Rent Deposit Account

Safe solution for storing your rent deposit

The Rent Deposit Account is an ideal solution for depositing the agreed security deposit.

  • The tenant deposits the amount agreed with the lessor, not to exceed three months’ rent, to a current account and pledges it with a pledge agreement.
  • Due to the pledge, the tenant cannot access the funds on the account during the lease. The funds can be withdrawn once the lease ends and the lessor has signed a release of the pledge. The lessor returns the signed pledge agreement to the tenant or delivers it directly to the bank.
  • If the tenant neglects his obligations under the tenancy agreement, the landlord has the right to withdraw the pledged money from the bank.
  • The most convenient way for the lessee to receive the pledge agreement for a Rent Deposit Account is on the op.fi service. If the lessor is a death estate or the lessor has an address abroad, the lessee must book an appointment with the bank for pledging the account.
  • The bank agrees to a non-set-off commitment related to funds in the account, in other words not to set off funds deposited in the account against any receivables it may have.
  • The account's interest rate is 0.25% for an owner-customer. Read more under "Deposit interest rate".

How to open a Rent Deposit Account

The easiest way to open a Rent Deposit Account is to log into the op.fi service. Please note the service is only available in Finnish.
 
Tip: To avoid mixing up your accounts, you can name the new account "Rent Deposit Account".
2. Deposit on your new account the amount of rent deposit agreed in the lease agreement
3. Fill in the Pledge Agreement for a Rent Deposit Account form (avaible in Finnish or Swedish)
For pledging your account, you need the lessor's personal identity code or business ID. Without the lessor's personal identity code or business ID, we cannot open a Rent Deposit Account for you, and we recommend that you discuss alternative ways with the lessor to manage the rent deposit.
4. We pledge the account based on your form, and send you the pledge agreement within 1 to 3 working days by message in op.fi service or OP-mobile.
5. After receiving the pledge agreement, please sign and deliver the agreement to your lessor.
 

If you wish, you can also open a Rental Deposit Account by making an appointment at OP's bank branch. Remember to bring your identity papers and tenancy agreement. Please note that a rent deposit account can only be opened for minors at OP's bank branch with the guardians’ permission.

Go to appointment booking 

The bank will automatically charge a fee for pledging the account in accordance with the list of service charges and fees. The service fee is primarily charged from OP bonuses when available. Pledging a Rent Deposit Account is free of charge for those aged under 26.
Deposit interest rate and cash withdrawal

The account's interest rate is fixed 0.25% for an OP cooperative bank owner-customer. Earning interest requires that the account and owner-customer membership are with the same OP cooperative bank. If the account has more than one account holder, all account holders must be owner-customers at the OP cooperative bank that holds the account. For customers other than owner-customers, the deposit interest rate is fixed 0.00%.

Calculation and payment of deposit interest

The account's deposit interest rate is calculated on the lowest balance of a calendar month. The lowest balance is based on the daily closing balance.

The deposit interest will annually be added to the account's funds on 1 December and it can be withdrawn before mid-December, unless otherwise agreed in the account agreement. You can check the interest payment day from your account agreement. You can find the electronic account agreement in My archive. The paper account agreement has been sent by post or given at the meeting.

Tax treatment

Tax at source is charged on each interest payment. You do not need to report the deposit and earned interest in taxation.

Cash withdrawal 

The account holder can withdraw the money deposited when the landlord releases the pledge.

Dissolution of pledge

At the start of your lease agreement, you submitted a pledge agreement for the Rent Deposit Account to your lessor. When dissolving the pledge, the lessor must first enter the date and sign the Return of pledge field in the original pledge agreement. The original copy must be delivered to an OP branch by the lessor or by you if you received the copy from your lessor.

You can mail the agreement to us or deliver it in person to any OP branch without scheduling an appointment. Please note that an electronically submitted or signed copy of the pledge agreement is not valid.

After we receive the pledge agreement, we will dissolve the pledge and release the funds to you. We will let you know once you have access to the funds. You can also check the status of the pledge in the account's details under Status. The status field is not shown if the pledge has been dissolved.

Terms and price

A monthly charge does not apply to rent deposit accounts.

According to the terms and conditions, the bank has the right to change the account agreement, the terms and conditions, and the list of service charges and fees. The bank will inform you of changes as specified in the terms and conditions.

Deposit guarantee

Savings on the account are protected with deposit guarantee. The maximum compensation for guaranteed deposits is EUR 100,000 for the deposits made in a single deposit bank. OP Financial Group member banks are considered a single bank from the perspective of the deposit guarantee.

Deposit guarantee protects a depositor's funds on an account if the deposit bank becomes insolvent. If a deposit bank is declared bankrupt or is in permanent default, the Financial Stability Authority pays compensation to the bank’s depositors from the Deposit Guarantee Fund.

Owner-customer's OP bonuses and benefits from banking services

As an OP cooperative bank owner-customer, you get OP bonuses that decrease your banking and insurance service charges. In 2024, you will earn 40% more OP bonuses than normal.

OP bonuses come from

  • funds in savings accounts
  • home loans, student loans and secured bank loans
  • mutual fund units and unit-linked insurance
  • paid insurance premiums, such as home and motor vehicle insurance and continuous travel insurance.

OP bonuses are tax-free. Because of that they are automatically used for loan service and origination fees and insurance premiums, among other things.

Read more about OP bonuses

As an owner-customer, you also get significant benefits and discounts. For example, you will get daily banking services without monthly charges until the end of 2025 and interest on your Current Account. Furthermore, you'll enjoy lower saving and investing costs than usual.

See all owner-customer benefits
Opening an account as a customer of another bank

If you want to open an account and are not yet OP's customer, you can become OP's customer and activate banking services digitally as well. Daily banking services include a Current Account, diverse digital services, an OP user ID and a card. You will only need 15 minutes for digital customer onboarding, banking user identifiers issued by a Finnish bank and a phone on which you can receive SMSes. You will be able to transfer money to your new account the day after opening the account.


Read more about how to become a customer; become a customer or make an appointment with a bank branch through the link on this page:

Become OP’s customer | Switch banks


The account is provided by OP cooperative bank.