Half of consumers use Revolut app, with 6% indicating option as main banking account

Almost half of consumers in the Republic now hold an account with online bank Revolut, the latest annual survey of banking practice and sentiment has found.

Revolut continues to grow strongly in the market here. Moreover, there is evidence that a growing number of consumers now see it as something more than a money transfer app.

The Consumer Sentiment Banking Survey for 2026 found that 48 per cent of consumers hold an account with Revolut, up from 43 per cent in 2025. While most still use it to transfer money, 6 per cent identified it as their main account, up from 3 per cent the previous year.

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Tánaiste Simon Harris said the survey exposed a “striking gap” between savings and investment.

It found that 77 per cent of Irish consumers hold savings accounts, but only 3 per cent have an investment account.

“We are a nation of savers, but far too few people see investing as an option for them.”

Harris has plans to introduce a new investment account next year that will encourage consumers to switch from saving to investing. The scheme will have no minimum contribution and a tax-free threshold of €50,000.

One in five of all shoppers still pay for goods in cash, a figure that has stayed constant, the survey said.

However, the use of contactless smartphone as a payment method has risen sharply. Its use has increased from 27 per cent in 2025 to 35 per cent in 2025. The use of cards for contactless payments is falling.

There has been consistency in the habits of consumers with other financial products. Nearly all consumers hold a current account, while 77 per cent have a savings account and 25 per cent hold a mortgage account.

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There has been a slight drop in the number of people who have credit cards, down from 37 per cent in 2025 to 35 per cent in 2026.

Credit unions also remain popular, with a third of all consumers holding an account. However, only 3 per cent of people said that their main banking account is with a credit union.

In new findings, one in five reported that they have used artificial intelligence (AI) to obtain information or advice on financial services. There are striking generational differences in attitudes, with younger consumers the primary users of AI.