Term Deposit

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:

        

Currently, Nordea offers the following special rates for term deposits:

Service

Rate for a deposit in EUR*

Rate for a deposit in USD**

Term deposit

0.4%

0.7%

Term deposit + investments of at least 25% of the total amount***

0.6 %

1.0%

Term deposit + investments of at least 50% of the total amount***

1.0%

1.5%



*The offer for term deposits in EUR:
The offer is valid for private individuals with the following duration of the deposit: 13 months. The maximum total amount of term deposits per person subject to a high interest rate is EUR 50,000. A term deposit is subject to a 0.6% rate, if a person purchases any Nordea investment product (Index-Linked Bonds, Investment Funds, 3rd Pillar Pensions or Endowment Assurance) of at least 25% of the total deposit amount. A term deposit is subject to a 1.0% rate, if a person purchases any Nordea investment product (Index-Linked Bonds, Investment Funds, 3rd Pillar Pensions or Endowment Assurance) of at least 50% of the total deposit amount.

**The offer for term deposits in USD:
The offer is valid for private individuals with the following duration of the deposit: 13 months. A term deposit is subject to a 1% rate, if a person purchases any Nordea investment product (Index-Linked Bonds, Investment Funds, 3rd Pillar Pensions or Endowment Assurance) of at least 25% of the total deposit amount. A term deposit is subject to a 1.5% rate, if a person purchases any Nordea investment product (Index-Linked Bonds, Investment Funds, 3rd Pillar Pensions or Endowment Assurance) of at least 50% of the total deposit amount.

***The rate is valid, if a term deposit is closed during an online consultation or at any Customer Service Unit.

Please note that the aforementioned offer of a high term deposit rate is valid only when purchasing any investment product, if this investment product is suitable for a customer in accordance with the Bank’s evaluation based on the information provided in the customer’s questionnaire. Likewise, please be informed that investment products are associated with certain risks. For example, investment products without a guarantee of the principal amount can result in losses for a customer, exceeding the benefit the customer obtains by receiving a high interest rate of the term deposit. In some cases, depending on the investment product, a term deposit with a lower applicable interest rate can be financially more favourable than the investment product, in addition to which a term deposit with a high interest rate is made.

You can deposit your spare funds, starting from EUR 100 or 100 currency units in other currency, for a term of 1 week to 5 years with a fixed interest rate. Term deposit allows to keep and at the same time to increase your savings. As a result, you must invest a smaller amount than it would be necessary for the particular goal.

Choose the most appropriate type of the term deposit:

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

If you have saved at least EUR 100 on your savings account then it is possible to deposit the saved amount or largest share of it in the term deposit. 

If you already have a term deposit you can open new deposits with current interest rates.

Benefits

  • Option to deposit funds in EUR, USD, NOK, SEK, DKK, GBP, PLN and other currencies.
  • Opportunity to choose the most appropriate term from 1 week to 5 years.
  • Guaranteed fixed yield for any of the offered term deposits.
  • Opportunity to spend the earned interest by choosing transfer of the interest to your personal account every month, quarter, 6 months or on maturity. 


Guarantees

Term deposit account and deposits made to it is covered by the Swedish deposit guarantee scheme in accordance with an assessment made by the Swedish National Debt Office.

Each client (taking into account restrictions mentioned below) is entitled to repayment up to an aggregated amount of 100,000 euro. Payment will be made by the Latvian Deposit Guarantee fund on behalf of the Swedish National Debt Office. The Swedish National Debt Office will disburse payment to the Latvian Deposit Guarantee fund within seven days from the date when the bank was declared bankrupt or the Swedish Financial Supervisory Authority decided that the guarantee should enter into force.

Additional repayment can be claimed under certain circumstances, for example in connection with the sale of private housing, dismissal, insurance compensation in an aggregate total amount of 5 million Swedish Kronor.

The following categories of depositors are not covered by the deposit guarantee: credit institutions, investment firms, insurance undertakings, re-insurance undertakings, mutual benefit or aid societies,  financial institutions according to the Swedish Banking and Financing Business Act (SFS 2004:297), investment funds and alternative investment funds, pension and retirement funds, pension and retirement foundations, and county councils, municipalities and government authorities. Assets of investment funds and pension funds are kept separately from custodian bank’s property, thus they are protected from the possible insolvency of the bank.

Provided that the necessary regulatory approvals are obtained and the transfer of the Nordea Bank AB Latvia branch to a credit institution registered in Latvia takes place, deposits will further be protected by the Latvian Deposit Guarantee Scheme. The customer has the right to transfer his/her deposits and interest payments on them to another credit institution designated by the depositor within a period of three months from the date of entry into force of the transfer of the company without additional commission fees.

Nordea Bank AB Latvia Branch will publish detailed information in the media and in Bank's home page about the exact date of the Business transfer of the company as soon as it will be available.

Depositor information

General Terms and Conditions for Time Deposit accounts

Set up a Term deposit:

  • Sign a term deposit agreement at any Nordea Customer Service Unit or in the Netbank.
  • Minimum deposit is EUR 100 or 100 currency units in other currency.
  • Choose the most appropriate deposit term from 1 week 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.
  • Earned interest will be transferred to your personal account.
  • The interest rate effective at the time of renewal of the term deposit will apply to the new deposit.


For example, on 12 September 2012 you make a deposit of EUR 300 for the term of 36 months and choose the automatic deposit extension of the principal amount upon maturity. On 12 September 2015 the earned interest will be transferred to your personal account. The principal amount of EUR 300 will be deposited for another 36 months with interest rate effective on 12 September 2015.

Interest rate:

Interest rate will be set depending on your status at the bank in accordance with the Nordea Customer Advantage Program. Interest rates for different types of term deposits may vary.

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.