Difference between Instant Access Savings and Flexible Cash Funds
Instant Access Savings and Flexible Cash Funds are both available to Romanian Revolut customers. Both options have no minimum amounts, and there are no fees on withdrawals.
Instant Access Savings
Instant Access Savings is a demand deposit account. Interest is earned on the account balance at a variable rate which depends on your subscription plan, which is accrued and paid daily. As required by Romanian tax law, we'll make a 10% tax deduction on any interest before it’s credited to your Instant Access Savings account. You aren't charged any fees on the earned interest, but you are subject to applicable tax regulations.
Instant Access Savings are only available as individual RON accounts for Romanian customers and have a limit of RON 13,000,000 in deposits. You can read more in our Instant Access Savings FAQs.
T&Cs apply.
Changes since the Revolut Romanian branch launch and migration
As you may know, Revolut has now opened a local branch and the process will be a staged roll-out until the end of the year. That's why Instant Access Savings are no longer provided by the Lithuanian entity but by the Romanian branch of Revolut Bank UAB.
As for your existing Instant Access Savings, the only change will be related to taxation. As required by Lithuanian law, before your account migration we make a 15% tax deduction on any interest before it's credited to your Instant Access Savings and we report and remit the taxes withheld to the Lithuanian authorities.
However, from migration onwards, as required by Romanian law, we will make a 10% tax deduction on any interest before it's credited to your Instant Access Savings and then, report and remit the taxes withheld to the Romanian tax authorities.
Flexible Cash Funds
Flexible Cash Funds allow you to invest your money in a selection of money market funds. These are low-risk investment funds that pool investors' money to invest in a diversified range of short-term instruments, including:
- High-quality money market instruments, such as government securities, bank obligations, commercial paper, and other short-term obligations
- Deposits
- Repurchase agreements and reverse repurchase agreements
- Shares in eligible money market funds
With Flexible Cash Funds, you'll earn interest daily, but the interest rate is variable dependent on the fund's performance. However, it's important to understand that your capital may be at risk if the net asset value (NAV) decreases and the Annual Percentage Yield (APY) turns negative. Flexible Cash Funds are covered by the Liabilities to Investors Insurance Scheme, in the unlikely event of the liquidation of Revolut Securities Europe UAB, and failure to protect your assets. Revolut charges a Service fee that is deducted daily from the earned interest depending on the value of the shares you hold, further fee information can be found in the Ex-ante Costs & Charges Disclosure.
Flexible Cash Funds allow you to invest in three different money market funds in EUR, GBP, and USD, with no maximum investment amount. You can read more in our Flexible Cash Funds FAQs.
T&Cs apply.