Saving and investing

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A bank deposit is the most traditional low-risk option among saving and investment forms.

A deposit account can be a continuous savings account of a fixed -term account. In case of a fixed-term account, the customer can deposit a specific sum to accrue interests during the period agreed in advance. The deposit and the interest become available when the agreed investment period has expired. According to certain account terms, the interest can be drawn out annually prior to the expiry of the deposit.

The accounts designed for continuous saving and investment are not intended for the daily money affairs, and they may also come with withdrawal limits. If you wish to make withdrawals beyond the amount set in the agreement, you may have to pay extra expenses. A continuous savings account is a suitable option for saving towards a specific objective, such as a new home, car or home appliance. Using a continuous savings account, you can, for example, save a certain sum every month.

Interest on deposit accounts

The interest on a deposit account can be based either on a floating or fixed interest rate. The floating rate of interest is tied to the reference rate of interest, and as the reference rate changes, so does the interest on the account. The reference rate of interest can be, for example, Euribor or the prime rate quoted by the banks. Normally, a margin is deducted from the reference rate, and the margin is determined in line with the account contract terms. The fixed rate of interest stays the same throughout the period of deposit, in other words, it does not change even if the general interest level changes.

The interest may be paid on the daily balance of the funds on the account, or on the lowest monthly balance. The interest is paid on the deposited sum, and in certain account form, the interest grows step-wise as the amount of deposit increases.

In savings and investment accounts, the interest rate may vary according to the deposited amount and the period of deposit. The interest rate often grows as the amount of savings increases. The funds need not be tied up for a fixed term but they are available, according to the account terms, as the customer needs them.

Deposit guarantee

The customer deposits in Finnish banks are covered by the deposit guarantee up to the total of 100,000 euro. The deposit guarantee secures the depositor’s claim in the potential insolvency situation of the deposit bank. The deposit guarantee is both person specific and bank specific. The customer’s funds, with interest, per bank or bank group are safeguarded up to the total of 100,000 euro. The exception is constituted by funds that the depositor has obtained through the sale of their own apartment, intended to be used for the purchase of a new apartment. These funds associated with the change of apartment are protected for the entire sum for six months from the date of the deposit.

The Financial Stability Authority is responsible for maintaining the Finnish deposit guarantee system and the related responsibilities, and also manages the Deposit Guarantee Fund.

ASP savings (Government subsidy for first home purchases)

A person between 18 and 39 years of age, making savings for their first home purchase, can open a so-called ASP account with their bank. The purpose of the account is to save 10% of the future apartment price on the ASP account. The deposits to be made over 8 quarters of a year shall vary from 150 to 3000 euro per quarter. The bank will pay a 1% interest on the deposits. When the savings objective is reached, the ASP depositor may sign a contract on the ASP housing loan and purchase their first home. When the savings objective is met and the housing purchase has been completed, the bank will pay an additional interest of 2–4 percent on the savings. The State Treasury (Valtiokonttori) provides further information on the ASP system. You should also ask your own bank for details on how to start the ASP savings process.

Mixed deposits

Mixed deposits include elements of both traditional deposit accounts and various investment instruments.  For further information on the potential deposit guarantee associated with these products, please go to the Financial Stability Authority site.

Fixed-term accounts and reference shares

This is a fixed-term account in which the account return is tied to the performance of certain reference shares. In this product, the depositor normally has the opportunity to benefit from the increase in the price of the reference share over the deposit period. When the deposit matures, the customer gets a fixed annual interest and a potential added return as defined in the product terms and conditions.

The deposit rate of interest may vary from 0.10 to 0.25 % per annum, payable annually on the day corresponding to the account opening day.  The eventual additional  interest is based on the trend in the reference share prices. For example, if the price of the reference shares is the same or higher on the defined starting date, the additional interest or return will materialise.

Fixed-term account and fund investment

A combination of a fixed-term deposit and fund investment, with part of the capital invested in funds and part in the bank’s fixed term deposit.

Fixed-term account and deposit account

A combination of a deposit account and a fixed-term deposit, with part of the funds invested on a fixed-term account with a fixed rate of interest, and part on a deposit account with the bank’s interest rate tied to the prime interest rate. The funds can be withdrawn from the deposit account without any restrictions and expenses.