{"id":271226,"date":"2026-01-30T03:27:13","date_gmt":"2026-01-30T03:27:13","guid":{"rendered":"https:\/\/www.newsbeep.com\/ie\/271226\/"},"modified":"2026-01-30T03:27:13","modified_gmt":"2026-01-30T03:27:13","slug":"savings-race-hots-up-with-revoluts-15-interest-rate-in-mexico-the-irish-times","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/ie\/271226\/","title":{"rendered":"Savings race hots up with Revolut\u2019s 15% interest rate … in Mexico \u2013 The Irish Times"},"content":{"rendered":"

If you have savings, how much interest are you earning on them? The chances are, not much. <\/p>\n

For most of us, the best we can aspire to is about 3 per cent interest on our savings these days. And that will likely fall further if the European Central Bank<\/a> were to cut rates again. <\/p>\n

It\u2019s that low-interest-rate environment that has led to so many pieces appearing in print and on television or radio, urging savers to look at investing their cash in other products rather than leaving it to sit in a bank account and watch the real value of it erode as inflation eats away at it. <\/p>\n

Perhaps personal finance experts should be urging people to just move to Mexico instead. <\/p>\n

Revolut<\/a>, which offers interest of 2.25 per cent on its Ultra deposit account in the Republic, is moving into the Mexican market. And there, it is offering savers as much as 15 per cent interest on their savings. <\/p>\n

The neobank has deployed about $100 million (\u20ac84 million) into Mexico as it seeks to grow market share there. The company took on about 40,000 clients in the country in a trial phase, according to Bloomberg News, and is seeking to ultimately have about two million customers. <\/p>\n

It\u2019s easy to ask why can\u2019t Revolut offer 15 per cent interest here as well as Mexico, but the reality is that these rates are driven by local economics as much as anything else.<\/p>\n

The interest rate environment is a lot different in Mexico compared to the Republic. Rates are generally much higher there, and have been for years. The main interest rate set by the Mexican central bank stands at 7 per cent, well above the European Central Bank\u2019s 2 per cent. <\/p>\n

That feeds through the wider market, with Mexican banks generally offering mortgages with much higher interest rates than here, and the same with savings rates.<\/p>\n

Revolut\u2019s 15 per cent interest on savings will be among the best available on the Mexican market. Broadly speaking, it is competitive with the other local players, not a true outlier in the market.<\/p>\n

Does it go to show that Revolut, and other banks, could offer higher rates here if they chose to? Maybe, but much as we might like to wish it so, Revolut isn\u2019t a charity. It\u2019s a commercial enterprise, with the profit motive central to its existence. And that won\u2019t be changing any time soon. <\/p>\n","protected":false},"excerpt":{"rendered":"If you have savings, how much interest are you earning on them? The chances are, not much. For…\n","protected":false},"author":2,"featured_media":271227,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[72,6572,61,60,8581],"class_list":["post-271226","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-business","tag-cantillon","tag-ie","tag-ireland","tag-revolut"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/271226","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/comments?post=271226"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/271226\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media\/271227"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media?parent=271226"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/categories?post=271226"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/tags?post=271226"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}