How is interest on Savings Accounts calculated and paid?
We pay interest on the balance of your Savings Account daily. This interest is calculated at a yearly rate and may vary depending on the paid subscription plan you have with us.
You can find more information on all of this in the 'Demand Deposit Information Summary' document available in your Savings Account, within your Revolut app. To find this document, follow the steps provided in this article.
The interest is calculated based on the number of calendar days in a certain year. Interest begins accruing on the same day you move money from your current account into your Savings Account.
You'll then continue to earn interest on your savings until the day before you withdraw them from the Savings Account.
As required by Lithuanian law, we'll deduct a 15% withholding tax from any interest before it’s credited to your Savings Account.
As interest is added and your savings grow, you'll continue to earn interest on the whole amount within your Savings Account. For example, if you maintain a balance of 1,000 RON in your account at an interest rate of 2.5% p.a., compounded daily, with the 15% tax withholding applied, here's how it would change over 3 days:
Day 1: 1,000 RON
Day 2: 1,000 + (1,000 RON X 2.50%/365) - 15%) = 1000.06 RON
Day 3: 1000.06 + (1,000.06 RON X 2.50%/365) - 15%) = 1,000.1 RON