Term Deposit

Term deposit guarantees the conservation of company's free capital, fixed returns and increases the company's cost of capital.

Luminor Bank AS offers to deposit for a term of 1 month to 5 years with a fixed interest rate.

Choose the most appropriate type of the term deposit for the company:

  • Term deposit with interest paid on maturity. On maturity the invested amount together with the earned interest will be transferred to the company's current account.
  • Term deposit with periodic interest payment. Interest earned will be transferred to the company's current account, for example, once every month, quarter, 6 months or annually. 


If the company already has a term deposit it can open new term deposits with current interest rates.


Benefits

  • Option to deposit funds in EUR, USD, GBP and NOK.
  • Opportunity to choose the most appropriate term for the company from 1 month to 5 years.
  • Guaranteed fixed income.
  • Opportunity to receive the earned interest once a month, quarter, 6 months, annually or on maturity.


Guarantees

Safety of your deposits is guaranteed by the deposit guarantee scheme, which has been established pursuant to the Deposit Guarantee Law. In case of unavailability of deposits at a credit institution or credit union, your deposit in the amount of up to EUR 100,000 shall be compensated by the Deposit Guarantee Fund.


In addition to the maximum guaranteed compensation in the amount of EUR 100,000, a depositor is entitled to the guaranteed compensation in the amount of up to EUR 200,000 in accordance with the types of deposits and provisions specified in Section 4 of the Deposit Guarantee Law.

Depositor information.

General Terms and Conditions for Time Deposit accounts

Term deposit is a safe and simple type of deposit allowing existing money to earn interest. It is a good option for saving funds for home renovation, studies, a first down payment or any other particular goal.

Interest rate will be set by taking into account the customer's status at the bank and the duration of the deposit:

        

Set up a term deposit:

  • Sign a term deposit agreement at any Customer Service Unit or in the Netbank.
  • Minimum deposit is EUR 100, USD 100, GBP 100, 1000 NOK.
  • Choose the most appropriate deposit term for the company from 1 month to 5 years.


On maturity, the term deposit can be renewed by choosing automatic depositing of the principal amount:

  • Principal amount of the deposit will be deposited for the same term as before.
  • Earned interest will be transferred to the company's current account.
  • The interest rate defined by Nordea Bank at the time of renewal of the term deposit will apply to the new deposit.


For example, on 12 September 2017 the company makes a deposit of EUR 3000 for the term of 36 months and chooses the automatic deposit extension of the principal amount upon maturity. 2015. On 12 September 2020, the earned interest will be transferred to the company's current account. The principal amount of EUR 300 will be deposited for another 36 months with interest rate effective on 12 September 2020.

Interest rate

Term deposit interest rate will be set individually by taking into account the amount and duration of the deposit.

There is an option to withdraw the deposited funds before maturity in case of necessity:

Closure of term deposit before maturity is subject to a commission fee according to the pricelist. The earned interest will not be paid.

In order to be charged a reduced fee for termination of Term Deposit before the Last Day of Deposit Period, notify the bank at least 3 business days in advance. You may notify the bank in the following ways:

To cancel the automatic extension of the term deposit, please notify the bank at least 2 business days before the maturity.