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 & 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.
