ASP accountSave with an ASP account to buy your first home.
An easy and rewarding way to save for your first home
Save 10% of the price of your first home in an ASP account and gain attractive loan conditions. Start by saving as little as 50 euros a month.
Exceptionally high interest rate on savings towards buying a first home
In addition to a higher than usual interest rate, your ASP savings will be increased by generous bonus interest when you buy your first home.
Better loan terms and conditions for ASP savers
With ASP savings and the related state guarantee, you can take out a cost-effective ASP loan with an affordable interest rate for your first home. You are also entitled to 10 years of government interest subsidy on your ASP loan.
The key to the first home of your own – what is an ASP account?
An ASP (home saver’s bonus interest) account is a convenient and rewarding way to save for the first home of your own. It offers a better interest rate on your savings. Once you’ve saved the required amount and are ready to buy a home, you can take out an ASP loan with attractive terms and conditions. As an owner-customer of your OP cooperative bank, you will also earn OP bonuses on the money in your ASP account.
How do I open an ASP account?
Opening an ASP account is easy. Use your OP user ID to log into the op.fi service and start saving for your first home today. Alternatively, you can book an appointment or call our Customer Service for advice on becoming an ASP saver.
Who is the ASP savings scheme for?
Saving with an ASP account is ideal for you if you are dreaming of buying your first home and you are 15—39 years old. You should start saving well in advance, even if you don’t plan to buy a home for several years. You won’t need a regular income to start saving with the ASP scheme.
How does the ASP savings scheme work?
- You make the first deposit into your ASP account when you open it.
- To fulfil the terms of your ASP account, you must save 150—3,000 euros each quarter for a period of at least eight quarters. There is no maximum period for saving.
- Saving is flexible: the quarters don’t need to be successive and you can skip quarters if you need to. Also, you can easily change the amounts and timing of savings as you go along.
- In addition to the annual 1% tax-free deposit rate of ASP accounts, we will pay 4% tax-free bonus interest for the first year you make deposits and the five following years, if you fulfil the ASP terms and use the ASP account to buy your first home.
- When you have saved 10% of your home’s purchase price, the bank can grant you the remainder as an ASP loan. 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 be aged 15–39.
- You can have a maximum of one ASP account. If you have already opened an ASP account with another bank, you can transfer the account to an OP cooperative bank with no interruption in saving for your first home.
- You must never have had 50% or higher ownership of any apartment.
- Children aged 15–17 can open an account at a branch together with their guardians. The savings must be earnings from work done by the underage saver.
How is the interest rate calculated?
ASP account offers a better interest rate on your savings. In addition to the 1% deposit rate, we may pay a 4%* bonus interest rate for the first year of saving, and then for the five following years at most. You will receive bonus interest if you meet the terms of the ASP account and purchase a home with an ASP loan.
The principal and deposit interest of an ASP account are covered by the deposit guarantee to the amount prescribed by law. OP Financial Group member banks are considered a single bank from the perspective of the 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 into an ASP savings account are tax exempt, if the ASP scheme’s terms are met. If you stop saving into an ASP account prematurely, or fail to meet ASP terms and conditions, bonus interest will not be paid and the deposit interest will be subject to tax at source.
If you save the ASP target amount in the required time, the bank may lend you the remaining 90% of your first home’s purchase price as an ASP loan. The maximum ASP loan term is 25 years.
ASP loan collateral
In many cases, your future home and the state guarantee will suffice as collateral for your ASP loan. A loan can usually amount to around 70% of the home’s value at most. With an ASP loan, the state guarantee serves as side collateral and the loan can amount to 90% of the home’s purchase price. ASP savers also benefit from the fact that no fee is charged on the state guarantee for an interest-subsidised ASP loan.
State interest subsidy
You can receive 10 years of free-of-charge state interest subsidy for an ASP interest-subsidy loan. If interest on the ASP interest-subsidy loan exceeds 3.8% during the interest subsidy period, the state will pay 70% of the interest above that rate.
Maximum amounts of interest-subsidised ASP 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.
The maximum amount of an ASP interest-subsidy loan depends on the home bought and is independent of the number of loan applicants. In Helsinki, for example, the maximum amount of an ASP interest-subsidy loan is 215,000 euros per home.
Additional ASP loan
If the price of your first home is higher than the maximum amount of your ASP interest-subsidy loan, you can apply for an additional ASP loan.
Example 1: Tina's studio
Tina (19 years old) has opened an ASP account with an OP cooperative bank. She aims to buy a Helsinki* studio worth 235,000 euros in a few years’ time.
Once she has saved 10% of the estimated purchase price, in this case 23,500 euros, she will need a home loan of 211,500 euros.
- ASP savings: 23,500 euros
- ASP interest-subsidy loan: 211,500 euros
- Home's collateral value: 164,500 euros
- State guarantee: 47,000 euros
- No side collateral is needed
*The maximum amount of an ASP interest-subsidy loan in Helsinki is 215,000 euros.
Example 2: Liz and John's three-room apartment
Liz (24) and John (31) start saving into an ASP account together. They aim to buy a three-room apartment for 200,000 euros in a terraced house in Oulu**.
Liz and John will each buy 50% of the apartment and save 10% of their share of the price. This means that each will save 10,000 euros, in other words the couple will save a total of 20,000 euros, in an ASP account. So, they will need a home loan of 180,000 euros.
- ASP savings: 20,000 euros
- ASP interest-subsidy loan: 120,000 euros
- ASP additional loan: 60,000 euros
- Home's collateral value: 140,000 euros
- State guarantee: 40,000 euros
- No side collateral is needed
**In Oulu, the maximum amount of an ASP interest-subsidy loan is 120,000 euros.
You can open an ASP account at the age of 15—17 if you have income from work. If you are under 18, you must take your guardian along with you to open an ASP account at an OP cooperative bank branch.
Money earned from work includes:
- Earned income from gainful employment
- Weekly or monthly pocket money paid into your wages account (the money must be based on work done, not a gift)
- A scholarship you have received from your school, for example
Money earned from work excludes:
- Survivors’ pension
- Child benefit
- Student financial aid
Flexible accrual of bonus interest
You can choose whether to start accruing bonus interest as soon as you open an ASP account, or once you turn 18. Bonus interest will start accruing for the year you chose as the first accrual year, and for up to five years afterwards. Bonus interest will be paid if you have met the terms of the ASP account and use your ASP loan to purchase a home.
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.