Best online bank accounts in Ireland 2024

Managing your money has never been easier. With the rise of online and mobile banking, you can now access your bank account anytime, anywhere — without ever setting foot in a physical branch.

If you're on the hunt for the best online bank account in Ireland, you're in the right place. In this guide, we'll walk you through everything you need to know to find the best fit for you.

Why choose an online bank account?

There's no doubt about it — online banking has truly taken the world by storm. Just a few decades ago, online-only banks seemed to be a thing of the future, but they've quickly skyrocketed to fame. Even traditional banks have jumped on the bandwagon, offering online and mobile services that allow you to access your account remotely.

But is an online bank account right for you? Let's break down some of the advantages and disadvantages so you can get a balanced perspective.

Pros of online bank accounts

Here are several popular reasons opting for an online bank account might be the right choice for you:

• Convenience: online banking shines when it comes to convenience. It allows you to manage your money from home or on the go, with 24/7 access to your account via desktop or mobile app. You can check balances, transfer funds, pay bills, and even make deposits without queueing at your local branch.

• Lower fees: traditional bank accounts often come with high fees, including maintenance fees, overdraft fees, and ATM fees. However, many online banks have lower overhead costs, which allows them to reduce charges and even offer fee-free accounts.

• Better interest rates: if a savings account is what you're after, this may sound appealing to you. Online banks typically offer more competitive interest rates compared to traditional banks. By keeping their operating costs low, they can afford to offer higher returns on savings — it's a win-win.

• Innovative features: from real-time spending notifications and budgeting tools to goal-setting features and digital wallets, online bank accounts offer more and more every day. These handy tools can be real lifesavers.

• Accessibility: whether you're travelling abroad or simply too busy to go to your physical branch during business hours, you can access your money remotely. Just log into your account from anywhere in the world and easily stay on top of your finances no matter where life takes you.

• Security: contrary to popular belief, online banking is often just as secure as traditional banking, if not more so. With advanced encryption technology, multi-factor authentication, and fraud detection systems, banks go to great lengths to protect your money and sensitive information.

Cons of online bank accounts

Yep, online bank accounts sound pretty great. But before you run off and open an account, there are some potential drawbacks you should be aware of. They may be important to you, or they might not be — but it's helpful to keep these points in mind to make the best decision for you.

• Limited branch access: unlike traditional banks that have physical branches, online banks operate solely through digital platforms. This means you may not have access to in-person customer service, which can be inconvenient if you prefer face-to-face interactions.

  Some online-only banks offer 24/7 customer support via chat or phone, which can be just as effective as in-person assistance. Still not sold? Try a traditional bank with online banking services. That way, you get the best of both worlds: access to a local branch and online features.

• Dependence on technology: online banking relies heavily on technology and internet connectivity. If you have technical issues or internet outages, you may have difficulty accessing your account or completing transactions until the issue is solved.

• Transaction and deposit limitations: some banks may impose restrictions on the number of online transactions or the deposit amounts they accept. If you're making online transactions often or dealing with large cash deposits, ask if the bank has any limitations before opening an account.

• Learning curve: transitioning to online banking may require a period of adjustment. Every web or mobile banking app is slightly different, so it may take some time to get used to.

How to choose the best online bank account

With so many options out there, finding the best online bank account for you can feel a bit like looking for a needle in a haystack. But don't worry — all it takes is a little research to narrow down your choices.

Here are some steps to help you make an informed decision.

1. Identify your banking needs: consider factors such as how you prefer to manage your money, your spending habits, your savings goals, and any special features or services you need from your bank account.

2. Compare account features: research different online banks and compare things like transaction limits, ATM access, and additional perks or benefits. Pay close attention to the features that are most important to you and determine whether they meet your needs.

3. Evaluate fees and charges: take note of any fees associated with the account, such as monthly maintenance fees, overdraft fees, ATM fees, foreign transaction fees, and any other charges. Look for accounts with minimal fees or options to waive fees based on certain criteria, such as maintaining a minimum balance or setting up direct deposits.

4. Research security measures: make sure the online bank you choose has strong security measures in place to protect your personal and financial data. Look for features such as encryption, multi-factor authentication, and fraud monitoring to protect your account against unauthorised access.

5. Check customer service options: make sure you have access to phone support, live chat, email support, or online help resources. Consider the availability, responsiveness, and quality of a bank's customer service to make sure you can easily get help and resolve any issues that may arise.

6. Explore digital banking tools: explore the bank's mobile app, online account management, budgeting tools, financial planning resources, and real-time account alerts. Choose a bank that offers intuitive and user-friendly digital banking platforms. This will be your financial hub — make sure it's a good one.

7. Read reviews and ratings: take the time to read reviews and ratings from other customers to gain insights into their experiences with different online banks. Look for feedback on factors such as customer service, account features, usability, and reliability — but take it with a pinch of salt. Rather than getting caught up in the details, look for recurring patterns in customers' comments.

8. Consider accessibility: evaluate things like ATM availability and branch locations, if applicable. If these services are important to you, make sure you'll have access to them.

9. Review terms and conditions: pay attention to important details such as account requirements, eligibility criteria, account fees, interest rates, and any limitations or restrictions that may apply.

The best online banks in Ireland

If the idea of going with an online-only bank sounds appealing to you, you'll want to check out some of the top digital banks in Ireland at the moment. Let's go over some popular choices.

Revolut

Revolut is a fully licensed online bank that's revolutionised the way people manage their money. It's authorised and regulated by the Bank of Lithuania and the Central European Bank, plus it also has a local branch regulated by the Central Bank of Ireland for conduct of business rules.

Since its launch in 2015, Revolut has gained a reputation for its wide range of features and services, accumulating 40+ million global customers. Here's what sets Revolut apart.

• Multi-currency accounts: Revolut allows you to keep and exchange 30+ currencies at competitive exchange rates with low fees, which makes it ideal if you're travelling often or sending money internationally. You can also use your debit card to pay in 150+ currencies abroad just as easily as you would back home.
• Cashback and rewards: Revolut has features like Shops, which lets you earn cashback on online purchases. You can also get rewards when you book trips through Stays. The best part is that all this is a tap away, all in the app.
• Credit and loans: if you're approved, you can take out a loan of up to €30,000 with variable interest rates starting from 6.50% APR¹. Interest rates are personalised according to your credit history and financial situation. With credit cards, you get 1% cashback for the first 3 months, and then 0.1% after that, all while you make repayments flexibly.
• Investment opportunities: Revolut allows you to buy, sell, and keep cryptocurrencies such as Bitcoin, Ethereum, and Litecoin directly from your account. You can also invest in stocks right in-app. This provides added flexibility and convenience if you're interested in diversifying your investment portfolio or exploring the world of digital assets.
• Budgeting tools: with Revolut's flexible budgeting and analytics tools, you can practically build your own bank. They're highly customisable, allowing you to set personalised spending categories, payment limits, and bill-pay reminders. This helps you define and stay on top of your budget.

N26

N26 is a leading digital bank known for its user-friendly interface and innovative features. Founded in Germany in 2013, N26 has quickly expanded across Europe and beyond, with over 7 million customers.

Here's a closer look at what sets N26 apart.

• Fee-free transactions: N26 offers fee-free transactions abroad, making it a great choice if you're travelling often or making international payments. With N26, you'll also get competitive exchange rates, so you can get the most out of your money.

• Real-time notifications: with N26, you'll receive instant notifications on your mobile device whenever a transaction is made with your account. This feature provides added security and helps you stay on top of your spending by providing real-time updates on your account activity.

• Spaces: N26's Spaces feature is available for paid plans. It allows you to set aside money for specific savings goals or expenses. Whether you're saving for a holiday or an emergency fund, you can create customised Spaces within your N26 account and easily track your progress.

Bunq

Bunq is a Dutch online bank founded in 2012. Its goal is to provide custom banking solutions tailored to individual needs.

Here's what Bunq has to offer:

• Personalised banking: Bunq allows you to customise your account to suit your unique financial goals and preferences. Whether you're saving for a specific purchase, planning for retirement, or managing your day-to-day expenses, Bunq offers flexible banking solutions designed to meet your needs.

• Green initiatives: Bunq is known for its participation in sustainable and environmental initiatives. A part of the profits generated by Bunq's banking services is allocated to green projects around the world, which makes it easy for you to support eco-friendly initiatives while managing your finances. That's multi-tasking at its finest.

• Easy budgeting: Bunq's intuitive app makes it easy to track your spending and stay within your budget. With features like spending insights, budgeting tools, and real-time transaction notifications, Bunq empowers you to take control of your finances and make informed financial decisions.

Top online bank accounts in Ireland

Ready to open a bank account online? Whether you're sold on digital-only banks or prefer a high-street bank with online banking options, you'll find a quick run-through of some top picks here. We'll go over some of the most cost-effective accounts, as well as paid alternatives in case you're looking for additional features.

Revolut Standard account

If you're looking for a full bank account packed with tonnes of handy features, ultimate flexibility, 24/7 in-app support, and no monthly fees, this one's for you. Revolut's multi-currency accounts won the 2024 Bonkers.ie Award for Best Current Account in March 2024, and it's easy to see why.

With the Revolut Standard account, you get a local Irish IBAN regulated by the Central Bank of Ireland, which allows you to set up direct debits seamlessly and have your salary paid into your Revolut account without the paperwork or high fees often associated with non-local IBANs.

You can also keep and exchange 30+ currencies, make money transfers in 70+, and pay with your card abroad in 150+. It's basically a cross between a local and an international account, which makes it ideal if you're travelling often or managing your money across different countries.

You can create up to 20 virtual cards in-app to organise your spending your way, and you also get a physical card for ATM withdrawals (although you'll have to pay delivery fees to order one). You can make fee-free ATM withdrawals of up to €200 per month or up to 5 withdrawals, whichever comes first.

Revolut is known for offering competitive exchange rates and low-fee international money transfers. With the Standard account, you won't pay any currency exchange fees during weekdays on up to €1,000 per month, and you'll always see all costs in-app before you convert or send money — no surprises. Plus, transfers to other Revolut customers are fee-free, so you can easily settle payments with friends in a few taps.

Another unique feature is its suite of budgeting tools. You can set custom reminders on upcoming bills, schedule recurring payments, create budget categories, and check your spending with in-app trackers. Revolut truly takes the guesswork out of budgeting and keeps you in control.

As if that weren't enough, you also get access to other banking products and perks right in-app. You can apply for a credit card or personal loan, earn 2% Annual Equivalent Rate (AER) fixed interest with Instant Access Savings, explore crypto and stocks, and much more.

And of course, you always have the option to upgrade to a paid account if you want additional perks like insurance and discounts on certain features. Revolut has a tiered plan structure with 5 account types, so you can take your pick depending on your needs.

Considering that the Revolut Standard account has no monthly fees, it's a very complete option that offers the functionalities of a bank account and much more. Check out the website to explore all the features available — you'll be happy you did.

Here's a quick look at the Revolut Standard account and how it stacks up against their paid plans.

N26 Standard account

With N26, you get access to a sleek mobile app that lets you manage your money on the go. Their free Standard account provides essential banking features such as mobile payments, fee-free payments worldwide, contactless payments, and 3 fee-free ATM withdrawals in euros. You can also add money to your savings account and earn interest starting from 2.8%, with no deposit limits.

The Standard account is a great option if you're looking for a no-frills bank account with no monthly fees. If you're looking for a little something extra, you have the flexibility to upgrade to one of their paid options.

You get a virtual card with their Standard account, but you can upgrade to one of their paid plans to order a physical card. If you upgrade to their N26 Smart account, you'll pay a monthly fee of €4.90, which also gives you up to 5 fee-free ATM withdrawals and allows you to create 10 Spaces to categorise your money.

With the N26 You and N26 Metal accounts, you also get access to travel insurance and fee-free ATM withdrawals abroad. With these plans, you'll pay monthly fees of €9.90 and €16.90, respectively. N26 Metal also offers mobile phone insurance and purchase protection.

Here's a quick comparison at a glance.

Bunq Easy Bank account

Unlike N26, Bunq doesn't offer any current accounts without monthly fees, but their Easy Bank account is an affordable option with lots of benefits, for only €3.99 per month. They do have a free savings account, but if you want all the functionalities of a current account, upgrading to Easy Bank is your best bet.

With Easy Bank, you'll get a physical debit card, a virtual card, instant payments, contactless payments, in-store deposits, and lots of extra perks. You can also earn up to 2.46% on your savings deposits. In just 5 minutes, you can have your account up and running — all you need is your phone and ID.

Their Easy Money and Easy Green accounts give you access to additional features, for €9.99/month and €18.99/month, respectively. These options provide up to 3 physical cards, 26 virtual cards, 6 fee-free ATM withdrawals per month, local IBANs, payments in 22 local currencies, and multi-currency savings accounts that let you earn 3.71% interest in USD and GBP. One distinctive feature of Easy Green is that it allows you to participate in a variety of green initiatives, which is always a nice bonus.

Bottom line? If you're willing to pay a little more upfront every month, Bunq has a wide range of worthwhile options. Looking for the one with the lowest monthly fees? Go with Easy Bank.

Bank of Ireland (BOI) Personal Current Account

Digital-only banks are convenient options, but you can still get some of the benefits of online banking with traditional banks. That's why we've included two honourable mentions in our list: Bank of Ireland and Allied Irish Banks.

Bank of Ireland is one of Ireland's oldest and most reputable banks — it's been around for over two centuries. While BOI is deeply rooted in tradition, it's embraced digital innovation with their online banking services.

With BOI's Personal Current Account and their 365 Online service, you get access to online, mobile, and telephone banking. This allows you to manage your accounts, pay bills, make foreign currency payments up to €20,000, and view your account history.

Heads-up — you'll pay a monthly fee of €6, making it slightly more expensive than some of the other online bank accounts we've explored in this article. Banks like N26 and Revolut offer accounts with no monthly fees, and even some of their paid plans have lower monthly fees than BOI.

However, the benefits of opening an account with a traditional bank may outweigh the costs. If having access to a local branch is important to you, BOI is a reputable and tried-and-true choice to consider.

Allied Irish Banks (AIB) Personal Current Account

Like Bank of Ireland, Allied Irish Banks is one of Ireland's largest and most established banks. While AIB is primarily known for its traditional banking services, the bank also offers digital banking features that are worth checking out.

With AIB's Personal Current Account, you can use their mobile banking app to manage your finances on the go. This allows you to transfer up to €1,000 per day to other AIB customers, make one-off payments of up to €1,000 to another Irish bank account, manage your direct debits, and more. AIB also offers contactless debit and credit cards, which always come in handy.

There is an account maintenance fee of €4.50 per quarter, and AIB also charges small fees for transactions such as debit card purchases, contactless payments, direct debits, and ATM withdrawals.

In general, traditional banks tend to charge higher fees than online banks, so watch out for those if you decide to go with one of the classics. Like BOI, AIB is a solid choice if you're looking for a mix of in-person and online banking.

While there's no such thing as the 'best' bank account, it is possible to find the best one for you. Identify what's important to you, compare your options, and you'll be well on your way to finding a bank that meets your needs.

Kickstart your online banking with a Revolut account

Ready to change the way you money? Join 40+ million global customers and try Revolut.

Revolut Bank UAB is authorised and regulated by the Bank of Lithuania in the Republic of Lithuania and by the European Central Bank. It's also regulated by the Central Bank of Ireland for conduct of business rules.

With Revolut, you get top security, low fees, easy-to-use budgeting tools, multi-currency support, and so much more. It's hard to beat that.

Open a Revolut bank account and manage your finances online, in one app.

References:

• N26
• Bunq
• Revolut
• AIB
• Bank of Ireland

References last checked on 29 May 2024.

¹The Annual Percentage Rate (APR) represents the total cost of a loan over a yearly period. It includes both the interest you're charged and any other fees or charges related to the loan.