Online bank Revolut has launched new instant access savings accounts with rates of up to 3.49% AER variable.
Customers with standard Revolut plans will be offered savings accounts at interest rates of 2% AER and users will need to upgrade to a paid plan to earn higher rates.
The company said that customers will be able to earn daily interest while also having access to their funds on-demand.
“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 and Chief Executive Officer, Revolut Europe.
“Now when payday arrives, customers can confidently allocate a portion of their salary to their savings without having to worry about accessing it when they need it,” Mr Heneghan said.
Revolut has more than 2.7 million customers in Ireland and more than 40 million customers worldwide.
We need your consent to load this rte-player contentWe use rte-player to manage extra content that can set cookies on your device and collect data about your activity. Please review their details and accept them to load the content.Manage Preferences
Head of Communications at Bonkers.ie Daragh Cassidy said the Revolut savings accounts are likely to be very popular.
“While higher rates of interest are available from other providers, the fact that Revolut has so many customers in Ireland as well as the ease with which people can open an account, top up their savings, and access their money as and when they need it, means the new savings account is almost guaranteed to be hugely popular,” Mr Cassidy said.
“The savings account will also prove attractive to savers who want instant access to their money and who don’t want to have to keep it locked away for a prolonged period of time,” he added.