Savings Account

Interest steps of the account

The Savings Account deposit interest rate consists of three different interest steps. Interest is paid based on the interest step so that interest is paid on savings in each step based on the step’s interest rate. For example, if savings reach the first and second interest steps, deposit interest on savings is paid based both on the first and second step.

The deposit interest rate increases in accordance with the steps as the deposit amount increases. The interest rate in the first step is fixed at 0.50%. In the second and third steps, the interest rate is a variable rate based on the 3-month Euribor minus the bank's margin. The interest rate in the second and third steps is always at least 0.50% and no more than 6.00%.

The name of the Euribor rate indicates the time during which the Euribor remains unchanged. This means that Euribor rates in the second and third steps are adjusted every 3 months from the account opening date. The reference rate of Savings Account is determined based on the rate quoted on the adjustment day.

You can check the current Euribor rates on the Bank of Finland’s website.

Go to the Bank of Finland website

Calculation and payment of deposit interest

Savings Account interest is calculated on the average deposit per calendar month.

The deposit interest is added to the account’s funds annually on 31 December and can be withdrawn on 1 January.

Tax treatment

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

Check your account’s deposit interest rate

You can check the interest rate for your account by logging in to op.fi or OP-mobile using your OP user ID. 

How to check the interest rate for your account in the op.fi service:

1. Log into the op.fi service.
2. In the main menu, open the section Money and select Accounts and then My accounts.
3. After this, select Account details and Edit details.
4. You then need to select the account whose details you wish to view.

Log in to the op.fi service and go to account details

How to check the interest rate for your account in OP-mobile:

1. Log into OP-mobile.
2. Select the account whose interest rate information you want to view.
3. Go to Account settings by tapping the gear icon.
4. Select Account interest rate.

Example 1: First interest step

The amount saved to Savings Account is 5,000 euros. Deposit interest is paid on the savings according to the first step, or 0.50%. 

Example 2: Second interest step

The amount saved to Savings Account is 15,000 euros. Deposit interest is paid on the savings according to both the first and second steps. 

Interest is paid on the amount below 10,000 euros according to the first step, or 0.50%.

Interest is paid on the amount above 10,000 euros according to the second step. For example, if the 3-month Euribor were 3.60%, a margin of 0.90 percentage points would be subtracted from it, in which case the interest rate would be 2.70%. The Euribor rate is adjusted every three months from the account opening date.

Example 3: Third interest step

The amount saved to Savings Account is 60,000 euros. Deposit interest is paid on the savings according to the first, second and third steps. 

Interest is paid on the amount below 10,000 euros according to the first step, or 0.50%.

Interest is paid on 10,000–49,999 euros according to the second step. For example, if the 3-month Euribor were 3.60%, a margin of 0.90 percentage points would be subtracted from it, in which case the interest rate would be 2.70%.

Interest is paid on the amount above 50,000 euros according to the third step. For example, if the 3-month Euribor were 3.60%, a margin of 0.50 percentage points would be subtracted from it, in which case the interest rate would be 3.10%.

The Euribor rate is adjusted every three months from the account’s opening date.

Example 4: Minimum and maximum interest rate on the account

The interest rate in the second and third steps of the Savings Account is always at least 0.50% and no more than 6.00%, regardless of changes to the 3-month Euribor rate.

• You can open the account in the op.fi service or on OP-mobile. The account cannot be opened at bank branches or through our customer service.
• You can open the account when you have a banking relationship with OP, you have OP's user ID, you are aged 18 or over, and you have a permanent address in Finland. 
• The account is intended for the account opener's personal use, and no other holders or persons with account access rights may be added to the account.
• You can open only one Savings Account for yourself.

• You can only use the Savings Account for transferring funds between your OP accounts.
• If you wish to make an account transfer from another banking group, you can first make an account transfer to another OP cooperative bank account such as the Current Account and then transfer the amount to the Savings Account.
• You can use the funds in the account without withdrawal limits or fees and use the account without monthly charges.
• The Savings Account cannot be used to set up automatic monthly payments. 
• Cash withdrawals from a Savings Account are not possible.
• It is impossible to link services to the Savings Account, such as a payment card or a regular saving agreement used for investing in funds or use the account to buy and sell stocks.

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

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.

As an OP cooperative bank owner-customer, you get OP bonuses that decrease your banking and insurance service charges. As an OP cooperative bank owner-customer, you get 40% more OP bonuses compared to the normal level of 2022. We will continue the familiar benefit until the end of 2025.

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

Lear more about the General Terms and Conditions for Accounts (pdf) 

The General Terms and Conditions for Accounts for Personal Customers apply to Savings Account. 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.