BSU Home Savings Scheme for Young People – Home Savings for Youth

• A BSU account can also be opened for children from birth.
• You can save in a BSU home savings scheme for young people until the end of the year you turn 33.
• You must have taxable income if you wish to receive the tax deduction, and you must not own your own home.
• You can save up to NOK 27 500 per year and NOK 300 000 in total in the BSU home savings scheme for young people.
• If you make withdrawals from your BSU account beyond the current year's savings, you cannot save more in this account.
• When you turn 34, the account will earn interest equivalent to an ordinary savings account.
• The money you deposit in the BSU home savings scheme for young people is not tied to property until the turn of the year. This means you can withdraw this money before 31 December.

See more rules at the Norwegian Tax Administration

To claim a tax deduction, you must be a personal taxpayer, subject to tax and resident in Norway.

The funds in the BSU home savings scheme for young people must be used to purchase permanent residential property in Norway or abroad. If you have already purchased a property, you can use the BSU home savings scheme for young people to repay loans or for renovation. Here are common purposes the funds from the BSU home savings scheme for young people are used for:

• Purchase a home where you will live yourself.
• Repay a loan on a home that you have purchased and where you live yourself.
• Leave the funds in the BSU account for future housing purposes.
• Renovation and maintenance of your own home.

If you withdraw funds saved in the BSU home savings scheme for young people and use them for purposes other than those approved, this is considered a breach of contract. The tax authorities will require you to repay the tax deductions you have received.

Yes, from 1 July 2021 you can use BSU home savings scheme for young people for renovation/maintenance of your own home.

You fill in the termination form in the online bank. Select the option "Other approved housing purpose," write "renovation/maintenance of own home," and any additional information in the comment field.

If you close a BSU account, you cannot open a new account of the same type later. This also applies to other banks. You can close your BSU account in the online bank, and you will receive a confirmation by email when the account is closed.

• Log in to the online bank
• Select "Everyday banking and loans"
• Select "Close account"
• Select the button "Close/partial withdrawal BSU home savings scheme for young people"
• Fill in the form

No, the BSU home savings scheme for young people account and the home loan to be repaid do not need to be in the same bank.

If you have a BSU home savings scheme for young people and a mortgage with DNB, you can close the account under 'Close account' in the online bank. Then complete the form and enter your loan number.

Do you need to pay down a mortgage with another bank? Use the same form. Upload the purchase contract and loan documentation. Enter the loan number you have received from the other bank.

You can withdraw this year's deposit from your BSU home savings scheme for young people under 'Everyday banking and loans' → 'Transfer between own accounts' in the online bank. Deposits from previous years are locked in.

Remember that the tax deduction is calculated based on the balance on 31 December. Deposit the money into your BSU account well before this date.

• You keep the interest rate on your BSU account until you turn 34. After this, the interest rate becomes the same as on an ordinary savings account.
• The interest you receive from the year you turn 34 can be withdrawn and used freely.
• The money you have saved in your BSU account will remain in the account for as long as you wish.

The savings deposit is subject to wealth tax. Interest on the savings deposit is subject to income tax in the year the interest accrues.

Guardians can open a BSU account in the child's name and start home savings for their own child. The child will not benefit from the tax deduction as long as the child does not have their own taxable income. Contact the bank to open the account.