Digital bank Monzo opens doors to Irish consumers
One-hundred-thousand Irish consumers are opening accounts with Monzo as the digital bank opens for business.
The first digital bank to secure a full banking licence from the Central Bank of Ireland four months ago, all Monzo accounts are protected up to €100,000 under the Deposit Guarantee Scheme.
Michael Carney, EU CEO at Monzo said: “The response to our waitlist shows just how strong that demand is. As our first market in Europe, we’re excited to bring a bank that people genuinely love to Ireland, delivering the experience we’ve built serving millions. Our mission is to make money work for everyone and we’re bringing that to Ireland today with free everyday banking and a simpler, smarter way for people and businesses to manage their finances.”
Monzo customers can access a free instant access savings account, which allows them to start saving from as little as €1 while earning a competitive 1.6% variable interest rate – nearly 12 times the average Irish rate on overnight deposits.
With 83% saying they want to track everything from spending to saving all in one place, Monzo’s single app can do just that. Allowing customers to manage spending, organise their money and view balances in one place.
Elaine Deehan, country manager for Ireland at Monzo, said: “Our research is clear, Irish customers want free everyday banking, money that works harder for them, a partner they can trust, and a bank that speaks their language. Monzo combines the best of banking and technology with industry-first features now available to Irish customers. We’re here to truly listen to our community and build the future of banking together.”
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