The Monzo Money Pulse: Research Reveals Irish Adults Are Sitting on a €1.5 Billion1 ‘Savings Gapʼ

WHY THIS MATTERS: The release of Monzo’s ‘Money Pulse’ data reveals a significant vulnerability within Ireland’s legacy financial system: a massive ‘Savings Gap’ where customer ambition is stifled by outdated, low-interest products. Forcing a third of savers to accept zero returns on their cash represents a major opportunity for neobank competition. Monzo’s entry with a 1.6% Annual Equivalent Rate on instant-access deposits is a highly disruptive market event, effectively weaponizing both high yield and total flexibility against established players. This directly challenges the economic model of incumbent institutions that rely on inexpensive funding from customer deposits. The finding that consumers would collectively set aside an additional €1.5 billion if better accounts were available underscores the pent-up demand for superior digital financial products. This move signals a definitive turning point for Irish retail banking, where the expectation for high-yield, instant-access deposits will rapidly become the standard.

Leading digital bank Monzo has released its inaugural edition of ‘The Monzo Money Pulseʼ, a research-led series exploring how Ireland feels about their money – this time delving into savings.  The research commissioned by Monzo and conducted by Censuswide surveyed 1,000 Irish adults revealing a clear ‘Savings Gapʼ between peopleʼs financial ambitions and the reality of how their money actually works for them.  Monzo found that almost two-thirds 65% of Irish adults are determined to save more in 2026, yet just over a third of those with savings 34% currently earn zero interest. However, if instant access interest-earning accounts were available to Irish adults, they would set aside an additional €40.80 per month, or €486 a year, per person. Scaled nationally, this would unlock €1.5 billion in additional savings each year that they could earn interest on.

Elaine Deehan, Country Manager for Ireland at Monzo: “We know from our first customers in Ireland that saving can be a headache – whether itʼs wrestling with minimum deposits or feeling like your money is locked away.

The Monzo Money Pulse shows a huge appetite for something better. Weʼre excited to bring a way to earn interest while remaining totally in control and access the money whenever you need – all that with no maintenance fee or withdrawal charges.ˮ 

Key findings:

• Priority: Half 50% of the respondents say they are focused on long-term savings, with a further quarter 26% aiming for shorter-term saving goals. At the same time, 39%3 admit they have no money left to save at the end of each month, suggesting that even those with the best intentions are finding it difficult to get ahead.
• Lack of support: Fewer than half 45% of respondents feel their bank supports them well in reaching their 33% say tools to help set and track savings goals would most improve their banking experience.
• Missing out: A third 34% of those who save earn no interest at all, while 11% do not know whether their money is earning interest.
• Information barrier: Almost a fifth 19% of those not earning interest on their savings say they do not understand options available to them, while 17% are worried about risk, and many describe saving as “too complicatedˮ 16%. ●

More flexibility needed: Instant access to cash is the number one barrier to earning interest, with 35% of respondents not earning interest on their savings saying they prefer to keep their money in an instant-access account rather than locking it up in a savings account, even if it means missing out on interest. Monzoʼs offer for a better way to earn interest

As a fully licensed Irish bank new to the market, Monzo aims to make saving simpler and more rewarding – no fees, minimum deposit of €1 and accessible at any time.   In the coming months, Irish customers will be able to open a free Monzo instant‐access savings account in Ireland and earn a 1.6% Annual Equivalent Rate AER – around twelve times the average Irish rate on overnight deposits.

All of this sits within an easy-to-use app, where Monzoʼs personal, joint, business, childrenʼs and instant-access savings accounts are all managed together, giving customers a clear, real-time overview of their money. Individuals and businesses can register at www.monzo.com/ie to join Monzoʼs waitlist for early access.

The Monzo team will work closely with its first customers in Ireland to test and shape its initial products, delivering a banking experience that better reflects what Irish customers deserve.

FF NEWS TAKE: This launch is a major catalyst that will undoubtedly move the needle, injecting fierce competition into the Irish market’s static savings landscape. By eliminating fees, minimums, and lock-ins, Monzo is removing every barrier to deposit migration. The critical factor to monitor is the speed at which incumbent Irish banks will be forced to respond to stem the outflow of customer funds. Failure to rapidly match Monzo’s rate and user experience will likely lead to an accelerated shift of digitally-savvy customers to the new generation of flexible, high-yield digital platforms