Savers can earn up to 2.1% AER on their money.
For years, Irish savers have had relatively little choice when it comes to where to park their cash, with the market dominated by a small number of traditional banks offering modest returns. But that’s beginning to change, with a number of new providers entering the market and increasing competition.
The latest to do so is MoCo, which has recently launched savings products for Irish consumers.
Before we get to what's on offer, here a quick reminder about MoCo...
Who is MoCo?
MoCo is an online, digital-first bank that has been operating in Ireland since 2023.
It is owned by BAWAG, one of Austria’s largest banks, and operates in Ireland under BAWAG’s Austrian banking licence through EU passporting rules.
Until recently, MoCo focused solely on mortgages in Ireland. However, it has been gradually expanding its footprint and has now entered the savings market.
What’s on offer?
MoCo is offering 2.10% AER on all savings through its new easy-access savings account.
There’s no cap on how much you can save, and you can withdraw your money at any time without fees or penalties.
While the mainstream banks currently offer rates as high as 3% on certain instant-access savings accounts, there are limit on how much a customer can place in these accounts every month.
Importantly, MoCo will also deduct DIRT automatically, meaning you don’t need to deal with Revenue or file a tax return in respect of your savings interest — something that isn’t always the case with non-Irish banks operating here.
MoCo says opening an account is quick and straightforward and can typically be completed in around five minutes. You’ll just need your passport to hand before heading to the MoCo Savings Hub and following the on-screen steps.
Look around before you decide
Irish consumers tend to stick with what they know when it comes to banking. Most people still choose one of the country’s three main banks for their mortgage, and the same is often true for savings.
But in recent years, newer entrants such as MoCo, Avant Money, Bunq and Raisin have brought more choice — and in some cases better value — to the Irish market.
So it’s worth shopping around rather than defaulting to your existing bank, especially if you have a large amount of cash sitting on deposit.
Compare the market with bonkers.ie
To find the best savings rate for your circumstances, check out the bonkers.ie savings comparison page.
You can quickly compare the latest rates from providers including AIB, Bank of Ireland, PTSB, Bunq, Raisin and many more — helping you make sure your money is working as hard as possible.
