Monzo launched free banking in Ireland with 1.6% on savings and €100k protection

Digital bank Monzo has officially launched in Ireland, offering free personal and business banking. Customers also have access to an interest rate of 1.6% on savings and deposit protection up to 100 thousand euros. The launch took place after unexpectedly high demand for the bank's services.

Prior to the official opening, more than 100 thousand people signed up for the waiting list. In the five weeks leading up to the launch, Monzo became the most popular financial app in Ireland.

Monzo offers customers free accounts for both personal and business banking, at no additional cost. The question of whether this new bank will be able to win the trust of customers traditionally oriented towards other financial institutions remains open.