Growth Return Account

A savings account for flexible saving

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

The interest rate is determined by the amount saved in the account and the interest step reached on the basis of it. Use the interest rate calculator to easily calculate how much you could earn on your savings at the moment.

Go to the Growth Return Account interest rate calculator >

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 40% more OP bonuses than normal in 2024.

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 this savings account?

The Growth Return Account has three interest steps, and interest is paid on savings in the account based on the highest achieved step. You can reach a higher interest step and get a better interest rate if you save more in the account. The account's interest rate is fixed in the first step. In the second and third steps, the interest rate on savings is a variable rate based on the 3-month Euribor minus the bank's margin. 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 deposit interest rate in the first step is fixed at 0.40%. In the second and third steps, the interest rate on savings is a variable rate based on the 3-month Euribor minus the bank's margin. The interest rate in the second and third steps is always at least 0.40% and no more than 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 0.40%.
The interest rate of a deposit between EUR 10,000 and EUR 49,999 is calculated according to the second interest step. The interest rate in the second interest step is the 3-month Euribor from which a margin of 0.90 percentage points has been subtracted.
The interest rate of a deposit between EUR 50,000 and EUR 300,000 is calculated according to the third interest step. The interest rate in the third interest step is the 3-month Euribor from which a margin of 0.50 percentage points has been subtracted.

Interest step	Deposit amount	Deposit interest
1st interest step	€0–9,999	Fixed 0.40%
2nd interest step	€10,000–49,999	3-month Euribor from which a margin of 0.90 percentage points has been subtracted
3rd interest step	€50,000–300,000	3-month Euribor from which a margin of 0.50 percentage points has been subtracted

The name of the Euribor rate indicates the time during which the Euribor remains unchanged. This means that Euribor rates in the second and third step are adjusted every three months from the account’s opening date. The reference rate of Growth Return Account is determined based on the rate quoted on the adjustment day.

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

Go to the Bank of Finland website

Calculation and payment of deposit interest

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

The deposit interest will annually be added to the account's funds on 1 January and it can be withdrawn before mid-January, unless otherwise agreed in the account agreement. You can check the interest payment day from your account agreement. You can find the electronic account agreement in My archive. The paper account agreement has been sent by post or given at the meeting.

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

You can check how the interest rate on your account is calculated by logging in to op.fi service 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 (local/mobile network rate). 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 op.fi service:

1. Log in to the op.fi service.
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 into the op.fi service (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.

Deposit interest examples

Example 1: First interest step

The balance of Growth Return Account is 5,000 euros. Deposit interest is paid on the savings according to the first step, or 0.40%.

Example 2: Second interest step

The balance of Growth Return Account is 15,000 euros. Deposit interest is paid on the savings according to the second step. If the 3-month Euribor were 3.90%, for example, a margin of 0.90 percentage points would be subtracted from it, in which case the interest rate would be 3.00%. The Euribor rate is adjusted every three months from the account’s opening date.

Example 3: Third interest step

The balance of Growth Return Account is 60,000 euros. Deposit interest is paid on the savings according to the third step. If the 3-month Euribor were 3.90%, for example, a margin of 0.50 percentage points would be subtracted from it, in which case the interest rate would be 3.40%. The Euribor rate is adjusted every three months from the account’s opening date.

Example 4: Minimum and maximum interest rate of the account

The interest rate in the second and third steps of the Growth Return Account is always at least 0.40% and no more than 6.00%, regardless of changes to the 3-month Euribor rate.

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 2024, you will earn 40% more OP bonuses 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.