Revolut to offer saving accounts for Irish customers with rates of up to 3.49%
Customers Still Neobank To Control Maintain That Whilst Earning The Access Full Added Funds And Will On Their Interest Demand
Challenger bank Revolut has announced its further expansion into the Irish market with the launch of new instant access savings accounts, with rates up to 3.49% AER available to customers.
The new feature will see Revolut users gain access to interest on deposits at rates ranging from 2% to 3.49% depending on their subscription plan.
According to Revolut, the new product will allow customers to move their savings as soon as their salary reaches their account, earning interest on those funds everyday, unlike other banks.
The neobank added that customers will maintain full control and access to their funds on-demand whilst still earning interest.
"The Irish banking landscape is characterised by some of the lowest deposit rates in Europe, tricky or confusing limits, inaccessibility, and a real lack of competition," said Joe Heneghan, Partner & Chief Executive Officer of Revolut Europe.
"Today, Revolut is stepping in with a solution that makes saving money much better and much simpler for the people of Ireland."
The past two years has seen the digital bank expand rapidly into the Irish market, with Revolut now offering personal loans, credit cards, Irish IBANs and car insurance to its more than 2.7 million Irish customers.
The company has also long talked about making a splash into other major financial services, and in mortgage loans in particular, where it would be funding the initiative in its own right and not be acting as an intermediary or broker.
Revolut's offering of instant access saving accounts complements an existing feature it announced in Ireland earlier this year, which enables customers to invest their cash in money market funds across several currencies, the company said.
The digital bank's latest expansion will come as a relief to many Irish savers who are currently offered some of the lowest deposit rates in Europe.
The Irish banking sector is also set to see some major change in the coming months, with Revolut's continued expansion happening in tandem with the entry of a new player into Ireland's banking market.
Last month, Spain's fifth-largest bank, BankInter announced it would establish itself in Ireland, adding further competition to what has become an extremely concentrated sector following the exit of Ulster Bank and KBC.
Ireland's remaining pillar banks, AIB, Bank of Ireland and PTSB have all reported bumper profits in the last twelve months, fuelling further calls for enhanced competition to offset pressure on consumers.
"This is a key step in our mission to make Revolut the best choice for everyday banking," said Albert Codorniu, General Manager of Savings at Revolut.
"With daily interest payments and instant-access withdrawals, secured by our fully licensed bank, we’re making it simpler than ever for customers to save and grow their money in Ireland.”