MoCo Paying 2.60% Instant Access with DIRT Auto Deducted

[Lightning]

BAWAG trade under MoCo in Ireland.

MoCo have recently launched (not sure when) an instant access product that pays 2.00% matching the ECB Deposit Rate.

DIRT is deduced at source which is handy. (Trade Republic also pay 2.00% but no tax deduction at source and no local presence).

There are no fees.

The rate is not an introductory rate for a short period. (But obviously MoCo could decrease the rate at any stage).

There are higher paying instant access options but this might interest some.

MoCo join Revolut and Avant (with their currently non-public offering) as the only 3 foreign banks offering DIRT deduction at source.

 

[UnpaidUtility]

I have €50k in Trade Republic @2% and €30k in Revolut @1.75% so this offering from MoCo might be a good option to transfer into. Mathematically I know it makes most sense to just put the entire €80k into MoCo @2% but I'm nervous of having all my cash savings in one place.

 

[ClubMan]

Mathematically I know it makes most sense to just put the entire €80k into MoCo @2%

Why when there are better demand deposit rates on offer?

Best Buy - Instant Access & Notice Deposit Products

Euro Lump Sum Instant Access & Notice Deposit Products Available for Irish Residents - 10 Categories: Last Updated: 29 August 2026 Current ECB Deposit Rate: 2.25% 1. Lump Sum Instant Access & Notice Savings Products: Excluding Products with Fees Excluding Promotional Rates Excluding Pure MMF...

www.askaboutmoney.com

I'm nervous of having all my cash savings in one place.

Most or all of these online banks offer deposit protection of €100K.

 

[UnpaidUtility]

Why when there are better demand deposit rates on offer?

There isn't really anything significantly better is there? The best I can see there is 2.07% via Raisin. A lot of the other products with marginally higher rates tend to be only introductory short-term offerings or else have lower limits on the maximum level of savings that is either allowed or protected. Some also seem a little more complex in terms of tax compared to this MoCo offering which deducts DIRT at source. I don't mind taking a marginally reduced rate for higher convenience.

 

[ClubMan]

There isn't really anything significantly better is there?

All deposit returns are effectively marginal these days so the differences between them are going to be even more marginal. But there are better rates on offer than 2% if you read the link that I posted carefully - or simply from the top...

 

[Persius]

Most or all of these online banks offer deposit protection of €100K.

Yes, but in the event of something going wrong and needing to rely on the deposit protection, you may have to wait a while for your money. If you've got less than €100k, IMHO you should split it across at least two institutions with deposit protection.

 

[Lightning]

needing to rely on the deposit protection, you may have to wait a while for your money

7 days is the maximum legal time you will be waiting for your money if a deposit protection scheme anywhere in the EU gets invoked.

 

[jpd]

in theory

 

[ClubMan]

Compensation Process | Deposit Guarantee Scheme

The Deposit Guarantee Scheme (DGS) protects depositors in the event of a bank, building society or credit union authorised by the Central Bank of Ireland being unable to repay deposits.

www.depositguarantee.ie

• The Deposit Guarantee Scheme (DGS) aims to pay depositors as quickly as possible and is required to pay verified eligible depositors within seven working days

 

[UnpaidUtility]

@Lightning I got an email this morning saying rate has increased to 2.1%

"Please note that the interest rate on your MoCo EasySaver account increased from 2.00% AER to 2.10% AER* on Friday, 24 October 2025."

 

[Connard]

They increased the rate. That certainly is rare these days

 

[Lightning]

MoCo now offer the highest instant access rate on the market that is not offically an introductory rate (unlike the Raisin product rate which is for 3 months, Advanzia which is offically for 3 months and the FCM product where the rate might end on 31 December) and not a rate from a broker if that matters (unlike Trading212).

MoCo are advertising a lot online as well.

BAWAG are clearly trying to drum up interest.

 

[Davex2irl]

I opened a MoCo account over the weekend and transferred money in, no issues so far.

 

[DublinTexas]

The only downside is that transferring money in/out is not SEPA instant and can take a day to process, but besides that, especially as they are deducting the DIRT this is a good place to store some money.

No App, just a basic web interface but what else does one need for a savings account.

 

[ardmacha]

Transferring out of a BOI savings account to a their own current account can take 2 days, so waiting a day is tolerable.

 

[Tea-eis]

What do people think about putting >100k into a MoCo account? BAWAG seems (!) like a stable highly rated bank in Austria, and MoCo operates as a branch and not a separate business, so it strikes me that the risk of them failing is very low.

 

[skrooge]

What do people think about putting >100k into a MoCo account?

Like you say the likelihood of the bank failing is remote. Even if they do fail would the Austrian government really burn large retail depositors? Unlikely but it's still non-zero.

For taking on that low, but additional, risk what are you actually getting? 0.1% over the likes of Trade Republic? It's worth noting there are teaser rates on offer that outperform both.

It's a personal choice but given the various banks offering similar products I wouldn't see any real reward in taking on that extra risk. Not these days when you can open a bank account in the time it takes to order a beverage.

 

[ClubMan]

What do people think about putting >100k into a MoCo account?

Probably better off sticking to a maximum of €100K in different banks that offer that amount of deposit guarantee just to be on the safe side.

Placing Deposit with Online Platforms

Sold up a property. Thinking of investing in Shares, even though market is very high. Short term I am holding cash. Earning zilch. Mortgage paid, happy with pensions. Would like to help children over next 10 years. Would take out cash and gift 6k each per annum. Better to invest. Bank of...

www.askaboutmoney.com

 

[Connard]

What do people think about putting >100k into a MoCo account? BAWAG seems (!) like a stable highly rated bank in Austria, and MoCo operates as a branch and not a separate business, so it strikes me that the risk of them failing is very low.

It's probably low risk but is it worth it. If you have 150k then you could stick the 50k in TradeRepublic at 2%. The difference in interest rates works out at €50 a year before DIRT. If you have more than that just put them in 3 month fixed term accounts that pay similar or more. So there isn't really much advantage to it but a big enough (albeit low chance of it happening) downside.

 

[Derek1001]

Hi there,
I signed up to MoCo's savings account a few days ago and on a few occasions I have had trouble logging in. I wonder has anyone else had this issue?

Essentially, it accepts my password and then I'm told to input the 6 digit verification number that should come in an SMS. I have 15 mins to enter this number, but it just doesn't come at all.

This happened this morning, but then in the afternoon it worked. Just tried it again this evening out of curiosity and I have encountered the same glitch.