ASP Account and Loan

Keys to your first own home

An ASP account offers a convenient and rewarding way to save for the first home of your own. When you save up some of the money needed to buy a home, we will lend you the rest.

How the ASP savings scheme works

  • ASP saving starts when you open an ASP bank account. You do not need a regular income.
  • You can start saving into an ASP account if you are between 15 and 39 years old.
  • You can save a minimum of 150 euros and a maximum of 3,000 euros into an ASP account each quarter. Saving is flexible, as you do not need to make deposits in consecutive quarters.
  • In addition to the annual 1% tax-free deposit rate of the ASP account, we will pay a 4% bonus interest rate for the first year of making deposits and for the five following years.
  • When you have saved 10% of the purchase price of your home, the bank can grant you the remainder as an ASP loan.
  • If your ASP account is at another bank, you can also transfer the account to OP.

You earn OP bonuses for savings in your ASP account. Learn more under the section ‘Owner-customer benefits and OP bonuses through banking services’!

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How does saving into an ASP account work? ASP account, ASP loan, loan amount

You need to save 10% of your future home's estimated price on your ASP account. If you are buying a home with another person, you must buy at least 50% of the home and save 10% of your share of the price.

You must save for at least eight calendar quarters, which is about two years. There is no maximum period for saving.

Loan collateral

In many cases, your future home and the State guarantee are often sufficient as collateral for an ASP loan. Normally, you could be granted a loan for 70% of your home's value, but under the ASP scheme, you benefit from the state guarantee as side collateral to allow you to loan up to 90% of your home's sale price. For the amount of interest-subsidised ASP loan, no fees are charged for the State guarantee.

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Maximum amounts of interest-subsidised APS loans

  • Helsinki 215,000 euros
  • Espoo, Kauniainen and Vantaa 160,000 euros
  • Tampere and Turku 140,000 euros
  • Rest of Finland 120,000 euros

The maximum ASP loan amounts by locality were increased on 15 April 2021.

How is interest determined?

Opening an ASP account in an OP cooperative bank pays off and offers you the best benefits. In addition to the 1% deposit rate of your ASP account, we will pay a 4%* bonus interest rate for the first year of making deposits and thereafter for the five following years at the most – provided that the ASP terms and conditions are fulfilled and that you buy your home using the ASP scheme.

You can open an ASP account already at the age of 15 to 17 if you have income earned from work. You can choose whether to start accruing the bonus interest immediately or once you turn 18. Bonus interest starts accruing for the year you chose as the first accrual year, and for up to five years afterwards. The bonus interest is paid if the terms of the ASP account are met and you purchase a home with an ASP loan.

The principal and the deposit interest of the ASP account fall within the scope of deposit insurance up to the amount prescribed by law. OP Financial Group member banks are considered a single bank from the perspective of deposit guarantee.

*For accounts opened before 1 October 2019, the bonus interest rate is 2 to 4%, depending on the OP cooperative bank.


Deposit interest and bonus interest paid for ASP savings are exempt from taxes, provided that the terms of the ASP scheme are met. If you stop saving into the ASP account prematurely, or fail to meet the ASP terms and conditions, the deposit interest will be subject to tax at source.

Example 1: Tina's studio

Tina (19 years) opened an ASP account in an OP cooperative bank in order to buy a studio worth some 235,000 euros in Helsinki* after a couple of years.

Once Tina has saved up to 10% of the estimated home purchase price, or 23,500 euros in this case, her home loan need is 211,500 euros.

  • ASP savings: 23,500 euros
  • Interest-subsidised ASP loan: 211,500 euros
  • The home's collateral value: 164,500 euros
  • Government guarantee: 47,000 euros
  • Side collateral is not required

*In Helsinki, the maximum amount of an interest-subsidised ASP loan is 215,000 euros

Example 2: Liz and John's three-room apartment

Liz (24 years) and John (31 years) begin ASP saving together, aiming at buying a 200,000 euro three-room apartment in a row house in Oulu**.

Liz and John must both buy 50% of the apartment and save 10% of their share of the price, which in this case total 20,000 euros. They will need a home loan of 180,000 euros. 

  • ASP savings: 20,000 euros
  • Interest-subsidised ASP loan: 120,000 euros
  • ASP additional loan: 60,000 euros
  • The home's collateral value: 140,000 euros
  • Government guarantee: 40,000 euros
  • Side collateral is not required

**In Oulu, the maximum amount of an interest-subsidised ASP loan is 120,000 euros.

A 15-year old person can start saving with an ASP account. If you are aged 15-17, you can save with the account provided that you have income earned from work. Such savings may include:

  • earned income from gainful employment
  • weekly or monthly pocket money paid into your wages account (the money must be based on work done, not on a gift)
  • scholarship you have received from, for example, your school

Money earned from work excludes, for example:

  • survivors’ pension
  • inheritance
  • child benefit
  • student financial aid

If you are aged under 18, you can open an ASP account at an OP cooperative bank branch with your guardians.

OP cooperative bank owner-customers earn OP bonuses from:

  • Funds in savings accounts

  • Home loans, student loans and secured bank loans

  • Mutual funds and unit-linked insurance assets

  • Insurance premiums paid, such as home and motor vehicle insurance and continuous travel insurance

 OP bonuses are used for the bank’s service charges and insurance premiums.

The account is granted by the OP cooperative bank.