Revolut launches new savings account for children and teens to help them learn financial literacy
British neobank with Ukrainian roots Revolut has launched a new Instant Access Savings account for customers aged 6 to 15.
British neobank with Ukrainian roots Revolut has launched a new Instant Access Savings account for customers aged 6 to 15.
This move is aimed at helping children and teenagers learn financial responsibility while earning competitive returns on their savings, writes Fintech.Global.
New accounts running on the Clearbank platform offer:
- no minimum deposit requirements;
- free withdrawal of funds;
- daily interest accrual.
The rate level depends on the parents' or guardians' tariff plan:
- Standard and Plus — 3.5% AER;
- Premium — 3.75% AER;
- Metal — 4% AER;
- Ultra — maximum 4.5% AER.
The amount of savings is capped at £3,500 and the funds are protected by the Financial Services Compensation Scheme (FSCS) within the £85,000 parental account protection.
“At Revolut, we believe that a strong foundation of financial literacy starts at an early age. Our new instant access savings account for children and teens is designed to be more than just a savings tool – it’s a practical lesson in how money can grow. This latest addition is part of our mission to give the next generation the tools they need to feel financially confident and build a healthy financial future,” said Carlo Spada, Head of Kids at Revolut.
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