Deposit interest rate on an account

How is the interest rate on an account determined, and what is the best deposit interest rate? Learn the basics about interest rates of accounts.

Deposit interest enables return on your savings

A deposit interest on an account is the rate of return paid to you for the time you have had money in your account. In another words, OP cooperative bank pays you compensation for depositing and keeping your money in OP cooperative bank’s accounts. This makes having a savings account an easy and profitable way to save.

The deposit interest is expressed as a percentage rate according to which the money in your account gives return in a year. For example, if you deposit 1,000 euros into an account with a fixed annual interest rate of 2% at the start of the year and the savings on the account do not change during the year, the return paid to the account after a year will be 20 euros.

The deposit interest rate on an account is always based on market conditions, so the interest rate of an account might change if the market conditions change. The interest rate on an account might also be 0%, which means that there will be no interest yield.

Determination of the interest rate – a fixed, floating and tiered interest rate

Accounts for OP’s personal customers can have a fixed or floating interest rate, or a combination of these two. A fixed interest rate means that interest is paid on deposited funds based on a fixed interest rate. A floating interest rate, on the other hand, varies over time as it is tied to a reference interest rate, for example, and reflects its changes.

If you want to have steady returns on your savings, an account with a fixed interest rate might be a better option than an account with a floating interest rate. The floating interest rate reacts to increases in the reference interest rate, which means that you will get a higher interest rate in accordance with the reference rate. On the flip side, the floating interest rate reacts as quickly to negative reference interest rate trends. 

The deposit interest rate on an account can also be a tiered one, which means that it will consist of various interest steps where each step will have a separate interest rate. You can achieve the next interest step by saving more in the account, because the interest steps are based on the savings in the account. You will always get the interest rate of the step you have achieved on the entire deposit amount in the account. In this way, the tiered interest rate encourages you to save more, because you will get a higher interest rate when you reach the next interest step with your savings.

Interest rate calculation method also influences the interest yield

The interest yield paid to your account is influenced by whether the interest rate is calculated separately for each day, or whether it is based on the average deposit or the minimum balance for each month. The account balance means the amount of savings in the account.

You can get a better interest rate for an account when the interest is calculated based on the daily balance or the average deposit, because this method responds better to the fluctuation in the value of your savings.

It's worth comparing the deposit interest rates of accounts before you open a savings account. Remember to compare also other features of the accounts, such as the length of the deposit period.

Which account has the best deposit interest rate?

OP cooperative bank’s interest rates of accounts are determined in various ways. In addition, the accounts have other differences that have an effect on which account best suits your needs. Generally speaking, the Current Account is suitable for everyday banking, while savings should be transferred to a savings account. 

The more you save in the Growth Return Account, the higher the interest rate. The interest rate is based on three interest steps. In the first step, the interest rate is fixed, and in the second and third steps, the interest rate increases and is tied to 3-month Euribor. You can reach a higher interest step if you save more in the account.

The Growth Return Account is a flexible savings account for continuous long-term saving. You can save at your own pace and use the savings in the account if needed. 

Find out more and open a Growth Return Account

The Fixed-term High-yield Account gives you a fixed deposit interest rate on the savings you deposit into the account for a fixed term. The interest rate on your deposit remains the same throughout the selected deposit period. You can see the interest rate before opening the account. When the deposit period ends, your savings and the interest yield will be available to you.

The Fixed-term High-yield Account is suitable for short-term saving for up to one year. If you have savings you do not need for a certain period, the Fixed-term High-yield Account might be a great option for you.

Learn more and open a Fixed-term High-yield Account

For the Current Account, the interest will be paid to OP cooperative bank owner-customers who have the account and owner-customer membership with the same OP cooperative bank.

However, the Current Account cannot be recommended for saving larger amounts, as savings accounts can offer better interest on your money. The account is thus suitable for everyday banking, such as paying invoices.

Learn more and open the Current Account

A reference interest rate is a public market rate to which the floating interest rate on an account can be tied. When the reference interest rate changes, any interest rates tied to it will change accordingly.

For example, the interest rates of the second and third interest steps of the Growth Return Account are tied to the 3-month Euribor. The months in a reference interest rate express how often the rate is reviewed and the interest rate on an account is updated. When the interest rate is tied to 3-month Euribor, the interest rate can change every three months in accordance with the reference interest rate.

You can check the current Euribor rates and their development on the Bank of Finland website.

Go to the Bank of Finland website

Usually, the interest is paid to your account every year either in December or January. For a Fixed-term High-yield Account, for example, the interest is paid at the end of the deposit period. You can check the exact date for the interest payment on your account agreement.

Tax at source is charged on each interest payment. You do not need to report the deposit and earned interest in taxation.

The interest rates on accounts change in accordance with the fixed income market. When reference interest rates are low, for example, the interest rate on an account might be 0%, which means that no interest will be paid.

Primarily, different accounts have different interest rates, and savings accounts usually have higher interest rates than the Current Account. If you have not received interest on your savings, check the interest rate on your account and its calculation method on your account details.

If you are opening a new account, the basis for determining the interest rate is explained on the account’s website and the account agreement, which you will receive after opening the account in My archive.

You can check the current interest rate on your account by logging in to or OP-mobile using your OP user ID. If you do not have an OP user ID, you can call our Customer Service at 0100 0500 (Mon–Fri from 8 am to 4 pm). Our Customer Service will advise you on the easiest way to check your account's interest rate.

How to check how the interest rate on your account is calculated in the service:

  1. Log in to (in Finnish or Swedish for personal customers).
  2. In the main menu, open the section Rahat (Money) and select Tilit and then Omat tilit (Accounts, My accounts).
  3. After this, select Tilien tiedot (Account details) and Tietojen muokkaus (Edit details).
  4. You then need to select the account whose details you want to view.

Log in to (in Finnish or Swedish) and go to account details

How to check how the interest rate on your account is calculated in OP-mobile:

  1. Log in to OP-mobile.
  2. Select the account whose interest rate information you want to view.
  3. Go to Account settings by tapping the gear icon.
  4. Select Account interest rate. 
Accounts are provided by OP cooperative banks. Money Box is provided by OP cooperative banks. The card added to Money Box is provided by OP Retail Customers plc. OP funds are managed by OP Fund Management Company Ltd, with OP cooperative bank acting as its agent.