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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.

ASP in a nutshell:

  • Begin ASP saving by opening an ASP account at your bank. At this point, you do not need to have a regular income.
  • You can begin ASP saving when you are aged between 15 and 39.
  • The saving plan for the account is flexible, meaning that it can be adjusted depending on your life situation and income.
  • When you have saved 10% of your future home's sale price, the bank will loan you the remainder in the form of 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 ASP work? ASP account, ASP loan, loan amount

You need to save 10% of your future home's estimated price on your ASP account over a total period of at least eight quarters of a calendar year (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.

The maximum amount of interest-subsidised ASP loans is 180,000 euros in Helsinki, 145,000 euros in Espoo, Kauniainen and Vantaa, and 115,000 euros elsewhere in Finland.

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 saving 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. In either case, bonus interest begins accruing for the year you have selected and for the following up to five years. 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 the ASP account is suspended or the ASP terms are not met, the deposit interest is subject to tax at source.

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Example 1: Tina's studio

Tina (19 years) opened an ASP account in an OP Financial Group member cooperative bank in order to buy a studio worth some 160,000 euros in Helsinki* after a couple of years.

Once Tina has saved up to 10% of the estimated home purchase price, or 16,000 euros in this case, her home loan need is 144,000 euros.

  • ASP savings: 16,000 euros
  • Interest-subsidised ASP loan: 144,000 euros
  • The home's collateral value: 112,000 euros
  • Government guarantee: 32,000 euros
  • Side collateral is not required


*In Helsinki, the maximum amount of an interest-subsidised ASP loan is 180,000 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**.

Once Liz and John have saved up to 10% of the estimated home purchase price, or 20,000 euros in this case, their home loan need is 180,000 euros.

  • ASP savings: 20,000 euros
  • Interest-subsidised ASP loan: 115,000 euros
  • ASP additional loan: 65,000 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 115,000 euros.

OP bonuses

As an owner-customer, you will earn OP bonuses for example from:

  • loans
  • savings and investments
  • purchases you have paid with credit
  • insurance premiums for home, family and motor vehicle policies.

From 1 November 2020, OP bonuses will accrue from:

  • home loans, secured bank loans, student loans
  • savings and investment accounts
  • mutual fund units and unit-linked insurance
  • non-life insurance bills

The change on 1 November 2020 means that no OP bonuses will accrue from:

  • deposits in current accounts
  • unsecured consumer loans (Flexible Consumer Credit, Special Consumer Credit, One-off Credit and Overdraft Facility)
  • OP hire purchase
  • Purchases paid using OP Visa as a credit card, the balance of credit with interest of OP-Visa and OP-Mastercard cards

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

The account is granted by the OP cooperative bank.