Fixed-rate deposit

Benefits

Predictability:You can be certain that the interest rate you have locked in will not change or be affected. You know exactly how much your savings will grow.

Peace of mind: Your money and interest will not be at risk from fluctuations in the equity or interest rate market. In addition, all deposits are covered by the Norwegian Banks' Guarantee Fund up to NOK 2 million.

Better interest rate terms: The interest rate you receive with a fixed-term deposit will generally be slightly higher than on an ordinary savings account without a lock-in period. You also have the option of other high-interest accounts. Here you often need to deposit larger amounts to achieve the same interest rate terms.

Limitations

The money is locked in for the entire period: Therefore, do not deposit more than you are comfortable locking in. Think through your purpose for saving the money in a Fixed-term deposit for the specific period.

Cost of early withdrawal:If you withdraw money before the lock-in period is over, you pay a fee of 1% of the withdrawal amount. Therefore, consider whether you might need the money during the period you lock it in. If you already have an emergency fund, you are more secure if something unexpected happens.

Minimum savings requirement: Fixed-term deposits have an amount limit and you must have a minimum deposit of NOK 10,000 at the start. Fixed-term deposits are therefore best suited for you if you can deposit a larger amount. Other savings methods, such as Savings account and Funds, allow you to start saving with smaller amounts from NOK 100.

A Fixed-term deposit is a secure and predictable savings option where you deposit money into an account with a fixed interest rate for an agreed period. This means that the interest rate remains unchanged throughout the entire lock-in period, giving you the opportunity to plan your finances better. We offer Fixed-term deposits with various lock-in periods, so you can choose the option that best suits your needs.

A Fixed-term deposit can be a profitable savings option for you if you want stability and predictability in your returns. It is an ideal solution if you have surplus funds that you do not plan to use in the short term. At the same time, it is important to consider your own financial goals and risk appetite.

You can find alternatives to Fixed-term deposits in other high-interest accounts such as Savings account Pluss and BSU home savings scheme for young people. These are accounts with different terms for fixed interest rate periods, interest rates and flexibility. Read the rules for the different accounts carefully and see which one suits you best.

With us you will also find other investment opportunities such as funds and shares, but which carry higher risk than savings accounts.

Deposit interest rate is the savings interest you receive on your money. Several factors affect the interest rate you receive.

Learn more about deposit interest rate

If you choose to close your Fixed Rate Deposit before the fixed term is over, you will be charged a fee on the savings amount. This applies to both partial withdrawals and withdrawal of the entire savings amount, regardless of when you choose to close during the period.

Partial withdrawal and retain the fixed rate account
If you withdraw part of a fixed-term deposit, you pay a fee of 1%. The fee applies regardless of when you withdraw the money.

Withdraw all the money and close the fixed-term account

If you withdraw the entire amount, the account will be closed and you pay a fee of 1%. The fee applies regardless of when you withdraw the money.

Yes, you must pay tax on the return or interest income earned from a fixed-term deposit. This means you must pay tax on the interest you earn on the deposit. At present, the tax rate for interest income is 22%.Tax is calculated on your entire interest income. The bank reports this to the Norwegian Tax Administration.We recommend that you keep track of your interest income and check it against what is stated on your tax card.

The interest rate on fixed-term deposits with us varies depending on the chosen fixed term and current market conditions. We offer competitive interest rates that are often higher than on ordinary savings accounts. The interest rate on fixed-term deposits is always quoted per year. If the term is shorter than one year, you receive the quoted rate for the months you lock in the interest rate.

REMEMBER! The fixed term for the fixed-rate account starts as soon as you have ordered the agreement. It is therefore important to sign and, if applicable, transfer the amount as soon as possible to receive interest income for the entire period.