Revolut is now Revolut Bank in Ireland. The neobank announced the repositioning today, with the new name rolling out across the app, app stores and all marketing materials. Ireland is the pilot market for the change, and it marks the first time Revolut has tweaked its name since launching.
Revolut Bank has more than 3.4 million customers in Ireland, roughly 80% of the country’s adult population, and has operated as a fully licensed European bank since 2022. Nothing changes for customers today. Accounts, cards and everyday banking in the app all stay exactly as they are, and deposits remain protected up to €100,000 under the European Deposit Guarantee Scheme, the same cover you get with Ireland’s traditional banks.
So this is a name change rather than a new offering. It’s an effort by Revolut to cement itself as a proper bank in the eyes of Irish customers, though having asked about mortgages, I can tell you there’s movement on that front too. More on that shortly.
Why Revolut is changing its name
The rebrand exists to kill off one lingering doubt. Plenty of people still don’t think of Revolut as a real bank, even though it has been one for years.
Since 2022, Revolut has operated as a fully licensed bank across Europe, including Ireland, through its Lithuanian banking licence. Your money carries the same protections it would in any of the traditional banks. Despite that, plenty of consumers remained reluctant to make one of the big transitions in personal finance, moving their salary into Revolut.
Calling itself Revolut Bank is about as on the nose as branding gets, but that’s the point. The company clearly hopes it removes those lingering concerns which, anecdotally, I’ve seen slowly evaporating in Ireland anyway. When AIB announced its new €6 monthly current account fee, kicking in this month, online chatter ramped up, with plenty of customers saying they’d close their AIB accounts and move to Revolut.
It’s not a move without merit. That money could go towards one of Revolut’s paid plans instead, and if you actually use the bundled app subscriptions that come with them, the plan can effectively pay for itself. Even sticking with the free tier gets you enough flexibility and service that the traditional banks are becoming a tough sell.
What about Revolut mortgages in Ireland?
Not yet, but they’re on the way. When I asked Revolut about mortgages, a spokesperson told me, “Using the strong momentum and the opportunity presented in the Lithuanian market, we are refining our mortgage product there before rolling it out elsewhere, including Ireland.”
To be honest, I think mortgages are the next big barrier to full adoption. People are more willing than ever to move their salary into Revolut, but if you’re planning to buy a home in the near future, you still need a traditional bank for now. The legacy banks know it too. AIB waives that new €6 monthly fee entirely for customers paying their mortgage from an AIB current account, which tells you exactly which customers it’s trying to keep.
The shift to Revolut Bank is a simple yet clever attempt to overcome one of the last fundamental concerns Irish customers have about switching to a neobank. With modern banking experiences and savings rates of up to 2.50% AER, Revolut Bank is turning up the heat on what has grown to be a stagnant financial market. Whether a new name alone shifts consumer sentiment remains to be seen, given so little else is changing. That said, with mortgages on the horizon, the pressure on the traditional banks is only going one way.
The Revolut Bank rebrand takes effect in Ireland from today, with full details on the Revolut Bank Ireland website.
