Global FinTech Revolut is launching an instant access savings account for kids aged between six and 15.

The new feature, provided by Clearbank Limited, allows children and teenagers in the UK to grow their pocket money while offering interest of up to 4.5 per cent annual equivalent rate (AER), paid daily.

The account also has no minimum deposit and allows free withdrawals anytime in the UK and abroad.

Revolut currently has over 11 million customers in the UK, 60 million customers worldwide, and is exceeds six million customers among children and teenagers worldwide.

The new kids and teens savings account will have a maximum limit of £3,500.

It is protected by the UK government financial scheme Financial Services Compensation Scheme (FSCS) as part of the parent’s total £85,000 protection limit via Clearbank Limited.

Commenting on the launch, head of youth products at Revolut Carlo Spada, emphasised how the initiative aims to provide a solid foundation of financial literacy for young customers.

“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,” he added.

The move comes after a Financial Times report published in July suggested that the FinTech was contemplating buying a nationally chartered bank in the US in order to gain an American banking licence.

People familiar with the matter told the newspaper that the move would allow Revolut to provide lending services in the US and expand at a faster pace than if it were to apply for a banking charter by itself.

The firm has been strengthening its partnership in China as well, signing a partnership with global digital payment, digitisation and financial technology provider Ant International to enable its users to send money to China via Alipay.

Launched in 2004, Alipay is a Chinese mobile payment platform operated by Ant International which connects 36 e-wallets.

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