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As required by Portuguese tax law, we deduct withholding tax from any interest before it is credited to your Instant Access Savings. The applicable rate depends on your fiscal address: 28% for users in Mainland Portugal and 19.6% for users in the Autonomous Regions of Madeira and the Azores.

The deductible tax needs to reach €0.01 before we begin withholding this tax. In cases where it's less than this amount, we'll continue to accrue your interest until it reaches €0.01 (at which point it's deducted from your next interest payment).

As a result, the tax rate for each interest payment may be different. To see the tax withheld on your total interest payments, you can use your combined savings statements. Read this FAQ to learn how to calculate interest and tax on Instant Access Savings.

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

The statement will include deposits, withdrawals, interest paid, and taxes withheld. To access your Savings sub-account statement in-app:

• Go to your Instant Access Savings sub-account
• Tap 'More' (...)
• Tap 'Statement'
• Choose the time period you wish to generate a statement for
• Tap 'Generate'

Service provided by Revolut Bank UAB - branch in Portugal, registered with Bank of Portugal under number 3560.