How the interest rate of the accounts has changed
The fixed interest rate for Money Box increased from 0.00% to 0.30%. The change applies both new Money Boxes and Money Boxes previously opened.
The minimum interest rate for all Growth Return Accounts and Step-up Accounts increased from 0.20% to 0.40%. In addition, if your Growth Return Account or Step-up Account includes interest steps or interest layers, and the interest rate of the first step or layer was fixed at 0.20%, this fixed rate has been raised to 0.40%.
Which kinds of savers is each account suitable for?
Money Box is like an online piggy bank. One-off deposits can be made into the account, for example, once a month or by start using automatic saving when paying with a card. The account is suitable for savers who look for an easy way of saving for, say, a holiday trip or unexpected expenses. Money Box also provides an easy way to start investing in mutual funds.
The popular Growth Return Account suits different kinds of savers and many types of saving needs. The account is for savers who value stable and secure depositing and want their funds to be easily available.
At present, the Step-up Account is intended for OP Private clients. The account is well-suited for saving, keeping funds and investment management. The funds in the account are easily available when needed, just as they are in the Growth Return Account as well.
If you are an OP cooperative bank owner-customer, your savings will earn you OP bonuses
OP bonuses earned from savings in the Growth Return Account and Step-up Account will be used to cover charges and fees for banking and insurance services. Did you know that 40% more OP bonuses will be paid to owner-customers in 2024?