Ireland’s banking habits are changing fast, but not as fast as the hype suggests. Almost half of adults now use Revolut, and the share who call it their main current account has doubled in a year. Yet the three pillar banks still hold the salaries of the vast majority of the country.
The picture comes from the Department of Finance’s annual Consumer Sentiment Banking Survey, carried out by Ipsos B&A through face-to-face interviews with more than 1,500 adults.
Who banks where
According to the Irish Examiner, AIB is the main current account provider for 39% of people, followed by Bank of Ireland at 34% and PTSB at 13%. Revolut is the main provider for 6%, up from 3% a year ago. Credit unions account for 3% and post office accounts for 2%.
RTÉ reported that 48% of people hold a Revolut account, up from 43% last year. That makes it the most widely used financial provider overall, but mostly for sending money to friends, splitting bills and spending, rather than for wages or loans. Revolut has about 3.4 million customers in Ireland.
The way we pay is shifting too. Debit cards are still the most popular way to pay in shops at 38%, but that is down nine points in a year and well below 57% in 2022. Smartphone payments jumped eight points to 35%. On current trends, phones could overtake cards within a year.
The market looks very different from before the financial crisis, when Ireland had at least 12 banks. Ulster Bank, KBC and Danske Bank have since left, and newer players such as Revolut, Monzo, N26, Bunq and Avant Money have moved in.
Why the big banks still dominate
Denis McGoldrick, head of financials research at Goodbody, told RTÉ that Irish consumers still favour traditional, branch-based banking, especially for borrowing. He said getting people to move their salary is the biggest hurdle for digital banks, and that building trust takes time.
Mortgages are the other gap. Revolut does not currently offer home loans in Ireland, and its planned launch has been delayed. Credit unions, meanwhile, are moving further into mortgage lending after the Central Bank relaxed some of the rules.
The pillar banks have also responded. In March, AIB, Bank of Ireland and PTSB launched Zippay, an instant person-to-person payment service aimed squarely at Revolut’s strongest feature.
What it means for you
The biggest change for many customers is at PTSB. Austrian group BAWAG is buying the bank in a €1.6bn deal, and the High Court has been hearing the case for approving the takeover. PTSB chief executive Eamonn Crowley told RTÉ the sale is progressing as planned, with completion expected in the final quarter of 2026 or the first quarter of 2027, subject to court and regulatory approval.
For anyone weighing up a digital bank, the Central Bank told RTÉ that digital banks operating in Ireland are fully authorised and must meet the same consumer protection standards as traditional banks. That includes EU banks operating here under passporting rules.
The survey also exposed a gap in how people use their savings. Some 77% have a savings account, but only 3% invest and 1% hold crypto. Tánaiste and Minister for Finance Simon Harris said far too few people see investing as an option. A new Investment Account is due to launch next July, the Irish Examiner reported.
What happens next
Watch for the PTSB-BAWAG deal to close over the coming months, Revolut’s long-promised Irish mortgage launch, and whether phone payments overtake cards in next year’s survey. Competition for mortgages in particular is expected to keep growing over the next few years, which could eventually mean more choice for borrowers.
This article is general information, not financial advice.
Sources
- Irish Examiner: Revolut current account usage doubles (26 October 2026)
- RTÉ: What does the future of Irish banking look like? (31 October 2026)
Featured image: Revolut card by JFD~nlwiki, CC BY-SA 4.0, via Wikimedia Commons.
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