Monzo officially launches in Ireland, lifting 100,000 user waitlist

Leading digital bank Monzo has officially launched in Ireland, marking day one of a new way of banking for Irish customers. The launch follows a 100,000 user waitlist and five consecutive weeks as the most downloaded Finance App in Ireland, signalling huge demand for a new way of banking in the Irish market.

This marks a major milestone in Monzo’s European expansion. Being the first digital bank to secure a full banking licence from the Central Bank of Ireland four months ago, all Monzo accounts are protected up to €100,000 under the Deposit Guarantee Scheme.

Michael Carney, EU CEO at Monzo said: “Ireland deserves a better way of banking, and it’s clear customers are ready for it. The response to our waitlist shows just how strong that demand is. As our first market in Europe, we’re excited to bring a bank that people genuinely love to Ireland, delivering the experience we’ve built serving millions. Our mission is to make money work for everyone and we’re bringing that to Ireland today with free everyday banking and a simpler, smarter way for people and businesses to manage their finances”.

The cost and complexity of everyday banking

With 38% of Irish customers ranking free accounts as one of the most important features they want from their banks, Monzo will offer free personal and business banking for everyone. Monzo also aims to eliminate the financial burden for SME owners too, who currently pay an average of €365 a year in bank fees or charges.

Monzo research found that only 19% of Irish customers say they have a high level of trust in Irish banks, and just 25% would recommend their bank to friends or family. Monzo aims to bridge this ‘trust gap’ in the market with no hidden fees, industry-first fraud features and clear, transparent banking. While it takes time to earn trust, Monzo is customer obsessed and co-creates tools and features by listening to pain points Irish customers experience, finding innovative ways to solve them. Just one example is Monzo’s industry-first ‘Call Status’ feature that lets customers know if they’re really speaking to Monzo on the phone.

While only 13% of customers say their bank always explains products clearly, 42% feel they need a “translator” to understand banking terms, products and communications. Monzo is here to change that. With no confusing terms and conditions, no jargon and 24/7 customer support, Monzo’s mission is to make money work for everyone – no translator required.

Saving remains a challenge

Research shows that saving continues to be a challenge across the country, with 34% of those who save earning no interest at all. Nationally, Irish households are sitting on approximately €172 billion in bank deposits, earning little or nothing.

Monzo customers can access a free instant access savings account, which allows them to start saving from as little as €1 while earning a competitive 1.6% variable interest rate – nearly twelve times the average Irish rate on overnight deposits.

The future of Irish banking

The Irish market is only moving one way, and that’s digital. Bringing a new era of banking, Monzo is solving pain points and listening to what customers want.

With 83% saying they want to track everything from spending to saving all in one place, Monzo’s single app can do just that. Allowing customers to manage spending, organise their money and view balances in one place.

Elaine Deehan, Country Manager for Ireland at Monzo said: “Our research is clear, Irish customers want free everyday banking, money that works harder for them, a partner they can trust, and a bank that speaks their language. Monzo combines the best of banking and technology with industry-first features now available to Irish customers. We’re here to truly listen to our community and build the future of banking together”.

Irish customers can now apply for an account by downloading the Monzo app.

See more stories here.