MoCo Paying 2.60% Instant Access with DIRT Auto Deducted

I don't like the SMS validation, they really should support a decent 2FA solution.

In any case, this most likely is down to your Mobile Phone provider, there are several out there which have trouble with reliability when it comes to these machine generated SMS.

Best is to wait and try again after the 15 minuntes.
 
Derek1001 said:
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.
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Common problem on many of the virtual mobile operators. Who are you with?
 
Anyone else have issues signing up? I've tried a few times to get an email from them but it never arrives. (Definitely not in my junk mail folder either).

Edit: tried my Gmail address instead of my usual Hotmail address and received it on the former. Strange...

Edit 2: Duh! I was already registered with them using the Hotmail address. But it didn't give me any indication that this was the case.
 
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I have a Gmail email account and the sign-up process worked okay for me. I am with GoMo so perhaps that is why I am having the delay with the SMS
 
I signed up a month ago and I haven't experienced any issues yet. I am with GoMo and the code arrives within a few seconds.

Could your phone be putting the texts into your junk/spam folder?
 
anybody else not have their daily interest calculated correctly?

using ACT/360 and 2.1%, DIRT @33% its not computing quite right.
 
even using (ACT/365*0.021)*(1-0.33) still ends up being off.

I'm talking a small amount. on 20k the daily accrual is 0.76 compared with calculated amount of 0.77.
 
I calculated my interest out for a few more days and the payment matches as expected. But my third interest payment decimal was below 5 and the payment was rounded down to the nearest cent as expected. But maybe there is some rounding down or truncation going on that you are noticing, maybe because your third decimal exceeds 5. Have you queried this with MoCo?
 
no I haven't queried it with Moco. I was just checking if anybody else was having an issue. I know I'm a cheap git, but not sure its worth the fight to gain an extra cent a day :D
 
Hi, I just opened a MoCo account last night as an instant access 2.1% is good for what it is. I have n't transferred any funds yet but one thing, I noticed that concerns me a little ,I was only required to upload one form of ID but no PoA to open an account . I thought for AML , both ID and POA are required? I checked the central bank register and they are "authorised " here as a branch entity - regulation in Austria. I looked at the Austrian website and Bawag are listed but the site is entirely in German so unless you're fluent - hard to know exactly what the deal is. Perhaps I am being paranoid but in my experience it pay to be paronoid when transferring money to "banks" and I trust none of them... Has anyone else done complete due dilligence on these guys?
 
CookieMonster88 said:
I thought for AML , both ID and POA are required?
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Savings FAQs | MoCo

www.moco.ie www.moco.ie

What documents do I need to open a new savings account with MoCo?​

  • All you need to open an account is a valid passport.
  • If you are a non-Irish national, you will also be asked to provide proof of your address before the account can be opened.
  • In some circumstances we may request further documentation to evidence the source of the funds that make up your deposit or to support a claim for DIRT exemption.
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Ok it was bugging me not knowing how they are calculating the daily interest so I asked.

They responded saying :

Daily Gross Interest is Account Balance * (1.021) ^ ((1/365)-1)
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But thats wrong too. I think it should be Balance*[(1.021)^(1/365)]-1
 
I asked Gemini which said that you were right about the formula been used by MoCo being slightly wrong.

Gemini also calculated that on a 10k balance it leads to an underpayment of a cent per day.

I know different banks have slightly different formula's on how to calculate interest. For example, using 360 or 365 or 366 etc but I would think that the order of operations in the formula should be right and there apparently seems to be an issue here.

Maybe revert to MoCo and challange them?
 
MoCo have increased the rate to 2.60% for new customers only until the end of February 2026 only.

The teaser rate conditions:

The rate quoted is available on all new accounts opened from December 29th, 2025 to January 29th, 2026.  The rate is fixed until February 28th, 2026.  The rate will reduce to 2.1% AER from March 1st, 2026 and will be variable thereafter. Interest is subject to Deposit Interest Retention Tax, where applicable, on the date that interest is paid.  Aggregate account balance per customer for accounts eligible for promotional rate of 2.6% is limited to €500,000.
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  • Earn 2.6% AER* on all new savings accounts opened from December 29th, 2025 to January 29th, 2026

NEW ACCOUNTS, not new customers!

If you are an existing customer, you can open a new account online too and you will get the 2.6% on that new account for the period until February.

Screenshot_29-12-2025_111526_savings.moco.ie.webp
 
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Thanks for the correction that this promo applies to new accounts rather than new customers, like Advanzia. I have mentioned this is the best buys.

But I guess existing customers would have to close their account and open a new account to avail of the 2.60% teaser rate?
 
I am able to have more than one account.

It’s a bit strange as you have to use the external reference account to move money between them but it’s possible.

They could just have raised the rate for existing customers but I guess they hope that existing customers don’t notice.
 
I haven;t had that issue with the SMS. - usually takes about a minute to come in but it has, so far , been without a problem. Seperately , I just notice this evening that the rate has been increased from 2.1% to 2.6% for " all new savings accounts opened from December 29th, 2025 to January 29th, 2026"- it is implied this rate is only for new accounts but I have sought clarification. It would be a bd start for them if it does not offer that rate to all depositors and I would be inclined to move funds back out .
 
It's standard practice that banks offer special rates to drum up new funds moving into their accounts. Happens in a lot of ways and Moco is doing the same here. They won't just offer it for funds that are already with them, it's targeted on new funds. Some banks offer a special limited account like Raisin, some banks require fresh funds over last 1/2 years savings highest amount like Bunq and others new accounts. Competition is great; isn't it.

But as I said earlier, you can open a new account directly in their web interface as existing customer and get the new rate until February. It's a little bit hassle to move the existing money back to the reference account and then to new account but it works. Especially as it's not SEPA instant but standard. It would be nice if you could move between accounts directly, but hey at least they permit multiple accounts.
 
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