FlexiDeposit Account

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.

Maximum deposit amount

If you opened a FlexiDeposit Account or the deposit period of your existing FlexiDeposit Account begun before 20 November 2023, the maximum amount you can have in your FlexiDeposit Account is 100,000 euros. If you opened a FlexiDeposit Account on or after 20 November 2023, the maximum amount you can have in your account is 500,000 euros.

Interest calculation method and payment

Deposit interest is calculated on the lowest balance of each 3-month or 12-month FlexiDeposit period.

If the account balance exceeds the maximum deposit allowed in the FlexiDeposit Account terms and conditions, no deposit interest will be paid on the amount exceeding the maximum deposit.

If you terminate the account during a FlexiDeposit period, no deposit interest will be paid for the ongoing FlexiDeposit period. 

Any additional deposits you make to your FlexiDeposit Account by 18.00 on the day you open the account will count towards the period’s interest calculation. 

Example: You open a FlexiDeposit Account on 1 January 2023. The first FlexiDeposit period ends on 31 December 2023. A new deposit period starts on 1 January 2024. The interest is added to your deposit on 1 January 2024.

The interest is paid on the lowest balance of the period. If you withdraw funds from the account on 31 December 2023 or earlier, we won’t pay any interest on the amount you withdraw.

We will pay interest on additional deposits only if you make them by 18.00 on the day you open the account or the first day of a new deposit period.

Taxation of interest income

The deposit interest paid on the account is subject to tax at source in Finland.

Read more about tax at source on interest income on the website of the Finnish Ministry of Finance

Terms and conditions

Terms and conditions for FlexiDeposit

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Other prices related to the account

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