Withdrawals and additional deposits during a FlexiDeposit period
Withdrawals
We will calculate interest on the lowest balance of each FlexiDeposit period at the end of the period. This means that if you withdraw funds from the account during the period, no interest is paid on the sum you withdraw.
Example: You open a FlexiDeposit Account on 1 January 2023 and deposit 10,000 euros to the account. The FlexiDeposit period is 12 months and ends on 31 December 2023. On 1 April 2023, you withdraw 3,000 euros, leaving 7,000 euros in the account. At the end of the deposit period, we will calculate interest on the lowest balance of the period, which in this example is 7,000 euros. We will pay the interest to your FlexiDeposit Account on the day after the deposit period ends. This means that on 1 January 2024 your account will have 7,000 euros plus the deposit interest accrued on 7,000 euros during the deposit period, less the tax at source.
You must always have at least 500 euros deposited in a FlexiDeposit Account. If the amount remaining in the account after a withdrawal is less than 500 euros, the account will be terminated. No interest is paid on the deposit in such a case.
Additional deposits
We will calculate interest on the lowest balance of each FlexiDeposit period at the end of the period. This means that additional deposits won’t earn any interest. If you want to make additional deposits, you can open a new FlexiDeposit Account, as it will allow you to earn interest on the additional deposit as well. You can have simultaneously as many as 12 FlexiDeposit Accounts.
Example: You open a FlexiDeposit Account on 1 January 2023 and deposit 10,000 euros to the account. The FlexiDeposit period is 12 months and ends on 31 December 2023. You make an additional deposit of 5,000 euros on 1 April 2023. We will pay the interest on the day after the deposit period ends based on the lowest balance of the period, which in this example is 10,000 euros. This means that on 1 January 2024 your account will have the deposits you made, i.e. 15,000 euros, plus the interest accrued on 10,000 euros, less the tax at source.
You can make additional deposits to your FlexiDeposit Account or withdraw funds from the account in Nordea Mobile or Netbank.
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