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 per cent available to customers.
The new feature will see Revolut users gain access to interest on deposits at rates ranging from 2 per cent to 3.49 per cent, depending on their subscription plan.
“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,” Revolut Europe chief executive Joe Heneghan said.
“Today, Revolut is stepping in with a solution that makes saving money much better and much simpler for the people of Ireland,” he said.
Revolut, which claims to have 2.7 million customers in Ireland, said its new feature would allow customers access to their savings on-demand while earning competitive interest, “adding or withdrawing at any time”.
Albert Codorniu, general manager of savings at Revolut, said: “This is a key step in our mission to make Revolut the best choice for everyday banking.”
“With daily interest payments and instant-access withdrawals, secured by our fully licensed bank, we’re making it simpler and better than ever for our customers to save and grow their money in Ireland,” he said.
According to the Central Bank, the average rate offered to savers in Ireland who opt to keep their money on deposit for an agreed maturity was 2.51 per cent in March, which was below the euro zone average of 3.16 per cent.
AIB and Bank of Ireland offer rates closer to 3 per cent on certain products.