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:

        

You can deposit your spare funds, starting from EUR 100, USD 100, GBP 100 or NOK 1000, for a term of 1 month 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, GBP.
  • Opportunity to choose the most appropriate term from 1 month 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

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

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 or NOK 1000
  • Choose the most appropriate deposit term 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.
  • 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 2017 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 2020 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 2020.

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.