Irish customers can now open a full bank account with money app Revolut.
Earlier the company announced the move into the Irish banking sector.
It also comes as both KBC and Ulster Bank are set to exit the Irish market.
So what does this mean?
Customers who upgrade to Revolut Bank will have deposits of up to €100,000 protected under a guarantee scheme.
This is covered by the Lithuanian State company Deposit and Investment Insurance, where Revolut is based for its Irish customers.
The €100,000 limit is for a single depositor for all their deposits.
For those who have several deposits with Revolut, the limit of €100,000 applies to the total amount.
But for people with joint accounts, the €100,000 limit is applied individually for each person.
Cost
Joining Revolut Bank does not cost users anything, with any fees the same as before.
While personal loans can also be applied for, with rates starting from 5.99% APR, the company says.
Revolut Bank is offering customers who sign up the opportunity to be first in line when it starts offering banking products, including loans and credit cards.
It says the upgrade process only takes "a mere few minutes" through the Revolut app.
The UK-headquartered company has 1.7 million Irish customers.
Revolut launched its bank in Poland and Lithuania back in 2020, and entered 10 new markets in January.
The company was awarded a full banking licence by the European Central Bank (ECB) last December.
A survey carried out by Revolut at the end of 2020 found, on average, almost 50% of respondents indicated they would deposit their salary on it - and 54% would spend more - if they had their deposits insured.
