Customers in Ireland who upgrade to Revolut Bank for additional services will now
have their deposits protected by a deposit guarantee scheme. Deposit protection up to EUR 100,000 is guaranteed by the Lithuanian State company Deposit and Investment Insurance. The launch of Revolut Bank is another example of the fintech’s constant effort to meet and support the needs of its customers. According to a survey carried out by Revolut, 41% of Irish customers would deposit their salary into Revolut and 70% of customers said they would spend more via the app if they had their deposits insured. The upgrade process will only take customers a few minutes and can all be done in-app.
The move to launch Revolut Bank in Ireland follows the imminent withdrawal by Ulster Bank and KBC from the market. To date, Revolut has attracted more than 1.7 million customers in Ireland, and the fast growing fintech is confident that deposit accounts, alongside Revolut’s wide range of other products and services, will provide customers in Ireland with more control, value and security than traditional banks.
Last month, Revolut also launched one of the lowest-cost personal loans in Ireland with rates from as low as 5.99% APR (Annual Percentage Rate). The new flexible loans can save customers hundreds of euros on the cost of a loan compared to borrowing from legacy banks - and there are no additional or hidden fees to apply for a Revolut loan, or even to pay it off early.
Revolut personal loans use Open Banking technology, combined with the firm’s famously
seamless experience, to make applying for loans quick, simple and hassle-free. In most cases, loan offers are being made within a minute of the application being submitted.
“Revolut is one of the fastest growing fintech companies in Europe because we put the customer at the heart of everything that we do. Our customer experience is second to none, we have no hidden fees, and we are constantly building new and innovative financial products”, said Joe Heneghan, Chief Executive Officer of Revolut Bank.
“Launching the bank in Ireland will provide a greater level of security and confidence for our customers, and will enable us to launch a host of new products and services in the future”, continued Heneghan.
In just six years, Revolut has attracted more than 18 million customers around the world. After launching in Ireland today, Revolut Bank is now live in 29 EEA markets. The specialised bank licence allows Revolut Bank to provide limited banking services via the Revolut app along with an array of financial services and products offered by other Revolut Group companies.
Using the Revolut app, customers can see exactly how much they are spending each month on things like restaurants and groceries, can set monthly spending budgets for these categories and manage fees for subscription services, send and request money from friends and receive it instantly, and round-up their card payments and build-up their spare change as savings. Revolut customers can also spend and transfer money globally with no hidden fees, and hold and exchange more than 30 currencies in the app
