a day ago
Revolut cuts rates on instant access savings account
Revolut is cutting interest rates on its standard Instant Access Savings account to 1.5%.
The decision comes after the European Central Bank cut rates earlier this month from 2.25% to 2%. Revolut had been offering rates of 1.7% on its standard Instant Access Accounts, with rates of up to 2.1 on its Annual Equivalent Rate Premium account.
On Friday, Revolut alerted customers that rates on the standard account will now reduce to 1.5%. The new rates will come in on the end of the notice period.
Revolut has more than 3m customers in Ireland.
Bank of Ireland announced at the start of the month that it is cutting interest rates on its 12 and 18-month fixed-term deposits by 0.25%.
Last week, the ECB cut interest rates for the eighth time in a year, as it reduced by one-quarter of a percentage point to 2%.
Austrian Central Bank governor Robert Holzmann said on Thursday that further cuts may now be paused unless economic data worsens.
