What is a Fixed-term Savings Account?
A Fixed-term Savings Account is an account in which you can deposit savings for a specific period. You deposit the sum of your choice in the account as you open it. Thanks to the fixed interest rate, your savings will accrue interest throughout the deposit period.
Choose a deposit amount and deposit period on the basis that you can easily afford to keep the savings in the account – without needing them – until the deposit period ends. Note that you cannot add money to the account, or withdraw money from it, during the deposit period. All money and interest in a Fixed-term Savings Account will automatically transfer to your chosen asset management account at the end of the deposit period.
For whom is a Fixed-term Savings Account suitable?
You can open a Fixed-term Savings Account if you are at least 18 years old and would like to open an account for your own use.
This account suits you if you want
- to make a term deposit, that is, deposit a specific amount into the account for a fixed period
- fixed interest and a steady return on your savings
- to know how much interest income will be paid at the end of the deposit period
- to earn OP bonuses on your savings if you are an owner-customer.
What is the interest rate for a Fixed-term Savings Account?
The account has a fixed interest rate – the term deposit's interest rate won't change throughout the deposit period. You will see the interest rate as you open the account. Interest will be paid annually or until the end of the deposit period you chose.
Opening an account through our digital services
You can open a Fixed-term Savings Account when logged into OP-mobile or the op.fi service.
- In OP-mobile, select: Accounts and cards – Open account – Open Fixed-term Savings Account
- On the op.fi service, select: My accounts – Open an account – Fixed-term Savings Account – Open an account
To open an account, you must be aged 18 or over, be an OP customer and reside permanently in Finland. You can also book an appointment at an OP cooperative bank to open an account for yourself or on behalf of a minor.
Owner-customers earn OP bonuses from savings
Owner-customers earn OP bonuses on deposits made into our savings accounts, which are used to cover banking and insurance service charges and fees.