How to Switch Savings Accounts Ireland: Step-by-Step Guide

Switching savings accounts is easier than you think. Here's exactly how to move from AIB/BOI to better rates at Bunq or Trade Republic.

By SmartSaver Team | Published 1 January 2026 | 5 min read

Topics: switch savings account, move savings, transfer savings, bunq transfer

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.

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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

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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

Complete video verification

Wait for approval

Receive your German IBAN

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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.

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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.

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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.

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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

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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 |

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Last updated: January 2026

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