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.
| Company | Products | Fees | ATM Network | Interest rates |
|---|---|---|---|---|
|
|
Savings, current, deposit, credit & loans, personal & car insurance, and business accounts |
Standard account is free. Premium- 7.99/mth |
ATMs nationwide |
Varied |
|
|
Savings, current account, Deposit accounts |
Basic account is free. Different plans for other accounts |
ATMs nationwide |
2.46% |
|
|
Standard, Smart, metal, and you accounts |
Free for standard account, €4.90 – €16.90 per mth depending on acct |
ATMs nationwide |
2.50% |
|
|
Instant, money pots, joint and business accounts, Avios and Paypal link accounts |
Instant account is free. Premium account is €4.95/mth. Different price plans for business account |
ATM’s nationwide |
n/a |
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.
Why we chose it
- Revolut is our number one best online banks for its innovative approach to providing banking services to a broad range of people. It helps people navigate financial complexities. Revolut also offers a rewards program that allows you to earn cashback and discounts from top brands. You can access the rewards program in the app.
- With Revolut, you’ll get access to ATMs throughout Ireland and all the features you may expect from a digital bank, including 24/7 access to online banking and a mobile app. Revolut provides customer support through its in-app chat feature. You can also contact Revolut’s customer support team via email or phone.
Read our full Revolut Review.
Pros and Cons
Pros:
- No fees for international transfers and currency exchange
- Access to cryptocurrencies and stock trading
- Manage your money online with budgeting tools and spending analytics
- You can choose from a variety of card designs and colours, including a virtual card that you can use online.
- Revolut is authorised by the Bank of Lithuania in the Republic of Lithuania and the European Central Bank and is regulated by the Central Bank of Ireland for conduct of business rules.
Cons:
- Limited customer support
- No physical branches
- Some features require premium subscription
- You may incur fees for some services and transactions, depending on your plan and usage.
- Revolut do not currently offer mortgage services in Ireland.
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
Why we chose it
- Bunq is a digital bank that aims to provide a convenient, transparent, and ethical banking experience for its customers.
- It is easy to sign up and offers a rewards program that allows you to earn cashback and discounts from top brands.
- Supports multiple currencies and allows you to exchange money at the real exchange rate with no fees.
- Makes travel expenses easy and you can use app to split bills and request payment.
- Bunq is secure and innovative, as it uses biometric authentication, encryption, and other security measures to protect your data and money.
Pros and Cons
Pros:
- Open a bank account in just 5 minutes, directly from your phone
- Choose how your deposits get invested, and support sustainable and inclusive causes
- Earn up to 2.46% interest on your savings account, paid monthly
- Bank like a local with an Irish IBAN, and enjoy direct debits and payments
- Benefit from 24/7 support and a 30-day free trial of the most complete plan
Cons:
- Pay a monthly fee for most of the banking plans, ranging from €2.99 to €22.99
- Only withdraw money from your savings account up to 2 times a month
- Limited banking services available.
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
Why we chose it
- No hidden fees. N26 does not charge any ATM fees, minimum account balance fees, or foreign transaction fees. You can also send money overseas in 38+ currencies with Wise
- It offers several features to help you save and budget more easily. You can use Income Sorter to automatically organize your money into different categories, such as bills, savings, or fun.
- You can also use Round-ups to save the spare change from every purchase you make with your N26 card.
- Use the Monthly Wrap-Up to get an overview of your expenses by category, merchant, or time period
Pros and Cons
Pros:
- Fully digital bank that offers a simple, mobile, and secure banking experience. You can open a free bank account in minutes from your smartphone or PC.
- N26 is a fully licenced EU bank and the German Bank Guarantee covers all funds in N26 (up to €100,000).
- Offers a range of features and benefits, such as free ATM withdrawals in euros, real-time notifications, instant transfers, spending statistics, and more.
- N26 has low fees and transparent pricing. You can choose from different plans to suit your needs, such as N26 Standard (free), N26 Smart (€4.90/month), N26 You (€9.90/month), or N26 Metal (€16.90/month).
- You can contact N26 customer service via chat, phone, or email.
Cons:
- They don't have any physical branches in Ireland, so you may miss the personal touch of a traditional bank.
- Some products and services that other banks in Ireland offer are not available on N26, such as overdrafts, loans, mortgages, savings accounts, or joint accounts.
- N26 may not be compatible with some Irish payment systems, such as direct debits or standing orders. You may need to use another bank account for these transactions.
- They are not widely recognized or trusted by some Irish merchants or customers. You may encounter some difficulties or delays when using your N26 card or account.
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.
Why we chose it
- Monese also offers a joint account to save, spend, and share with a friend, partner, or family member. You can share bills and other expenses while keeping an eye on your transactions together.
- Its fast, flexible and low-cost banking solutions for people who live and work across borders.
- It is easy to open an account. You can sign up online or through the app in minutes, and you don't need a local address or credit history, only a valid ID and a selfie.
- You can link your Monese account with PayPal, Google Pay, Apple Pay, TransferWise and more. You can also send and receive money from other Monese users for
- It is customer-friendly and supportive. You can access customer service 24/7 through the app, phone or email, and you can get help in 14 languages. free.
Pros and Cons
Pros:
- Open an instant mobile euro account to start spending, sending and saving in minutes
- Transfer money for free when sending between Monese accounts, no matter the country or currency
- Open accounts in multiple currencies to spend abroad like a local
- Manage your money with budgeting tools, spending overviews and salary payments
- Earn up to €150 when you invite your friends
- Access your account online via Monese for web
- Join over 2 million people who trust Monese as an alternative to traditional banks
Cons:
- Pay fees for some services, such as ATM withdrawals, card delivery or currency exchange
- You may not have access to some features that are available in other countries, such as joint accounts or business accounts
- You may not have the same level of protection as a bank account, as Monese is not covered by the Deposit Guarantee Scheme or the Investor Compensation Scheme in Ireland.
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
What are the drawbacks of online banking?
Limited services: Online banks offer fewer financial services than traditional banks. An online bank may only offer a checking account, a savings account, and a fixed deposit account, while a traditional bank may offer additional services such as loans, mortgages, and credit cards
No personal relationships: Online banking does not offer the same level of personal interaction as traditional banking.
Less flexibility: Online banking may not be as flexible as traditional banking when it comes to handling complex transactions or resolving issues.
Tech issues: Online banking may be subject to technical issues such as website downtime or app crashes.
In-person support: Online banking may not offer in-person support, which can be a disadvantage for people who prefer face-to-face interactions.
Are online banks safe and secure?
Yes, online banks are generally secure. They take various precautions to keep your money safe, including government deposit guarantee schemes, data encryption, multi-factor authentication, and more. Here are some ways online banks ensure security:
Deposit guarantee scheme: Most banks in Ireland are insured by the Deposit Guarantee Scheme or the European deposit insurance scheme for other European banks. The deposit insurance protects your deposits up to €100,000 per depositor, per ownership category in each bank. If your bank fails, deposit guarantee ensures your funds are protected up to the deposit insurance limits. Deposit insurance helps to maintain public confidence in the banking system
Data encryption: Online and traditional banks use strong online encryption, which prevents anyone besides your bank from reading your data, including your card numbers and other information
Multi-factor authentication: Online banks often use multi-factor authentication to verify your identity when you log in. This can include a password, a security question, or a fingerprint.
Secure websites: Online banks use secure websites that begin with “https” instead of “http.” The “s” stands for “secure,” and it means that the website uses encryption to protect your data.
Mobile alerts: Many online banks offer mobile alerts that notify you of any unusual activity on your account.
Customer service: Online banks offer customer service through phone, email, or chat, and they can help you resolve any issues related to your account.
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.
