Revolut has unveiled its Instant Access Savings accounts tailored for children and teenagers aged 6 to 15, featuring competitive interest rates of up to 4.5% AER. This innovative offering is supported by ClearBank, providing a robust financial tool for young savers.
The standard account aims to attract new users with a generous 3.5% interest, while the premium Ultra account promises an impressive 4.5%. This launch follows a similar initiative from competitor Monzo, which recently introduced savings pots with a 3% AER for its under-16 current accounts.
Carlo Spada, head of youth products at Revolut, emphasized the importance of early financial education, stating, “At Revolut, we believe that a solid foundation in financial literacy begins at a young age. Our Instant Access Savings account for kids and teens serves not only as a savings instrument but also as an engaging lesson on the potential growth of money.”