Best Online Banks in Ireland April 2024
In this article, we will review best online only banks in Ireland with no physical branches at all, that are accessible to you in Ireland.
The two pioneers of online banking that paved the way for the online banks that exist today are Security First Network bank launched in 1995 and First Internet Bank of Indiana launched in 1999.
Most people consider online bank for their innovative tools, competitive rates or large network access. You will find that online banks offer some of the most competitive rates on high interest rate savings and fixed deposit accounts, giving them an advantage over the rest. You can always open multiple accounts at banks or financial institutions to help you reach your financial goals.
Lets look at what each individual online banks offer.
Compare the Best Online Banks Ireland
Coins to Asset lists some of the best online banks and the products which they offer.
Revolut Bank
Product
Savings, current, investment plus more
Fees
Standard is free, premium €7.99/mth
AER
Varies according to currency & account type
In addition to its traditional banking products— savings account, current account, credit cards and loans—Revolut offers a more comprehensive suite of financial services features online including currency exchange, budgeting tools, affordable cross-border transfer, investments, crypto trading, and commodities service.
Bunq
Products
Savings, current, business plus other types
Fees
Basic is free. Other plans €2.99- €22.99
AER
2.46%
Bunk digital bank offers a range of products including Bunq Premium, Travel card, Easy money, Easy Green, and business accounts for different needs. The Bunq app has a rating of 3.6 stars on Google Play Store, and 4.5 stars on App store
N26
Products
Current, savings, overdraft and investment products
Fees
Monthly fee: €0 – €16.90 depending on plan
AER
2.50%
N26 banking products are innovative, transparent and user-friendly, with a sleek app and smart features like Spaces and Statistics
Monese
Products
Instant, joint, business and avios/paypal linked accounts.
Fees
Simple
€0/month Classic
€5.95/month Premium
€14.95/month
AER
2.50%
Monese is an online bank with mobile money account that offers you a fast and borderless way to manage your finances that lets you open a GBP, EUR or RON account in minutes, regardless of your credit score.
What is an Online Bank?
An online bank is a financial institution that allows you to conduct banking and financial transactions at your convenience over the Internet, through a website or an app without the need for a physical branch. The transactions or services offered online vary by institution, but most will generally offer basic services such as transfers and bill payments. Most traditional banks and credit unions with physical branches also offer online banking services to their customers. The range of services available usually doesn’t differ that much from what you’d find at the best online banks.
>> Read more: How to open a bank account in Ireland
What are the Benefits of Online Banks?
24/7 availability and Convenience: Online banking allows you to do your banking at your own convenience, anytime, anywhere and they are usually available 24 hours. You can open up new accounts and apply for credit cards through online banking portals, set up notifications and alerts, report a change of address, deactivate your cards and monitor your transactions in real time.
Lower fees and higher interest rates: Due to the reduced overheads and expenses of maintaining physical branches, most online banks will offer lower fees and competitive interest rates than your traditional banks.
No minimum deposit requirements: Many online banks demand low or no minimum deposits to open accounts.
Additional online features: You get great tools for managing your personal finances and record keeping such as budgeting tools, auto savings, financial calculators and integrate your mobile wallets.
How to Choose and Online Bank?
Here are some tips to help you choose an online bank:
- Research: Research the online banks accessible to you and compare their features, fees, and interest rates.
- Range of Products and Services: Check the range of products offering as some only offer just the basic savings and current account and don’t offer money market or fixed deposit accounts.
- Security: Ensure that the online bank you choose has robust security measures in place to protect your personal and financial information.
- Customer service: Review that assistance is available when you need it. Check if the online bank offers customer service through phone, email, and/or chat.
- Fees: Compare the fees charged by different online banks for account maintenance, ATM usage, monthly fees, insufficient funds fees, overdraft fees, or transfer fees.
- Interest rates: Look for an online bank that offers competitive interest rates on savings accounts and other deposit products.
- Mobile banking: Check if the online bank has a mobile app that allows you to manage your account on the go.
- Reviews: Read reviews from other customers to get an idea of their experiences with the online bank.
- Deposit Insurance: You must check if your deposit is insured under the European Union Deposit Insurance Scheme or the Central Bank of Ireland Deposit Guarantee Scheme which provides protection up to €100,000
How to Open an Online Bank Account?
Here are the general steps to open an online bank account, however each bank may have their own additional requirements:
Go to the bank’s website: Go to the bank’s website and find the link to “open an account”.
Select the account type: Choose the type of account you want to open.
Complete online application: Fill out the application form with your personal information, including your name, address, date of birth, and PPSN .
Identity verification: Verify your identity by providing a government-issued ID, such as a driver’s license or passport.
Wait for approval: Wait for the bank to approve your application. This may take a few days.
Account activation: Once your application is approved, you will receive an email with instructions on how to activate your account.
Fund your account: Fund your account by transferring money from an existing bank account.
Who are Online Banks Best For?
Online banking is a convenient option for anyone who wants to manage their finances from the comfort of their own home or on-the-go. Here are some groups of people who may find online banking particularly beneficial:
- Busy professionals: Online banking allows you to do your banking at your own convenience, wherever you want—at home, at work, or on the go. This can be especially helpful for busy professionals who don’t have time to visit a bank branch during regular business hours.
- People who travel frequently: Online banking allows you to access your accounts from anywhere in the world, as long as you have an internet connection. This can be particularly helpful for people who travel frequently and need to manage their finances while on the go.
- People who live in rural areas: Online banking can be a great option for people who live in rural areas, where there may not be a bank branch nearby.
- People who want to avoid fees: Online banks generally have lower fees than traditional banks. This can be particularly helpful for people who want to avoid paying high fees for banking services.
- People who want higher interest rates: Some online banks offer higher interest rates on savings accounts than traditional banks. This can be particularly helpful for people who want to earn more interest on their savings.
- People who want to avoid lines: Online banking allows you to avoid long lines at bank branches. This can be particularly helpful for people who don’t want to waste time waiting in line.
Difference between Online Bank and Traditional Bank
Online Banks
- Online banks have no physical presence or branch.
- Online banks generally have lower fees
- Online banks often offer higher interest rates on savings accounts
- Online banking allows more convenience to transactions through website and app.
- They offer fewer financial services, only offer a checking account, a savings account, and a CD account
- Security: Online banks have robust security measures in place to protect your personal and financial information.
- Online banks may only offer customer service through email or chat.
Traditional Banks
- Traditional banks have physical branches, while online banks do not.
- They generally have higher fees
- Offer lower interest rates on savings accounts than traditional banks.
- Less more convenient as it offers most services through a local branch.
- Traditional bank may offer additional services such as loans, mortgages, and credit cards.
- They have robust security measures in place to protect your personal and financial information just as online banks.
- Traditional banks offer customer service through phone, email, or chat.
Online Banking FAQs
Lynda Unogu MBA IMC (CFA UK) PMP
Lynda holds an MBA from University College Dublin and worked previously in product roles within financial services and technology firms like Mastercard, Citi Bank and JP Morgan. She constantly seeks to apply her expertise in financial services to the field of personal finance with the goal of helping people navigate the complexities of the finance.