Online bank Revolut, which has over 2.8 million customers in Ireland, said its savings balances grew at an average rate of more than 50% between June and September after an influx of deposits from its customers.
Revolut launched its first savings account in Ireland at the end of May, offering customers rates of between 2% and 3.49% AER depending on their plan, with interest paid out daily.
The company said its savings product is giving Irish savers full control and greater flexibility on their savings as they can access their money on-demand while their money earns interest. They can add or withdraw funds at any time - without any penalties or withdrawal limits.
"Our deposit accounts give consumers both flexibility and a great return," said Joe Heneghan, partner and CEO at Revolut Europe.
"Revolut savers, including those on our free Standard plan, benefit from really competitive interest paid out to them daily as well as total control over their money - all within our best-in-class, familiar app," he stated.
Albert Codorniu, General Manager of Savings at Revolut, said it is evident that savers are shifting towards higher interest accounts.
"Our Instant Access Savings product, secured by our fully-licensed bank, makes it easier than ever for people in Ireland to grow their financial wealth," he added.
