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Personal · Accounts · Instant Access Savings

How to calculate Instant Access Savings?

Interest accrues daily, but if your net interest is less than 0.01 RON, it won't be paid until the cumulative interest exceeds this amount. As required by Romanian law, we'll deduct a 10% withholding tax from any interest before it's credited to your Instant Access Savings.

Here's an example

Consider a balance of RON 1,000 with a 2.5% annual interest rate, compounded daily, with a 10% withholding tax applied:

Day 1

  • Starting balance: RON 1,000

Day 2

  • Interest accrued: RON 1,000 * 2.50%/365 = RON 0.0684932
  • Payable interest: RON 0.06 (remaining amount keeps accruing until it becomes RON 0.01)
  • Tax accrued: RON 0.06 * 10% = RON 0.006
  • Tax withheld: 0 RON (remaining keeps accruing until it becomes 0.01)
  • Interest paid after tax: RON 0.06
  • New balance: RON 1,000 + RON 0.06 = RON 1,000.06

Day 3

  • Interest accrued: RON 1,000.06 * 2.50%/365 = RON 0.0684973
  • Payable interest: RON 0.06 + RON 0.01 = RON 0.07 (accrued interest Day 1: RON 0.0084932 + Day 2: RON 0.0084973)
  • Tax accrued: RON 0.07 * 10% = RON 0.007
  • Tax withheld: RON 0.01 (remaining keeps accruing until it becomes 0.01 - Day 1: RON 0.006 + Day 2: RON 0.007)
  • Interest paid after tax: RON 0.07 - RON 0.01 = RON 0.06
  • New balance: RON 1,000.06 + RON 0.06 = RON 1,000.12

The interest rate on your Instant Access Savings will depend on your plan. To see all applicable rates, visit our Instant Access Savings page on our website.

Changes since the launch of the Revolut Romanian branch 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.