The Irish banking market shrank materially after Ulster Bank (closed 2023) and KBC Ireland (closed 2023) exited. The mainstream choices left are three traditional banks (AIB, Bank of Ireland, Permanent TSB), An Post Money, the local credit union network, and the digital options (N26, Revolut and bunq). For most newcomers the practical answer is two accounts: a digital one to open immediately, and a traditional one once you have a PPS number and proof of address.
Once you’ve picked a bank, see our step-by-step opening guide for the documents you’ll need, which proof-of-address letters Irish banks actually accept, and what to expect at the branch.
Side-by-side comparison
| Provider | Monthly cost | Free-banking conditions | Branches/ATMs | Best for |
|---|---|---|---|---|
| AIB | €6/month, covers unlimited euro transactions | Student, Student Plus, Graduate, Basic Bank Account, Advantage (66+), or if you pay an AIB mortgage from the account | 170+ branches and service centres | Traditional banking, mortgage prep |
| Bank of Ireland | €6/month current account fee | Second-level student, third-level student, graduate, or 66+ | Large branch network plus An Post offices | Branch + ATM coverage, mortgage prep |
| Permanent TSB | €8/month Explore account | Up to €5/month cashback (5c per card payment) offsets the fee | ~70 branches | Cashback on card spend and PTSB mortgages |
| An Post Money | €6/month, plus €0.60 per ATM withdrawal | None — pay regardless | 900+ post offices | Rural access, simple banking |
| N26 | €0 Standard (€4.90 Smart, €9.90 Go, €16.90 Metal) | Standard plan free, no conditions; 2 free euro ATM withdrawals | None (app-only); use any ATM | Free baseline, EU-wide travel, fast onboarding |
| Revolut | €0 Standard (€3.99 Plus, €8.99 Premium, €15.99 Metal, €55 Ultra) | Standard plan free, no conditions | None (app-only) | Multi-currency, travel FX, light investing |
| bunq | €0 Free (€3.99 Core, €9.99 Pro, €18.99 Elite) | Free tier available; richer features on paid plans | None (app-only) | Local Irish IBAN, high-interest savings, travel |
| Credit unions | Typically €0–€3/month | Member-based, varies by union | Local branch in most towns | Loans, community banking |
Fees and tier names change. Always confirm the current fee and conditions on the provider’s own site before opening — the official pages are linked throughout this guide.
How free banking actually works in Ireland
Unlike many countries, Irish current accounts are not free by default. Almost every traditional bank charges a maintenance fee unless you meet a condition. The common ways to escape fees:
- Be a student or recent graduate — AIB waives the fee on its Student, Student Plus and Graduate accounts; Bank of Ireland does the same for second-level, third-level and graduate accounts
- Be 66 or over — AIB’s Advantage Account and Bank of Ireland’s over-66 account both carry no monthly fee
- Pay an AIB mortgage from the account — AIB waives the fee if your mortgage repayment comes from your AIB current account
- Hold a Basic Bank Account — AIB charges no monthly fee on it
- Use a digital provider — N26 and Revolut have genuinely free standard tiers, and bunq offers a (more limited) free tier with a local Irish IBAN
One thing that has changed: keeping a big balance no longer gets you free banking. The Irish banks have moved to flat monthly fees, so the old route of holding €2,500–€3,000 to avoid charges is gone. If you don’t fit one of the categories above, you pay — €72/year at AIB, Bank of Ireland and An Post, €96/year at PTSB. A free digital account alongside a traditional one often pays for itself within a few months.
What each provider is for
AIB — solid all-rounder with 170+ branches and service centres. It now charges a flat €6 a month that covers unlimited euro transactions, rather than the older quarterly-fee-plus-per-transaction model, so the cost is predictable at €72 a year. Notably, the fee disappears entirely if you pay an AIB mortgage from the account. Strong mortgage offering — useful if you’ll buy property in Ireland.
Bank of Ireland — a large branch network, extended further by counter services in An Post offices. Free transactions inside the account; the catch is the €6 monthly fee, waived only for second-level and third-level students, recent graduates, and customers aged 66 or over. Mortgage and credit card products are competitive.
Permanent TSB — smaller network but particularly competitive on mortgages and personal loans. The Explore account carries the highest headline fee at €8 a month, but it pays 5c cashback on every card payment up to €5 a month, plus 2% cashback on PTSB mortgage repayments until 31 December 2030 — so an active card user claws most of the fee back, and a PTSB mortgage holder comes out ahead. Worth a look if you’ll borrow rather than just transact.
An Post Money — accessible from any post office, which matters in rural areas where bank branches have closed. €6 a month with no path to free banking, and unlike the banks it charges €0.60 for every ATM cash withdrawal, so it works out dearer than the headline suggests if you take cash out often. Useful if you’re outside the main banks’ branch footprints.
N26 — a German-licensed bank, which means deposits are protected under German deposit guarantee (€100,000). Standard plan is genuinely free, including 2 free euro ATM withdrawals. Excellent app, instant notifications, easy budgeting. Practical limitation: no overdraft, no Irish mortgage or loan products.
Revolut — an e-money institution registered in Lithuania (since 2021). Standard plan is free; multi-currency wallets and free FX up to €1,000/month make it the strongest pick for travel. Wider product range (crypto, stocks, insurance) than N26. Worth knowing: deposits sit under the Lithuanian deposit guarantee scheme; for very large balances most people still use a traditional Irish bank as the primary.
bunq — a Dutch-licensed European bank, so deposits are protected to €100,000 (under the Dutch Deposit Guarantee Scheme, like N26’s German cover). Two things make it interesting for people settling here. First, it can issue a local Irish (IE) IBAN, which sidesteps the occasional “we don’t accept non-Irish IBANs” snag you can still hit with N26’s German IBAN. Second, it pays interest on instant-access savings, credited weekly — but read the structure before you count on the headline. bunq runs a base rate of 1.51% and a bonus rate of 3.01%, and the bonus applies only to savings above a threshold set by your own highest balance over the previous six months. Money you park and leave alone earns the base rate. Budgeting is a genuine strength (split money across multiple sub-account IBANs), and it leans into travel (in-app eSIM, fee-free card spending abroad) and sustainability (a tree planted for every €100 you spend). The trade-off: unlike N26 and Revolut’s free standard tiers, bunq’s most useful features sit on paid plans from €3.99/month (there’s a limited free tier and a 30-day trial). Best treated as a second account for savers and frequent travellers rather than a free everyday account. → Open a bunq account (affiliate link — see how Settle.ie is funded)
Credit unions — owned by their members rather than shareholders. Loans are typically cheaper and more flexible than banks; current accounts are available at many but not all unions. Best fit if you’d value a local relationship and might need a personal loan.
Savings and deposits
Once you have a working current account, the next question is where to park savings. Irish current accounts pay close to nothing in interest — AIB’s Personal Demand Deposit pays 0.25%, and the 3.00% Online Saver rate applies only up to a monthly limit that starts at €1,000 and resets every 13 months, so a lump sum can’t use it. Your main options:
For a full comparison of where a relocation lump sum should go, see best savings rates in Ireland for a lump sum.
bunq instant-access savings pay 1.51% base, with a 3.01% bonus rate that applies only to savings above your six-month high-water mark (credited weekly, withdraw anytime). It suits a balance you are actively building rather than a lump sum you intend to leave alone — see savings rates for a lump sum for the full mechanism.
Klarna — better known for buy-now-pay-later, Klarna is also a licensed Swedish bank, and its savings accounts are open to Irish residents through the Klarna app. The Flex account is instant-access: 1.95% AER (variable) on the base tier, no minimum deposit, no fees. The higher Flex rates — 2.05%, 2.15% and 2.45% — each require a corresponding paid Klarna membership, so weigh the subscription against the extra interest. → Open a Klarna Flex account. The Fixed accounts lock your money away for 3 to 48 months at rates from 1.84% up to 3.10% AER — the 12-month term pays 3.00%, a full point above AIB’s 2.00% at the same term and with no €5,000 minimum. Note the 6-month term (2.89%) currently pays more than the 9-month (2.46%). → Open a Klarna Fixed account. Deposits are protected up to SEK 1,150,000 (about €100,000) under the Swedish deposit guarantee scheme. (affiliate links — see how Settle.ie is funded)
Raisin is a European deposit marketplace: a single account that gives you access to fixed-term savings accounts from 30+ partner banks across Europe, with terms from one month. Rates consistently run above what Irish high-street banks offer, and its Starter Account pays 3.10% AER for 3 months to new customers. Deposits are protected to €100,000 per bank under EU deposit guarantee law — the same framework that covers AIB and Bank of Ireland. → Open a Raisin account (affiliate link — see how Settle.ie is funded)
One tax note on the non-Irish options: unlike an Irish bank, Klarna and Raisin’s partner banks don’t withhold Irish DIRT on your interest — you’re responsible for declaring it to Revenue yourself.
Practical split: keep 3 months of expenses in easy-access savings (bunq, Klarna Flex, or a savings account with your current account bank), then move anything you won’t need for a year or more into a fixed-term deposit via Raisin or Klarna.
Quick worked examples — what you’d actually pay
| Profile | Best fit | Likely annual cost |
|---|---|---|
| Student, age 21 | Any of AIB, BOI, PTSB student account | €0 |
| Young professional, €1,500 typical balance | N26 Standard primary + traditional secondary if needed | €0 (digital) vs ~€72 (traditional) |
| Established professional, €4,000+ typical balance | Balance no longer earns free banking — pick on branch access, or go digital | €72–€96 (traditional) vs €0 (digital) |
| Frequent traveller doing €500+ FX/month | Revolut Standard — free FX up to €1,000/month | €0, against roughly €165/year assuming a 2.75% card FX markup elsewhere |
| Saver parking a €5,000 cash buffer | Klarna Flex (1.95%) easy-access; Raisin or Klarna Fixed for higher locked-in rates. bunq only if you’re still adding to the balance | ≈ €98/year easy-access, gross of DIRT; ≈ €150 on a 12-month fixed term |
| Rural resident, no nearby bank branch | An Post Money or credit union | €72 at An Post, plus €0.60 per ATM withdrawal; credit unions vary |
Set against potential FX savings or fee avoidance, the right combination saves most newcomers €50–€200/year compared to defaulting to a single traditional account at the standard rate.
Opening an account as a newcomer
Traditional banks need most or all of:
- Photo ID (passport or driving licence)
- Proof of Irish address dated within 3 months (utility bill, rental agreement, official letter)
- PPS number
- Employment letter or evidence of income (often)
The proof-of-address step is the most common blocker for new arrivals. Workarounds: a stamped letter from your landlord, a recent tenancy agreement, an Irish-issued bank letter from a digital provider (N26 sometimes works), or a letter from your employer confirming your accommodation.
N26 and Revolut can usually onboard you in minutes via app — passport plus a video selfie. Cards arrive by post 5–10 days later. For the first weeks in Ireland this is the path of least resistance; switch your salary to a traditional account once you’re settled.
For the full step-by-step including which proof-of-address letters Irish banks actually accept, see banking in Ireland.
Switching banks
Ireland doesn’t have a UK-style automatic switching service, so it’s a manual process. Practical sequence:
- Open the new account; receive cards and online access; test with a small lodgement.
- Pull a 12-month list of direct debits and standing orders from the old account.
- Update each one (employer payroll, utilities, subscriptions, rent) with the new IBAN.
- Run both accounts for 2 months so nothing is missed — recurring annual debits are easy to forget.
- Close the old account in writing once it’s quiet, destroy old cards.
Allow ~3 months end to end for a clean switch.
Verification
Fee structures and account tiers change frequently. Every figure in this guide was verified on 31 July 2026 against the provider’s own site: current-account fees and fee-waiver conditions from AIB fees and charges, Bank of Ireland current accounts, PTSB Explore, An Post Money account comparison, N26 plans and Revolut pricing plans. The DIRT rate is from Revenue. The bunq local-IBAN feature dates to a check on 11 June 2026.
Note that AIB changed its current-account fee structure from 1 July 2026, and holding a minimum balance no longer qualifies for free banking at any of the three main banks.
The savings and deposit rates were verified the same day, 31 July 2026: AIB deposit rates against aib.ie, Klarna Flex and Fixed rates against klarna.com/ie (fixed-term rates effective 31 July 2026), Raisin against raisin.com/en-ie, and bunq savings rates against bunq.com. Always confirm pricing on the provider’s checkout page before opening.
For the wider personal-finance picture in Ireland: banking in Ireland, Revolut vs Irish banks, cost of living in Ireland, PPS number.