The Monzo Money Pulse: Research Reveals Irish Adults Are Sitting on a €1.5 Billion ‘Savings Gap’
•February 9, 2026
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Companies Mentioned
Why It Matters
The gap highlights a sizable untapped pool of deposit capital that could boost consumer wealth and provide banks with low‑cost funding. Monzo’s entry could pressure incumbents to improve rates and digital experiences.
Key Takeaways
- •65% want to save more next year
- •34% earn zero interest on savings
- •Potential €1.5bn extra savings annually
- •35% prioritize instant access over interest
- •Monzo to offer 1.6% AER instant-access account
Pulse Analysis
Ireland’s savings landscape is being reshaped by a stark mismatch between consumer intent and actual returns. While 65% of surveyed adults plan to increase their savings in 2026, more than a third of existing savers receive no interest, reflecting the country’s historically low overnight deposit rates. This “savings gap” translates into an estimated €1.5 billion of dormant capital that could be mobilised with modest, interest‑bearing products, signalling a clear demand for better‑performing, accessible accounts.
Monzo’s forthcoming instant‑access savings account directly addresses that demand. By offering a 1.6 % AER—roughly twelve times the average Irish overnight rate—and eliminating fees or minimum balances beyond €1, the digital bank positions itself as a compelling alternative to legacy institutions. The product’s design, which blends real‑time accessibility with competitive yields, tackles the primary barrier identified by respondents: the need for liquidity without sacrificing returns. Early adopters are likely to benefit from higher earnings while Monzo gains a low‑cost funding source that can be redeployed across its broader suite of banking services.
The broader implications for the Irish banking sector are significant. Monzo’s entry could catalyse a rate‑competition cycle, prompting incumbents to revamp their savings offerings and invest in user‑friendly digital tools. Moreover, the emphasis on transparency and education may raise consumer expectations around financial literacy, nudging the market toward more intuitive, goal‑oriented products. As fintech firms continue to leverage data‑driven insights, the traditional banking model may evolve to prioritize flexibility, low fees, and higher yields, reshaping how Irish households manage and grow their wealth.
The Monzo Money Pulse: Research reveals Irish adults are sitting on a €1.5 billion ‘Savings Gap’
Leading digital bank Monzo has released its inaugural edition of ‘The Monzo Money Pulse’, 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 Gap’ between people’s 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 commented: “We know from our first customers in Ireland that saving can be a headache – whether it’s wrestling with minimum deposits or feeling like your money is locked away. The Monzo Money Pulse shows a huge appetite for something better. We’re 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.”
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% 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 savings goals, and one in three (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 complicated” (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.
Monzo’s 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 Monzo’s personal, joint, business, children’s 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 Monzo’s 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.
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