How is interest on Savings Accounts calculated and paid?
Interest can vary across different types of Savings Accounts. To see the rate on a particular Savings Account, go to 'Home' → tap the account selector below your balance → scroll down and select your Savings Account → press the 'Details' button.
Interest accrues on a single deposit per Savings Account product, per partner bank. Through the app, you can create more than one Savings Account for each Savings Account product a partner bank offers.
For example, you might create several Savings Accounts with Bank X at interest rate Y%. Although you see these as separate Savings Accounts within the Revolut app, they are viewed as one single deposit by the partner bank.
As they are viewed as one single deposit, this means that interest is paid on that single balance in one single payment.
When we receive this payment, we distribute it across your Savings Accounts in the same way as it would have been distributed if our partners paid the interest individually. This means the interest is split based on the balances of the Savings Accounts at the time that the interest was calculated by the partner.
For more information on interest calculations, refer to this article.