Revolut launches Instant Access Savings for children

Revolut, the global fintech with over 11 million customers in the UK and 60 million customers globally, is launching Instant Access Savings accounts for users aged 6-15 with market-leading rates of up to 4.5 percent AER (variable).  

„The new feature, powered by Clearbank Limited, enables children in the UK to make their pocket money grow and experience the benefits of saving firsthand, with users now able to earn competitive interest of up to 4.5 percent AER, paid daily. It allows young customers to save with no minimum deposit and fee-free withdrawals.” – according to the press release.

Revolut Kids & Teens interest rates are determined by a parent or guardian’s Revolut plan. With no minimum deposit, young users can start saving straight away and watch their money grow in real-time.

Carlo Spada, head of youth products at Revolut said, “At Revolut, we believe that a strong foundation in financial literacy starts early. Our new Instant Access Savings account for kids and teens is designed to be more than just a savings tool – it’s a hands-on lesson in how money can grow. This latest addition is all part of our mission to give the next generation the tools they need to feel financially confident and build a healthy financial future.” 

Surpassing six million “Kids & Teens” customers worldwide, Revolut says it has positioned itself as a key player among the youth financial market.

Savings in a Kids & Teens account are protected by the Financial Services Compensation Scheme (FSCS), as part of the parent’s total £85,000 protection limit, via Clearbank Limited. Kids & Teens savings accounts have a maximum limit of £3,500. 

Creating a Revolut Kids & Teens account is free, giving young customers access to a personalised card (fees apply). For those over 13, they can then link their card to Apple Pay or Google Pay on their smartphones, in addition to cashback rewards when spending with the brands they love.