The Rent Deposit Account is an ideal solution for depositing the agreed security deposit.
- The tenant deposits the amount agreed with the lessor, not to exceed three months’ rent, to an Current Account and pledges it with a pledge agreement.
- Due to the pledge, the tenant cannot access the funds on the account during the lease. The funds can be withdrawn once the lease ends and the lessor has signed a release of the pledge. The lessor returns the signed pledge agreement to the tenant or delivers it directly to the bank.
- If the tenant neglects his obligations under the tenancy agreement, the landlord has the right to withdraw the pledged money from the bank.
- The most convenient way for the lessee to receive the pledge agreement for a Rent Deposit Account is on the op.fi service. If the lessor is a death estate or the lessor has an address abroad, the lessee must book an appointment with the bank for pledging the account.
- The bank agrees to a non-set-off commitment related to funds in the account, in other words not to set off funds deposited in the account against any receivables it may have.
- The account's interest rate is 0.25% for an owner-customer. Read more under "Deposit interest rate".
How to open a Rent Deposit Account
The easiest way to open a Rent Deposit Account is to log into the op.fi service. Please note the service is only available in Finnish.
Tip: To avoid mixing up your accounts, you can name the new account "Rent Deposit Account".
2. Deposit on your new account the amount of rent deposit agreed in the lease agreement
3. Fill in the Pledge Agreement for a Rent Deposit Account form (avaible in Finnish or Swedish)
For pledging your account, you need the lessor's personal identity code or business ID. Without the lessor's personal identity code or business ID, we cannot open a Rent Deposit Account for you, and we recommend that you discuss alternative ways with the lessor to manage the rent deposit.
4. We pledge the account based on your form, and send you the pledge agreement within 1 to 3 working days by message in op.fi service or OP-mobile.
3. Fill in the Pledge Agreement for a Rent Deposit Account form (avaible in Finnish or Swedish)
For pledging your account, you need the lessor's personal identity code or business ID. Without the lessor's personal identity code or business ID, we cannot open a Rent Deposit Account for you, and we recommend that you discuss alternative ways with the lessor to manage the rent deposit.
4. We pledge the account based on your form, and send you the pledge agreement within 1 to 3 working days by message in op.fi service or OP-mobile.
5. After receiving the pledge agreement, please sign and deliver the agreement to your lessor.
If you wish, you can also open a Rental Deposit Account by making an appointment at OP's bank branch. Remember to bring your identity papers and tenancy agreement. Please note that a rent deposit account can only be opened for minors at OP's bank branch with the guardians’ permission.
The bank will automatically charge a fee for pledging the account in accordance with the list of service charges and fees. The service fee is primarily charged from OP bonuses when available. Pledging a Rent Deposit Account is free of charge for those aged under 26.