UK digital banking group Monzo said it is officially launching on Tuesday in the Republic after 100,000 customers signed up to a user wait-list.
The company is starting off with offers of free current and savings accounts for individuals and a section of free business accounts, it said in a statement. Its personal savings accounts allow individuals to save as little as €1 and access their money any time and get up to 1.6 per cent annual interest.
“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,” said Mark Carney, EU chief executive at Monzo. “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.”
Each account will come with an Irish international bank account number (Iban) – similar to other mobile banks targeting customers in the State such as Revolut and N26.
Founded in 2015, Monzo has than 15 million customers, including 800,000 business customers in its home market in the UK.
It received its Irish banking licence in December, and plans to use the Republic as a launch pad as it ultimately targets offering services across the European Union (EU).
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.”