European fintech firm Revolut has announced increases of up to 0.25% to the interest rates on its Instant Access Savings product for savers here.
Revolut said the rate adjustment follows the European Central Bank’s decision yesterday to increase interest rates, adding that it reflects its commitment to passing on market benefits to its customers quickly and transparently.
From 11 June for new and existing customers, customers on Revolut’s Ultra plan move to 2.5% AER (variable) from 2.25%, while Metal subscribers will now earn 2.25% AER (variable) from 2%.
Its Premium users are now able to earn 2% AER (variable) compared to 1.75%, while customers on its Standard and Plus plans will also see their rates rise to 2% AER (variable) for balances up to €2,500.
The increase applies to both new and existing customers.
Malcolm Craig, Country Manager – Ireland at Revolut, said that while traditional banks have historically been slow to pass on market rates, Revolut is moving immediately to ensure its 3.4 million Irish customers can benefit.
“In an inflationary environment, it is critical that people have their money working for them, so as to retain and grow their buying power,” Mr Craig said.
“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,” he said.
“These rate increases reflect our commitment to being the primary bank for Ireland, offering a smarter way for our customers to grow their wealth with daily interest and total flexibility,” he added.
