Revolut allows 16 and 17 year olds to open a restricted version of its personal account. The specific restrictions are listed in a separate schedule that must be read before opening.
This analysis describes what Revolut's agreement states, permits, or reserves. It does not constitute a legal determination about enforceability. Regulatory applicability and practical outcomes may vary by jurisdiction, enforcement context, and individual circumstances. Read our methodology
Minors are a protected class under multiple regulatory frameworks, and accounts for 16-17 year olds require specific terms that may limit services available. Parents and young people should review Schedule 1 to understand what restrictions apply.
Interpretive note: The specific restrictions in Schedule 1 are referenced but not reproduced in the text provided, creating uncertainty about the full scope of limitations on minor accounts.
If you are 16 or 17, your Revolut account will have specific restrictions on what services you can access, which are set out in Schedule 1; failing to read these restrictions before opening could mean you are unaware of the limits on your account.
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After your account is deleted, we keep data about interactions you've had on our service to prevent abuse, ban evaders and others in an effort to protect and ensure the safety and security of our service and our members.
We retain your personal information for as long as necessary to provide our Services, comply with our legal obligations, resolve disputes, and enforce our agreements. Even after you close your account, we may retain certain information as required by law or for our legitimate business purposes.
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"Normally, you must be 18 or over to open an Account. If you are 16 to 17 years old, you may be eligible to open an Account with restrictions. These restrictions are listed in Schedule 1 - 16-17 Account. Make sure you read them carefully.— Excerpt from Revolut's Revolut Terms of Service
REGULATORY LANDSCAPE: Accounts for minors engage the FCA's rules on age-restricted financial products, the Consumer Rights Act 2015 (which affects the enforceability of contracts with minors), and the Children's Online Privacy Protection Act (COPPA) equivalents under UK GDPR's special provisions for children's data (UK GDPR Article 8 as implemented by PECR and the ICO's Age Appropriate Design Code). The ICO's Children's Code is particularly relevant to any digital service collecting data from under-18s. GOVERNANCE EXPOSURE: Medium. The provision of financial accounts to minors creates heightened regulatory exposure around data protection, contract enforceability, and the adequacy of parental consent or oversight mechanisms. The FCA's Consumer Duty applies equally to minor account holders as retail customers. JURISDICTION FLAGS: UK-specific in its regulatory framing. The ICO's Age Appropriate Design Code applies to online services accessible to under-18s in the UK. If Revolut processes personal data of 16-17 year old account holders, the firm must comply with the heightened data protection standards under the Children's Code. CONTRACT AND VENDOR IMPLICATIONS: The enforceability of terms against minors under English contract law is a known legal complexity; contracts with minors are generally voidable at the minor's election. Compliance teams should assess whether the Schedule 1 restrictions and the overall agreement are structured to be enforceable against 16-17 year old users. COMPLIANCE CONSIDERATIONS: A dedicated review of Schedule 1 is warranted to confirm that account restrictions for 16-17 year olds are appropriate, that data processing for minor account holders complies with the ICO's Age Appropriate Design Code, and that consent and parental involvement mechanisms (if any) are adequate. The interaction between Schedule 1 restrictions and the general account suspension provisions should also be assessed.
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Minors are a protected class under multiple regulatory frameworks, and accounts for 16-17 year olds require specific terms that may limit services available. Parents and young people should review Schedule 1 to understand what restrictions apply.
If you are 16 or 17, your Revolut account will have specific restrictions on what services you can access, which are set out in Schedule 1; failing to read these restrictions before opening could mean you are unaware of the limits on your account.
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