest accrued: €1,000.06 * 2.50%/365 = €0.0684973
  • Interest paid: €0.06 + €0.01 = €0.07 (Accrued interest of day 1: €0.0084932 and day 2: €0.0084973)
  • New balance: €1,000.06 + €0.07 = €1,000.13

The per annum (p.a.) interest rate on your <18 Instant Access Savings will depend on your plan. To see all applicable rates, visit our <18 Instant Access Savings page on our website.