Avant Money (Bankinter) to enter Irish banking market

Would EU law not dictate that they would have to at least offer a basic bank account for first 12 months free (can't hold another current account already etc.)?

Business Post says that BankInter will offer "flexible, innovative, no frills or gimmicks" savings product in the Summer. Whatever on earth that will mean.

In other countries, BankInter offer instant access accounts with promo rates for year 1 and smaller promo rate for year 2.

- Mid year launch.
- 100-200 million in deposits targeted for 2025.
- Want to be fully funded with deposits in 8 years time.
- "Won't have to overpay significantly".
- 2025 will be a "trial year" with more offered in 2026.

Good luck getting any deposits to move unless there is some incentive such as the promo introduction rates BankInter offer in other countries.

They don't need to offer high interest rates; they just need to copy what they are doing in Spain with for example their current account which is free of charges and pays modest interest interest on your day to say current account balance.

With current accounts, savings, credit card, loans and even mortgages they would offer the whole product spectrum, the only difference being they don't have physical branches.

They have some unique features in Spain like a card that can be used as debit and credit depending on what side you use, or as charge card and credit card depending on the side of the card you use.

There offerings are miles ahead of Irish Banks, so if they offer the same as they do in Spain this is going to be a nice addition to the market with more maturity than let's say Revolut UAB.

BankInter are not entering the current account market here in 2025. Deposit market entry only

Such a shame, I had hoped they would do current accounts because let's face it the Irish Market could use a confident experienced player rather than the current cartel.

That's the legal change complete.

Hopefully the deposit product launch will occur soon.