Digital bank Monzo making major inroads across Ireland
A digital bank, Monzo, is making significant inroads throughout Ireland, offering current accounts and savings options to consumers and businesses.
The holder of a full banking licence from the Irish Central Bank, Monzo is committed to free banking services and making money work for everybody.
It was first launched in the UK in 2015 where it has over 15 million customers in the British market.
Now, since launching in Ireland last April, it has succeeded in attracting staff with considerable experience in the Irish banking field.
Elaine Deehan, a former official of Allied Irish Banks who is now Monzo’s country manager for Ireland, told The Connaught Telegraph that Monzo is bringing a customer-centric approach to business and personal banking that is proving very attractive.
“There is frustration within the existing banking sector in respect of the fees being charged and Monzo offers everyday personal and business current accounts that are completely free to maintain while savings can earn up to 1.8% variable interest on your money.
“We are helping people change their relationship with money in a very positive way as well as solving banking problems they may be experiencing.
“We give back to our customers and our services includes salary sorting, automatic spare-change round-ups, and spend tracking.
“Customers can enjoy up to €300 worth of fee-free ATM withdrawals every 30 days in Ireland and abroad, a 2.5% fee applies for anything beyond that limit.
“With Monzo holding a full European banking licence from the Central Bank of Ireland, your eligible deposits are protected by the Irish Deposit Guarantee Scheme up to €100,000.”
Monzo is a digital-only bank. There are no physical branches and all account management is done via the Monzo Mobile App.
A 24/7 support service is in place to deal with customer queries and issues online.
Monzo has plans to grow the Irish team to 70 employees by mid-2027, nearly doubling the headcount.
“We use Fintech – financial technology – at its best for the benefit of our customers and it’s the way to go in the modern world,” stated Elaine.
The Monzo App can be downloaded to your phone and there is already a high take-up rate in Ireland.
It takes less than 15 minutes to open an account.
Added Elaine: “We have built up trust and credibility in the sector and we excited to bring all our services to customers who sign up directly.
"We focus very heavily on support - you can call us on our support line or you can get in touch with by e-mail and chat. I think that is how people want to actually interact today
"People want that best in class app experience and we provide that.”