Bunq Ireland Review 2026: Best Savings Rate for Lump Sums?

Bunq offers one of the best instant-access savings rates available to Irish savers. Here's everything you need to know.

Bunq at a Glance

| Feature | Detail | |---------|--------| | Interest Rate | Up to 3.11% bonus / 1.61% and 1.51% base (see threshold rules below) | | Maximum | €100,000 | | Access | Instant | | Protection | Dutch DGS (€100,000) | | Fees | Free account available | | App Quality | Excellent |

---

Current Bunq Savings Rates

| Rate Type | Rate | What It Applies To | |-----------|------|-------------------| | Bonus Rate | 3.11% | All your savings until your first threshold date, then only savings above your 6-month peak | | Base Rate | 1.61% | The first €10,000 of your balance up to your 6-month high | | Base Rate | 1.51% | The rest of your balance up to your 6-month high |

Every plan, including bunq Free, gets the same savings rate.

Understanding the Threshold System

Bunq's advertised "up to 3.11%" rate is misleading. Here's how it actually works:

Your "threshold" = your highest balance from the previous 6 months

Base rate applies to everything up to that threshold: 1.61% on the first €10,000 and 1.51% on the rest

Bonus rate (3.11%) only applies to amounts ABOVE your threshold

Threshold resets on January 1 and July 1

Example: You save €10,000 by June 30. From July 1, your threshold is €10,000. You now earn only 1.61% on that €10,000. To get 3.11%, you'd need to save MORE than €10,000, and only the excess earns the bonus rate. The catch: Even if you withdraw money, your threshold stays at your peak. So withdrawing €9,000 and redepositing it doesn't reset anything. You still only earn the base rate until you exceed your historical high. New users benefit initially: When you first join, you earn 3.11% on everything until your first reset date (the next January 1 or July 1). This is the honeymoon period. Practical advice: For most savers with stable balances, expect the base rate (1.61% on the first €10,000, 1.51% above), not 3.11%. MoCo's 2.1% AER or Trade Republic's 3.04% AER for new customers on cash up to €50,000 may be better for lump sums.

---

Why Choose Bunq?

1. Competitive Instant Access Rate

At 1.61% and 1.51% base (3.11% for savings above your threshold), Bunq compares to:

• MoCo EasySaver: 2.1% AER
• Trade Republic: 3.04% AER for new customers on cash up to €50,000
• Revolut Standard: 2.50% AER up to €2,500, 1% above
• AIB: 0.25%
• BOI: 0.10%

Note: For lump sums sitting unchanged, Bunq's base rate is lower than MoCo and Trade Republic.

2. Genuinely Instant Access

No notice period. Withdraw anytime via:

• Bank transfer
• Bunq card (if you have one)
• Apple Pay / Google Pay

3. Multiple Savings Accounts

Create separate accounts for different goals:

• Emergency fund
• Holiday savings
• House deposit
• Car fund

All earn the same rate.

4. Free Account Option

bunq Free costs nothing:

• €0/month
• The same savings rate as paid plans (up to 3.11%)

5. Excellent App

Bunq's app is genuinely good:

• Clean, modern interface
• Real-time notifications
• Easy account management
• Available iOS/Android

---

Is Bunq Safe?

Yes. Bunq is a fully licensed EU bank.

| Safety Factor | Detail | |---------------|--------| | Bank License | Dutch banking license | | Regulator | De Nederlandsche Bank | | Deposit Guarantee | Dutch DGS | | Protection | €100,000 per person |

How Does This Compare to Irish Banks?

Identically. The EU Deposit Guarantee Directive ensures:

• €100,000 protection across all EU banks
• Payout within 7 working days if bank fails
• No difference between Dutch and Irish guarantee

---

Opening a Bunq Account

Requirements

• Smartphone (iOS or Android)
• Photo ID (passport or national ID)
• Resident in supported country (Ireland ✅)
• 18 years or older

Step-by-Step

Download Bunq app from App Store / Play Store

Choose account type (bunq Free for €0 a month)

Verify identity with photo ID + selfie

Wait for approval (usually minutes to hours)

Get your IBAN (Dutch IBAN starting NL)

Transfer money from Irish bank

Start earning 3.11% until your first threshold date

How Long Does It Take?

• Account approval: Usually under 24 hours
• First transfer: Same day or next day
• Total time: Can be done in one afternoon

---

Transferring Money to Bunq

From Irish Bank (AIB, BOI, etc.)

Log into Irish bank

Add Bunq as new payee (use your NL IBAN)

Transfer desired amount

Money arrives same day or next morning

Fees

• SEPA transfers: Free (standard euro transfers)
• Bunq doesn't charge for incoming transfers
• Your Irish bank typically doesn't charge for SEPA

---

Bunq vs Competitors

Bunq vs Trade Republic

| Factor | Bunq | Trade Republic | |--------|------|----------------| | Rate | 1.61% and 1.51% base / 3.11% bonus | 3.04% AER for new customers | | Headline rate up to | €100,000 | €50,000 | | Free account | ✅ Yes | ✅ Yes | | Multiple savings pots | ✅ Yes | ❌ No | | Investment features | ❌ No | ✅ Yes |

Choose Bunq if: You're actively growing savings month-on-month Choose Trade Republic if: You have a lump sum to park (3.04% AER beats Bunq's base rate)

Bunq vs AIB

| Factor | Bunq | AIB Demand Deposit | |--------|------|-------------------| | Rate | 1.61% and 1.51% base (3.11% bonus) | 0.25% | | After DIRT | 1.08% and 1.01% base | 0.17% | | On €50,000 (stable) | €513/year at base rates, after DIRT | €84/year | | Access | Instant | Instant | | Protection | €100,000 (Dutch) | €100,000 (Irish) |

Bunq pays ~6x more on lump sum savings (at base rate, still much better than AIB).

---

Pros and Cons

Pros

✅ Up to 3.11% for actively growing savings ✅ New users get 3.11% until first reset date ✅ Free account option ✅ Dutch banking license (full EU protection) ✅ Excellent app ✅ Multiple savings pots ✅ No notice period

Cons

❌ Base rate is only 1.61% on the first €10,000 and 1.51% above (3.11% is misleading marketing) ❌ Threshold system penalises stable balances ❌ DIRT not auto-deducted - must self-declare ❌ Dutch IBAN (some Irish services prefer IE) ❌ Up to 3 withdrawals a calendar month ❌ No branches (online only)

---

Verdict

Rating: 3.5/5

Bunq's advertised 3.11% rate is misleading: most savers with stable balances will only earn the base rate (1.61% on the first €10,000, 1.51% above). The threshold system rewards constantly growing savings but penalises those parking a lump sum. The app is excellent and your money is EU protected, but for pure savings returns, competitors like MoCo (2.1% AER) and Trade Republic (3.04% AER for new customers) offer better value.

Recommendation:

• For lump sums: Consider MoCo or Trade Republic instead
• For growing savings: Bunq works well if you're adding money regularly
• For new users: Take advantage of the 3.11% honeymoon period until your first reset date
• Still better than AIB/BOI: Even the base rate beats the big Irish banks

---

Last updated: October 2026

---

Related Guides

• Best Savings Accounts Ireland
• Best Lump Sum Savings
• Is My Money Safe in Neobanks?