The Irish banking landscape has a new competitor this morning as Monzo launches early for some customers. I received an email from the neo-bank telling me my chance to set up and account had come early. 5 minutes later, I was done, with a virtual card added to my phone and a €25 welcome bonus on it ready to spend!
What is Monzo?
Monzo is a UK-founded digital bank that built its reputation on doing everyday banking properly on a smartphone. Instant spending notifications, clean budgeting tools, savings “pots” you can ring-fence for specific goals, and transparent fees were its calling card when it launched across the water. It operates as a fully licensed bank rather than just a payments app, which means customer deposits are protected under the relevant deposit guarantee scheme depending on where the account is opened. While the UK has it’s own scheme, Irish customers will be protected by the EU Deposit Guarantee Scheme.
With its launch in Ireland, Monzo enters a market that is already comfortable with app-first money management. The question is not whether people want digital banking. It is whether Monzo offers something meaningfully different.
What is the Difference Between Monzo and Revolut?
Revolut, which already has a significant presence in Ireland, with over 3 million customers in a population of just 5.5 million. Revolut positions itself less as a traditional bank and more as a financial super app. Beyond day-to-day spending, it leans heavily into multi-currency accounts, low-cost foreign exchange, crypto and stock trading, travel perks, and tiered subscription plans. It is broad, feature-heavy and increasingly lifestyle-focused.
Monzo’s pitch tends to be narrower and more banking-focused. It emphasises clarity, budgeting discipline and straightforward current account functionality. I’m looking forward to seeing, in reality, what the difference is.
What is the Difference Between Monzo and AIB, BOI, PTSB etc?
Irish high street banks such as AIB, Bank of Ireland and Permanent TSB still dominate salary accounts, mortgages and lending. Their strengths are physical branches, established lending products and a long track record. Their weaknesses, historically, have been slower app development, more rigid fee structures and less intuitive budgeting tools.
Revolut has grown to such market dominance in Ireland largely down to the technology being great, but also the pure complacency of traditional banks not willing to change or move faster for customers.
While I would never accuse Revolut of moving slowly, it is important that they have someone at their level keeping the pressure on. Monzo will surely do that.
Interested in moving up the waitlist? Because I’m not a customer you can use my referral link if you like. I’ll probably get a kickback if you tick all the boxes, but sure won’t we both be happy out.
