Revolut has rolled out instant access savings accounts for customers of its under 18s app.
‘Revolut <18’ is designed for children aged 6-17, and is linked to a parent or guardian’s account.
The digital bank said this new feature aims to empower children to make their pocket money earn money.
Like the regular instant access savings accounts for adults, interest is paid out daily and there is no cap on the amount of interest children can earn on their savings.
The interest rates are determined by a parent or guardian’s Revolut plan.
The Standard and Plus plan have a rate of 1.7%, the Premium plan jumps to 1.85%, while the Metal plan is at 2% and the Ultra plan at 2.5%.
“Revolut <18 empowers children by passing interest directly onto them, giving them a tangible understanding of how financial growth works,” said Carlos Spada, Head of Product, Revolut <18 at Revolut.
“This feature not only helps to alleviate some of the financial pressure on parents but it also equips youngsters with essential financial literacy skills that will serve them well throughout their lives,” he added.
Adults with the Revolut Standard plan can set up one <18 account, while the Plus and Premium plans allow for two children and a co-parent.
The Metal and Ultra plans allow for up to five <18 accounts with a co-parent.
According to Revolut, around a third of all the children in Ireland have a Revolut <18 account.
