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How to calculate interest on Savings accounts

Interest accrual and multiple Savings accounts

Interest accrues daily, but if it's less than 0.01 EUR/GBP/USD, it won't be paid until the cumulative interest exceeds this amount. Interest accrues on a single deposit per Savings account product for every partner bank. You can create multiple Savings accounts in-app for each partner bank product.

If you hold a GBP Savings account with our partner, Clearbank, each of these multiple Savings accounts corresponds to a single Savings account with Clearbank. This means that interest is paid individually on each of the accounts.

Our other partners, though, view your separate Savings accounts in the Revolut app as a single deposit. This means that interest is paid on the total balance in a single payment. When we receive it, we distribute it across your accounts based on their balances when the interest was calculated.

Here's an interest accrual example:

Consider a balance of £1,000 with a 2.5% annual interest rate, compounded daily

Day 2

  • Interest accrued: £1,000 * 2.50%/365 = £0.0684932
  • Interest paid: £0.06 (remaining amount keeps accruing until it becomes £0.01)
  • New balance: £1,000 + £0.06 = £1,000.06

Day 3

  • Interest accrued: £1,000.06 * 2.50%/365 = £0.0684973
  • Interest paid: £0.06 + £0.01 = £0.07 (accrued interest of Day 1: £0.0084932 and Day 2: £0.0084973)
  • New balance: £1,000.06 + £0.07 = £1,000.13