MoCo Paying 2.60% Instant Access with DIRT Auto Deducted

MoCo/BAWAG have posted this update on the MoCo website:

"The rate of 2.6% AER is available until November 2nd, 2026 on accounts opened up to and including July 30th, 2026.  The rate of 2.6% AER is available only to customers that have not previously availed of a promotional rate (e.g. 2.6%). The rate will reduce to MoCo’s variable rate on and from November 3rd, 2026.  MoCo’s current variable rate is 2.1% AER.  Interest is subject to Deposit Interest Retention Tax, where applicable. Aggregate account balance per customer for accounts eligible for the promotional rate of 2.6% is limited to €500,000. "

Does this new promo period extension until 2 November 2026 apply to new customers only?
 
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After you log into your Moco account you have the option to open a new account and that will have the 2.6% rate. I opened a second account yesterday with just a few clicks. The only pain is you can't transfer directly from one account to the other. You need to withdraw funds and then transfer to the new account.
 
Aware that you can open a new account and get 2.60%. (Albeit, the terms now state that a customer can't get the promo rate if the customer had the promo rate before but that does not seem to match reality in the context of new account openings).

What is not clear is the expiry date of the promo rate for those who signed up to the 2.60% promo before 1 April 2026, is it still 1 July 2026?
 
From my reading of it people who already have the rate up until July won’t qualify for this.
Slightly more confusing is if you open another account whether the 2.6% rate will run until November or expire in July as you have previously availed of the promotional rate.
 
Okay, so it seems to be:
  • Offer 1: Those who signed up with the original 2.10% offer can get 2.60% up to 1 July 2026 via opening a new account inside the same profile.
  • Offer 2: Those who signed up to the 2.60% promo before 30 April 2026, get 2.60% until 1 July 2026. This offer does not seem to be extended.*
  • Offer 3: Those who signed up to the 2.60% promo after 30 April 2026 and before 30 July 2026 get 2.60% until 2 November 2026.
  • Not clear if those on offer 1 and offer 2 can get offer 3 via a new account inside the same profile. Strictly speaking this now seems to be against the terms.
*I have emailed MoCo to confirm.
 
So I have a MoCo account which I opened prior to 30th April 2026 and which is currently earning 2.6%. If I open a second account using the same profile in say mid July and transfer the balance will that earn 2.6% until 2 November 2026 ?
 
It seems like the answer is likely no based on the new terms but I guess we will only be certain on 2 July 2026 after trying.
 
Have all, I have a MoCo account getting the 2.6 interest rate. When I calculated the daily interest I got a slightly different higher amount. I queried with MoCo and got the following response.

I am not an expert on AER , what do others think of this answer?

The difference you've identified comes from how the 2.6% AER rate is applied. This rate is quoted as an Annual Equivalent Rate (AER), which reflects interest compounded over a full year. Because of this the daily interest used is slightly lower than simply dividing 2.6% by 365. Your calculation assumes a straight-line daily rate (2.6% ÷ 365), whereas the AER is converted into an equivalent daily compounded rate, so that when interest is calculated and compounded each day across the year, it delivers the annual return. This results in a slightly lower daily interest amount, while ensuring the correct 2.6% return over the full year. DIRT at 33% is then applied as per the standard requirements.
 
Other people have queried the interest formula that MoCo use previously. But in this case I think MoCo are right on the aspect that you have queried, if I understand your post correctly.

If interest is paid daily then interest is not calculated by dividing by 365 as interest compounds over the year.
 
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Another offer email received here, seems slightly different to the existing ones. I'm currently on the 2.1% AER, signed up October 2025.

We would like to extend the following special offer to you.

If the balance in your account [...] is no less than €80,000 on June 5th, 2026 then we will increase your current interest rate of 2.1% AER to 2.6% AER from June 8th, 2026 until November 30th, 2026.

If the balance on your account drops below €80,000 between June 5th, 2026 and November 30th 2026 then the interest rate applicable to your account will revert to the Base Rate.

The Base Rate is a variable rate and is currently 2.1% AER.

Aggregate account balance per customer for accounts eligible for the promotional rate of 2.6% is limited to €500,000.
Click to expand...
 
Interesting. BAWAG clearly want to hold onto deposits for now. 3 tiers of deposit offering - promo rate, standard rate and custom "off book" offers - reminds me of the Advanzia approach.
 
Anyone received any recent communication about what happens on 1 July 2026? I.e. Promo extension offers (as others got on prior occasions) or back to the default 2.10% as is supposed to happen.
 
Lightning said:
Anyone received any recent communication about what happens on 1 July 2026? I.e. Promo extension
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I had forgotten to check a message I got back from them, so thank you for reminder. I will write back and say that is unfortunate as Advanzia now 3.97%

Perhaps if a few of use sent similar emails this week it could have impact.

Moco
15/05/2026 05:05:41 PM
Hi ,

The extended promotional offer running through 2nd November 2026 is exclusively for new users. As an existing promotional account holder, your 2.6% AER rate remains valid until 1 July 2026.

While you are welcome to open additional accounts with us, they will earn our standard variable rate, which is currently 2.1% AER.

Unfortunately, we cannot apply new promotional offers to current offer holders.

Kind Regards, The MoCo Savings Team
 
Lightning said:
All savvy depositors who are on the promo that expires on 1 July will pull their deposits next week.
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Yes on an account opened in February 2026 that was previously earning 2.6%, the revised rate since 1 July 2026 is 2.1%. On €100k that's reduction in post-DIRT interest of c€0.90 per day.

2.1% still a strong rate comparatively with the demand deposit offerings from Raisin.
 
Yeah mine dropped too so opened an account with Advanzia and moved the funds now to avail of their promo rate. Availing of these offers seems to be the best option for deposits as there are plenty a of them out there now. I’m already planning on moving to Bunq when this offer ends as I have had anything in my account there in a long time so can avail of their 3% rate.
 
In the process of shifting my deposits from MoCo. I'm curious to know what are others doing, closing the account completely with the possibility of opening a new account in the future to get a "New customer promo bonus" or leaving the account open with €10 in it as 2.1% isn't too shabby and it might be useful to have in the future ?
 
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