Earning interest with Savings Accounts
What is the interest rate?
The interest rate on your Savings Account will depend on your plan.
Your per annum (p.a.) interest rate is used to calculate the interest earned before taxes. The Annual Equivalent Rate (AER) shows the amount of interest you'd earn in a year before taxes, taking into account daily compounding. This allows you to compare rates that may have a different compounding schedule.
You'll only see the AER under your Savings Account balance in-app. You can see both rates by tapping 'Info' and viewing the 'Deposit Information' document.
How is the interest calculated and paid?
Interest is compounded and paid daily. This means you earn 1/365th (or 1/366th in leap years) of the per annum (p.a.) interest rate on your closing balance every day.
The minimum threshold for interest payable is £0.01 (or respective currency). If your interest earned is less than £0.01 (or respective currency) on a given day, no interest will be payable.
Funds must arrive at the partner bank before earning interest, with settlement typically occurring on the next business day. For example, a deposit made on Friday settles by Monday, and interest begins to accrue from Tuesday.
For example, if you create multiple Savings Accounts with a specific bank at a certain interest rate through the Revolut app, the partner bank treats them as one single deposit. Consequently, interest is paid on the entire balance in one consolidated payment.
Can the interest rate change?
Our partner banks may adjust interest rates on your Savings Account according to their T&Cs. We'll notify you before any decrease, but we may not notify you before increases happen. To view notice periods in the app:
- Go to 'Home' on the bottom menu
- Below your balance, tap 'Accounts'
- Select your Savings Account
- Tap 'Info'
- Select 'Terms' and 'Trustees'
Changing plan
If you change your plan, your interest rate will change accordingly when the plan change comes into effect. The interest rate you see in-app is always the rate you'll get.
We, or our partners, may receive additional interest from the bank over and above what is paid to you. For more information, see our Savings Vaults T&Cs.