Rent Deposit Account

Safe solution for storing your rent deposit

The Rent Deposit Account is an ideal solution for depositing the agreed security deposit.

  • The tenant deposits the amount agreed with the lessor, not to exceed three months’ rent, to a current account and pledges it with a pledge agreement.
  • Due to the pledge, the tenant cannot access the funds on the account during the lease. The funds can be withdrawn once the lease ends and the lessor has signed a release of the pledge. The lessor returns the signed pledge agreement to the tenant or delivers it directly to the bank.
  • If the tenant neglects his obligations under the tenancy agreement, the landlord has the right to withdraw the pledged money from the bank.
  • The most convenient way for the lessee to receive the pledge agreement for a Rent Deposit Account is on the service. If the lessor is a death estate or the lessor has an address abroad, the lessee must book an appointment with the bank for pledging the account.
  • The bank agrees to a non-set-off commitment related to funds in the account, in other words not to set off funds deposited in the account against any receivables it may have.
  • The account's interest rate is 0.25% for an owner-customer. Read more under "Deposit interest rate".

How to open a Rent Deposit Account

The easiest way to open a Rent Deposit Account is to log into the service. Please note the service is only available in Finnish.
Tip: To avoid mixing up your accounts, you can name the new account "Rent Deposit Account".
2. Deposit on your new account the amount of rent deposit agreed in the lease agreement
3. Fill in the Pledge Agreement for a Rent Deposit Account form (avaible in Finnish or Swedish)
For pledging your account, you need the lessor's personal identity code or business ID. Without the lessor's personal identity code or business ID, we cannot open a Rent Deposit Account for you, and we recommend that you discuss alternative ways with the lessor to manage the rent deposit.
4. We pledge the account based on your form, and send you the pledge agreement within 1 to 3 working days by message in service or OP-mobile.
5. After receiving the pledge agreement, please sign and deliver the agreement to your lessor.

If you wish, you can also open a Rental Deposit Account by making an appointment at OP's bank branch. Remember to bring your identity papers and tenancy agreement. Please note that a rent deposit account can only be opened for minors at OP's bank branch with the guardians’ permission.

Go to appointment booking 

The bank will automatically charge a fee for pledging the account in accordance with the list of service charges and fees. The service fee is primarily charged from OP bonuses when available. Pledging a Rent Deposit Account is free of charge for those aged under 26.

The account's interest rate is fixed 0.25% for an OP cooperative bank owner-customer. Earning interest requires that the account and owner-customer membership are with the same OP cooperative bank. If the account has more than one account holder, all account holders must be owner-customers at the OP cooperative bank that holds the account. For customers other than owner-customers, the deposit interest rate is fixed 0.00%.

Calculation and payment of deposit interest

The account's deposit interest rate is calculated on the lowest balance of a calendar month. The lowest balance is based on the daily closing balance.

The deposit interest will annually be added to the account's funds on 1 December and it can be withdrawn before mid-December, 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.

Tax treatment

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

Cash withdrawal 

The account holder can withdraw the money deposited when the landlord releases the pledge.

A monthly charge does not apply to rent deposit accounts.

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.

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.

Read more about OP bonuses

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.

See all owner-customer benefits

The account is provided by OP cooperative bank.