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How to Start Saving with MoCo 

Saving sounds simple, but in reality it's not always the case. Between rent, groceries, leisure and unexpected expenses, there is often little left at the end of the month. With the 20% Rule you can gradually build your financial safety cushion.  

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Learn about the 20% Savings Rule

The 20% savings rule is part of the 50/30/20 budgeting approach, a simple and effective way to manage your money. It suggests allocating 50% of your income to needs, 30% to wants and 20% to savings. With a MoCo Savings Account you can easily put this principle into practice.

How does the 20% Savings Rule work? 

  • Set aside 20% of your monthly after-tax income before spending on other expenses.
  • Use a standing order – or make a regular lodgement from the MoCo Savings Hub – to make saving consistent.
  • Review and adjust regularly as your income or priorities change.

Why is this a smart move? 

  • Builds a financial cushion for unexpected events.
  • Supports lasting financial security through consistent saving.
  • Lets your savings grow with MoCo’s competitive rates.

This is what your assets could look like if you save with your MoCo savings account:

Year MOCO ($interestRateAnnual$) TRADITIONAL BANK ($interestRateAnnualOthers$) Difference

Based on $initialDeposit$ on time deposit plus $monthlyDeposit$ monthly deposits with daily compounding interest.

The difference:After 5 years, you earn $difference5Years$ more with MoCo then traditional banks

* Gross balance

Tips to get started 

  • Begin with a smaller percentage, like 10%, and increase gradually. 

  • Adjust your spending – small changes can make a big difference.

Bottom line: Following the 20% rule and a MoCo Easy Saver account helps you develop strong financial habits and work toward lasting financial stability. 

Start applying the 20% rule today with MoCo:  Open your MoCo Easy Saver account

FAQ Section

The 50/30/20 rule is a simple budgeting guideline that helps you manage your money effectively:

  • 50% of your income goes to needs – essential expenses like housing, utilities, and groceries.
  • 30% goes to wants – non-essential spending such as dining out, entertainment, and hobbies.
  • 20% goes to savings and debt repayment – building your financial future by saving or paying down loans.

This rule is popular because it’s easy to follow and ensures you prioritize saving while still enjoying life.

A MoCo Savings Account offers flexibility, security, and competitive returns:

  • 2.1% AER interest, paid daily – your savings grow every day.
  • Free access and no hidden fees – keep more of your money.
  • Withdraw anytime – no penalties or restrictions.
  • Deposit guarantee scheme – your money is protected.
  • Open in minutes – all you need is a valid passport (and proof of address if non-Irish).
  • Start small – begin with as little as €1.

Once you have opened a savings account with MoCo, there are various ways to transfer money to your account:

  1. You can make an electronic funds transfer to your MoCo savings account from another account by using the unique IBAN for your MoCo savings account (this can be found by selecting the ‘My Accounts’ page in the MoCo Savings Hub. Your account details, including the IBAN for each savings account you hold with MoCo, are available here).
  2. You can log on to the MoCo Savings hub and use the [Make a Lodgement] link to transfer money from an account with one of the specified banks to your MoCo savings account.  This process can be completed in seconds.  If using this service on your mobile, please ensure that popup screens are enabled so that the service can operate correctly.
  3. A standing order facility can be arranged with the bank from which you wish to transfer money to MoCo.

Yes, there is no limit to the number of savings accounts that you can hold with MoCo.

We are unable to facilitate the opening of joint savings accounts.

The process to open an account is straightforward and starts by clicking this link.

BAWAG P.S.K. Bank für Arbeit und Wirtschaft und Österreichische Postsparkasse Aktiengesellschaft, trading as MoCo, is authorised by the Austrian Financial Markets Authority in Austria and is regulated by the Central Bank of Ireland for conduct of business rules. BAWAG is a stock corporation registered in Austria having its registered office at Wiedner Gürtel 11, 1100 Vienna (with registration number 205340X) and having a registered branch in Ireland (with registration number 910053). Directors: A Abuzaakouk (US), E Sirucic (AT), S Shah (US), D O´Leary (US), A Wise (US) and G Jestaedt (GER)