Revolut has introduced a new savings account for Irish customers with interest rates ranging from 2% to 3.49%. This move comes as Ireland struggles with some of the lowest interest rates in Europe. According to Joe Heneghan, Revolut’s head of Europe, this initiative aims to provide better options for Irish savers.
Revolut, known for its instant payment services, has around 2.7 million customers in Ireland. The new savings account allows easy deposits and withdrawals, positioning Revolut as a strong contender in everyday banking services.
The average interest rate on savings accounts in Ireland stood at 2.51% as of March, significantly lower than the Eurozone average of 3.16%, according to the Central Bank. Major Irish banks like AIB and Bank of Ireland currently offer savings interest rates around 3%.
Revolut’s new offering not only surpasses these rates but also aims to make saving more attractive for Irish customers, helping them earn more on their deposits. This step marks the beginning of Revolut’s broader strategy to enhance its banking services in Ireland.