Growth Return Account

A savings account for flexible saving
Topical

Interest rate for the Growth Return Account up to over 3 %

The Growth Return Account opened at the current interest rate level carries an interest rate of around 3.0 per cent when 10,000–49,999 euros have been deposited into the account. The interest rate can rise to as high as 3.4 per cent if you deposit over 50,000 euros into the account.

Read more about how the interest rate is determined under “Deposit interest rate" and open a Growth Return Account today.

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A flexible account for saving and depositing funds

You can use the account to save regularly and make single deposits any time. You can also use the savings on the savings account easily whenever the need arises.

The more you save in the savings account, the higher the interest rate

We pay interest on the savings you have in your Growth Return Account. The deposit interest rate is determined by the amount saved in the account and the interest step reached on the basis of it.

As an OP cooperative bank owner-customer, your savings will earn you OP bonuses

Owner-customers earn OP bonuses on their savings in the account. The bonuses are used to cover banking and insurance service charges and fees. As an owner-customer, you will get 30% more OP bonuses during 2023. In 2024, OP bonuses will be even more generous – 40% more than normal.

Open a Growth Return Account

What is the Growth Return Account, and who is it for?

Growth Return Account is a flexible savings account for continuous saving. Saving into the account is easy because you can save regularly and make single deposits whenever it suits you. Saving is also profitable because interest is paid on the funds in your account. You can start saving with a small amount as well.

If you value stable and secure depositing and want your savings to be easily available, this account is for you. You can withdraw money from the account free of charge four times a year, and the funds in the account are covered by deposit guarantee. The maximum deposit in this account is 300,000 euros.

What is the interest rate on the account?

Growth Return Account has three interest steps. The interest rate is determined by the amount saved in the account and the interest step reached on the basis of it. In other words, the more you save in the account, the higher the account's deposit interest rate. Read more about the determination of interest under "Deposit interest rate".

Deposit interest rate Determination of interest, payment and taxation
The interest steps of the account
 
A Growth Return Account has three interest steps. The interest rate of the first step is fixed, and the rate of the other steps is tied to the 3-month Euribor reference rate minus a fixed margin. The interest rate will always be a minimum of 0.20% and a maximum of 6.00%. You will be able to view the account’s interest rate when you open the account.
 
  • The interest rate of a deposit under EUR 10,000 is calculated according to the first interest step. The first step interest rate is a fixed 0.20 percent.
  • The interest rate of a deposit between EUR 10,000 and EUR 49,999 is calculated according to the second interest step. The second step interest rate is 3-month Euribor less a margin of 0.90 percent.
  • The interest rate of a deposit between EUR 50,000 and EUR 300,000 is calculated according to the third interest step. The third step interest rate is 3-month Euribor less a margin of 0.50 percent.
Interest step Deposit amount Deposit interest
1st interest step €0–9,999 Fixed 0.20%
2nd interest step €10,000–49,999 3-month Euribor rate less 0.90% margin
3rd interest step €50,000–300,000 3-month Euribor rate less 0.50% margin

The name of the Euribor rate indicates the time during which the account’s interest rate remains unchanged. The interest rate of a Growth Return Account tied to 3-month-Euribor reference rate is adjusted every three months from the account’s opening date. The reference rate of the adjustment day determines the Growth Return Account’s interest rate and the margin is subtracted from it.

You can check the current Euribor rates on the Bank of Finland’s website. 

Go to the Bank of Finland website > 

Go to the Bank of Finland website

Calculation and payment of deposit interest

The total deposit earns interest at the rate determined by the interest step attained. The interest is paid into the account in the beginning of the calendar year.

The account’s interest is calculated individually for each day’s balance.

Taxation

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

Check how your account's interest rate is determined

When you log into the op.fi service with your OP user ID, you can see the interest rate calculation basis for your account under the Growth Return Account details. If you don't have an OP user ID, call our Customer Service at 0100 0500 (Mon–Fri 8–16). The Customer Service will advise you on the easiest way to check your account's interest rate.

Log into the op.fi service (in Finnish or Swedish) and go to account details

Deposit interest examples

Example 1: First interest step

5,000 euros has been deposited in the Growth Return Account. The interest rate is calculated according to the first step. The first step interest rate is a fixed 0.20 per cent.

Example 2: Second interest step

15,000 euros has been deposited in the Growth Return Account. The interest rate is calculated according to the second step. If the 3-month Euribor reference rate was 2.50%, for example, a margin of 0.90% would be deducted from it, and the interest rate would be 1.60%. The interest rate is adjusted every three months from the account’s opening date.

Example 3: Third interest step

150,000 euros has been deposited in the Growth Return Account. The interest rate is calculated according to the third step. If the 3-month Euribor reference rate was 2.50%, for example, a margin of 0.50% would be deducted from it, and the interest rate would be 2.00%. The interest rate is adjusted every three months from the account’s opening date.

Example 4: Minimum and maximum interest rate of the account

The account always has an interest rate of at least 0.20% and at most 6.00%, meaning the interest rate remains between these values. If the interest rate of the account fell to 0,00% after deducting the margin, the account would still earn interest at the rate of 0.20%.

The bank has the right to alter the agreement, its terms and conditions, and the list of service charges and fees. The bank will inform you of the changes as specified in the terms and conditions. The account’s terms and conditions can be found in the “Account terms and conditions” section.

Keep in mind that as an OP cooperative bank owner-customer, you will earn OP bonuses on the money in your Growth Return Account.

Using a Growth Return Account
  • You can use the Growth Return Account to save regularly and make single deposits.
  • You can withdraw cash from the Growth Return Account or transfer money to another account for no charge four times per year. The chargeable withdrawals are subject to a charge in accordance with our list of service charges and fees valid at the time.
  • Monitor your Growth Return Account’s transactions and transfer money easily on OP-mobile or at op.fi.
  • No card can be linked to the Growth Return Account. The bank may also agree other withdrawal or transaction limits.
Deposit guarantee

Savings on the account are protected with deposit guarantee. The maximum compensation for guaranteed deposits is EUR 100,000 for the deposits made in a single deposit bank. OP Financial Group member banks are considered a single bank from the perspective of the deposit guarantee.

Deposit guarantee protects a depositor's funds on an account if the deposit bank becomes insolvent. If a deposit bank is declared bankrupt or is in permanent default, the Financial Stability Authority pays compensation to the bank’s depositors from the Deposit Guarantee Fund.

Owner-customer's OP bonuses and benefits from banking services

As an OP cooperative bank owner-customer, you get OP bonuses that decrease your banking and insurance service charges. In 2023, you will earn 30% extra OP bonuses, and in 2024, up to 40% more than normal.

OP bonuses come from

  • funds in savings accounts
  • home loans, student loans and secured bank loans
  • mutual fund units and unit-linked insurance
  • paid insurance premiums, such as home and motor vehicle insurance and continuous travel insurance.

OP bonuses are tax-free. Because of that they are automatically used for loan service and origination fees and insurance premiums, among other things.

As an owner-customer, you also get significant benefits and discounts. For example, you will get daily banking services without monthly charges until the end of 2024 and interest on your Current Account. Furthermore, you'll enjoy lower saving and investing costs than usual.

Account terms and conditions
Please note that the bank has the right to change the agreement, its terms and conditions, and the list of service charges and fees. The bank will inform you of the changes as specified in the terms and conditions.


The account is provided by OP cooperative bank.