Revolut, the global financial app used by more than 40 million customers worldwide, has today rolled-out Instant Access Savings accounts to its more than 2.7 million customers in Ireland. Instant Access Savings accounts are a new and better way for customers in Ireland to save their money. Customers will be able to earn daily, competitive interest of up to 3.49% AER on their deposits, all in just a few taps.
Instant Access Savings complements an existing feature Revolut announced in Ireland earlier this year, which enables customers to invest their cash in money market funds to grow their wealth in either EUR, USD, and GBP.
Instant Access Savings is the newest feature to Revolut’s all-star financial app, where customers will have, upon launch, access to interest on deposits at the following variable annual gross rates: Standard & Plus plans 2% AER, Premium 2.5%, Metal 3%, and Ultra 3.49%.
Revolut’s new Instant Access Savings account gives customers the ability to move their cash into their savings as soon as their salary reaches their account, earning interest on those funds every day, unlike other banks. Customers who would like to earn higher interest rates can upgrade their existing plans from Standard to paid plans in just a few taps within the app.
Instant Access Savings offers savers in Ireland full control too; customers will have access to their funds on-demand whilst earning competitive interest, adding or withdrawing at any time.
Joe Heneghan, Partner & Chief Executive Officer – Revolut Europe, said: “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. Today, Revolut is stepping in with a solution that makes saving money much better and much simpler for the people of Ireland. With our app now the preferred choice for managing finances every day for millions of customers in Ireland, we’re introducing Instant Access Savings accounts to offer customers great rates of up to 3.49%, full control over their money at any time, and interest paid out daily. 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.”
Albert Codorniu, General Manager of Savings at Revolut, commented: “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.”
To open an Instant Access Savings account and start earning interest, customers need to:
- Update their Revolut app to the latest version.
- Tap on ‘Accounts’
- Tap ‘Add new’
- Scroll down and tap on ‘Savings & Funds’
- Choose ‘Instant Access Savings’.
For more information about the product see product T&Cs. For more information about deposit protection see the deposit insurance page. For more information about complaints and disputes see the complaints policy page.
Revolut bank UAB is authorised by the bank of Lithuania in the Republic of Lithuania and by the European Central Bank and is regulated by the Central Bank of Ireland for conduct of business rules.
For more information, visit: www.revolut.com/en-IE/instant-access-savings
