Savings Account

An interest-bearing account for flexible saving.

OFFER

Use the 3.15% interest offer for owner-customer’s Savings Accounts by 31 October 2024

If you are our owner-customer, open a new Savings Account online to get a fixed 3.15% annual interest rate for the account for 6 months. If you have opened a Savings Account before 1 October 2024, and you are our owner-customer, activate the interest offer for your account by the end of October on OP-mobile or at op.fi.

Please note that to use the interest offer, you have to be an adult and your owner-customer membership and the Savings Account need to be in the same OP cooperative bank.

See additional information on the offered interest rate and how to activate it under "How to activate the offered interest rate for a new or existing Savings Account". Please note that the offered interest period does not apply to other savings accounts, such as a Growth Return Account or a Fixed-term High-yield Account.

Go to the instructions on how to activate the offer

Save money into your account in your own time and use your savings at any time

You can flexibly make deposits to the account and use your account savings anytime, without withdrawal limits or charges.

The more you save in the Savings Account, the higher the rate of interest

The account's interest rate consists of three interest steps. The rate increases according to the steps when you save more money in the account. Use the interest rate calculator to see an estimate of how much interest your savings would currently earn.

As an OP cooperative bank owner-customer, you can activate the higher fixed 3.15% offer rate for the Savings Account for six months. The special offer rate is paid for the entire sum saved in the account. After this, the interest rate steps are used to determine the account's interest rate.

Go to the Savings Account interest rate calculator >

As an OP cooperative bank owner-customer, your savings will earn you OP bonuses

Owner-customers earn OP bonuses on their savings in the account. The bonuses are used to cover banking and insurance service charges and fees. As an owner-customer, you will get 40% more OP bonuses than normal in 2024.

Open a Savings Account

What is Savings Account?

The Savings Account is an easy and carefree account suitable for flexible saving. You can save money into the account by making single deposits at a pace that suits you. You can also use your savings in the Savings Account at any time without withdrawal limits or cost.

The account has no limits for a minimum or maximum deposit, meaning that you can save as much as you like in the account. Savings in the account are protected with a deposit guarantee.

Saving into the Savings Account is profitable because interest will be paid on the funds in your account. In addition, OP cooperative bank owner-customers earn OP bonuses through savings in the account.

Open a Savings Account today conveniently on the op.fi service or OP-mobile. Opening an account and withdrawal of savings from the account are free of charge. The account is also without a monthly charge.

Transfer the extra funds in the Current Account to the Savings Account, for example. This way you can get better interest on your savings. Note that you can transfer money to the Savings Account only from your OP accounts.

For whom is the Savings Account suitable?

The Savings Account suits you if you want

an easy way to save money in an account
your savings to be always available to you with no restrictions
interest on your savings
to earn OP bonuses on your savings if you're an owner-customer.

Please note that you have to be an adult to open a Savings Account, and that you can only open one Savings Account.

What is the interest rate on the Savings Account?

The Savings Account deposit interest rate consists of three interest steps. The interest rate increases according to the steps as savings in the account grow. The more savings you deposit in the account, the higher the rate you receive.

Interest is paid according to interest steps so that each step's savings receive interest based on that step's rate. Smaller savings belong to the first interest step, whereas larger savings reach higher steps and will therefore earn better interest. Read more about the determination of Savings Account interest under “Deposit interest rate”.

Please note that if you use the Savings Account interest offer for owner-customers between 1 and 31 October 2024, your account will have a fixed 3.15% annual interest rate for six months. After this, the Savings Account's interest rate automatically returns to using the interest rate steps.

Are you not yet and OP customer? Open customer relationship online

You'll get a Current Account and a card of your choice when you become an OP customer. In addition to the Current Account, you as a customer can also conveniently open other accounts online. Learn more and become a customer.

How to activate the interest offer for a new or existing Savings Account

As our owner-customer, you now get a better interest rate on your Savings Account by activating the offered interest period for the account. During the offered six-month interest period, the annual interest rate of your Savings Account will be a fixed 3.15%. You will be paid the offered interest rate for the entire sum saved in the account. You can use the account as usual during the offered interest period.

Please note that to use the offered interest rate, your owner-customer membership and the Savings Account need to be at the same OP cooperative bank. A Savings Account can be opened by an adult OP cooperative bank customer with OP's user ID.

See instructions on how to activate the interest offer for a new Savings Account:

If you do not yet have a Savings Account, you can activate the interest offer when you open the account on OP-mobile or at op.fi:

Log in to OP-mobile or the op.fi service and select open a Savings Account.
Accept the interest offer and open the account.

See instructions on how to activate the interest offer for an existing Savings Account:

If you already have a Savings Account, here's you can activate the interest offer period for the account on OP-mobile or at op.fi:

Log in to OP-mobile and select: Savings Account – Account settings – Account interest rate – Offered interest rate available for Savings Account – Read more about the offer – Accept offer.
Log in to the op.fi service and select: Money – Daily banking – Account details – Savings Account – Offered interest rate available for Savings Account – Read more about the offer – Accept offer.

The interest offer period activated for your account ends automatically after six months

After this, the interest rate of your Savings Account is based on the three interest steps: in the first step, the rate is fixed, and in steps 2 and 3, the rate is tied to the Euribor 3-month reference rate. See this page for more information about how the deposit interest rate is determined.

More about the interest offer

The interest offer is an annual interest rate that you can activate for the Savings Account for six months. For example, with a saved amount of 1,000 euros and a fixed annual interest rate of 3.15%, the yield on the savings is 15.75 euros in six months and 31.5 euros in one year.

Layered deposit interest rate

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%.

Interest step	Deposit amount	Deposit interest
Step 1	0–9,999 euros	Fixed 0,50%
Step 2	10,000–49,999 euros	3-month Euribor, from which a margin of 0.90 percentage points has been subtracted
Step 3	50,000 euros–	3-month Euribor, from which a margin of 0.50 percentage points has been subtracted

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:

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

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

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

Examples of layered deposit 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.

Opening the account and access rights

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.

Depositing funds and using the account

You can make account transfers to the Savings Account from accounts with OP cooperative bank.
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.
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.

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

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.