Revolut raises interest rates on savings accounts in Ireland

The company has 3.4m Irish users, with 600,000 using savings options

Revolut has raised interest rates on its savings accounts by 0.25% in response to the ECB interest rate hike. 

Revolut has raised interest rates on its savings accounts by 0.25% in response to the European Central Bank's decision this week to hike interest rates. 

The online bank, which has 3.4m users in Ireland, said the 0.25% increase will apply to rates for its Instant Access Savings product in Ireland, for both new and existing customers. The increases see customers on Revolut’s Ultra plan move to 2.50% AER (variable), while Metal subscribers will now earn 2.25% AER (variable). Premium users will earn 2.00% AER (variable), while customers on the bank’s Standard and Plus plans will also see their rates rise to 2.00% AER (variable) for balances up to €2,500.

Revolut’s Instant Access Savings accounts allow for daily interest payments. 

"In an inflationary environment, it is critical that people have their money working for them, so as to retain and grow their buying power. Over 600,000 people in Ireland are already saving with us. We don’t believe Irish savers should have to choose between a high interest rate and instant access to their money," said Revolut Ireland country manager Malcolm Craig. 

On Thursday, the ECB responded to the upswing in inflation by raising its key interest rates for the first time in almost three years. Following more than three months of war in Iran and soaring oil prices, the ECB raised its interest rates by a quarter-point to 2.25%, making it the first major central bank to respond to the ongoing conflict.