Moving your savings to a better rate takes about 15 minutes. Here's exactly how to do it.
Why Switch?
| Bank | Rate | €50,000 Earns |
|---|---|---|
| AIB | 0.25% | €74/year (after DIRT) |
| BOI | 0.10% | €30/year |
| Bunq | 2.01% | €593/year |
Switching could earn you €500+ more per year.
Step 1: Choose Your New Account
For Instant Access
Bunq (2.01%) - Best rate, €100k limit Trade Republic (2.00%) - Also offers investing, €50k limit
For Fixed Terms
Raisin (up to 2.80%) - EU banks, 1-3 year terms State Savings (1.74% tax-free) - 5+ year terms
Step 2: Open New Account
Opening Bunq (10 minutes)
- Download Bunq app
- Choose "Easy Bank" (free)
- Enter email and phone number
- Verify identity with photo ID + selfie
- Wait for approval (usually hours)
- Receive your Dutch IBAN
Opening Trade Republic (10 minutes)
- Download Trade Republic app
- Register with email
- Complete video verification
- Wait for approval
- Receive your German IBAN
Step 3: Transfer Money
From AIB to Bunq
- Log into AIB app or online banking
- Go to "Payments & Transfers"
- Add new payee with Bunq IBAN
- Transfer desired amount
- Money arrives same day or next day
Transfer Limits
Most banks allow large SEPA transfers:
- AIB: Up to €20,000 online (higher in branch)
- BOI: Up to €20,000 online
- PTSB: Varies
For larger amounts, contact your bank or visit a branch.
Step 4: What to Keep in Old Account
Don't close your Irish bank account entirely. Keep it for:
- Direct debits (some struggle with EU IBANs)
- Salary payments
- Daily spending float
- Emergency backup
Suggested: Keep €2,000-5,000 in AIB/BOI for day-to-day.
Common Concerns
"Is it safe to move €50,000 to Bunq?"
Yes. Bunq has the same €100,000 EU deposit guarantee as Irish banks.
"Will my money transfer get lost?"
SEPA transfers are highly reliable. Money typically arrives same day. Keep transfer receipts.
"What about DIRT?"
Bunq automatically deducts DIRT for Irish residents. No action needed.
"Can I move back if I don't like it?"
Yes. Transfer back anytime. No penalties.
Checklist
- Research new account (Bunq, Trade Republic, Raisin)
- Download app and verify identity
- Receive new account details (IBAN)
- Log into old bank
- Add new account as payee
- Transfer funds
- Verify arrival in new account
- Keep old account open for daily banking
Timeline
| Step | Time |
|---|---|
| Research | 10 mins |
| Open new account | 10 mins |
| Verification | Hours to 1 day |
| Transfer money | 5 mins |
| Money arrives | Same day to 1 day |
| Total | Under 24 hours |
Last updated: January 2026