Corporate Savings Deposit

Nordea`s corporate savings deposit is a great option to deposit your company`s current assets profitably.

Nordea`s corporate savings deposit is a great option to deposit your company`s current assets profitably. You can add to your deposit whenever you like, but at the same time, the funds are always at your disposal. You can make contributions as a single lump sum or regularly and the deposit interest is calculated on the calendar month minimum balance.

  • Deposit interest with settlement account liquidity
  • An unlimited number of contributions and disbursements can be made at any time
  • Interest is paid every month
  • Termless and flexible

Corporate savings deposit interest is calculated for three ranges.

Interest rates valid from 01.04.2016:

  • For sums up to 30 000 euros, the annual interest rate is 0.2%;
  • For the part of sums exceeding 30 000 euros, the annual interest rate is 0.3%;
  • For the part of sums exceeding 70 000 euros, the annual interest rate is 0.01%.

Interest is calculated for each range separately on the calendar month minimum balance and paid out once a month, on the second banking day of the month.

The bank has the unilateral right to change the interest and range of sums without prior notice.

Contributions

Contributions can be made to the corporate savings deposit both in cash and by transfer (including from another bank); both single and regular payments are allowed.

Disbursements

Disbursements from the corporate savings deposit to the settlement account are allowed at any time, but a service fee applies. The bank sets the disbursement fees with the pricelist that can be found on bank’s homepage. The bank will proceed from the general terms and conditions in altering the pricelist.

Opening a Corporate Savings Deposit

To open a corporate savings deposit please contact your relationship manager, write to firma@nordea.com or turn to the nearest Nordea bank office. Each company may only open one corporate savings deposit. The currency of the corporate savings deposit is the euro.

 

Additional information:      

firma@nordea.com
1773* / +372 6283 300 (calling from abroad +372 6283300)

Corporate Savings Deposit
Payment from the corporate savings deposit to current account 0,02% of the amount, min 2 €

Nordea Group operates in Estonia as Nordea Bank AB Estonia Branch from 1.04.2014. All the deposits in all types of accounts at Nordea Bank AB Estonia Branch are protected by the Swedish deposit insurance scheme. Deposit insurance covers deposits as well as current accounts.

The deposit insurance system has been created for the purpose of managing banks’ financial risk by ensuring payment of compensation for money held in banks in case the bank is not able to repay deposited money to customers due to insolvency or the bank’s financial supervisory authority cancels the bank’s licence.

The deposit insurance scheme covers deposits of both private and legal persons.

How deposit insurance works

Customers are entitled to compensation if the bank becomes insolvent and is unable to fulfil its obligations or goes bankrupt. Customers are also entitled to compensation if the Swedish financial supervisory authority Finansinspektionen makes a decision by which Nordea Bank AB’s license is cancelled and gives the order for the utilisation of guarantee fund’s assets.

Insurance amount

The maximum compensation amount is 100 000 euro per customer per bank. If the customer’s deposits total less than 100 000 euro, the actual sums are compensated. If an account is opened under two or more peoples' names, each customer is treated individually for these purposes.

Regarding customer accounts where a deposit has been made on behalf of several clients by, for example, a law firm or a securities company to the same account, the general rule is that the underlying owners (i.e. the clients) individually can be compensated up to the maximum amount.

Payments of compensation
Swedish National Debt Office pays compensation within 20 working days from the day the guarantee came into effect, i.e. from the announcement of bankruptcy or Finansinspektionen’s decision.

Further information about the Swedish deposit insurance system may be acquired from the Swedish National Debt Office’s web-page and the Estonian Guarantee Fund’s web-page.

QUESTIONS AND ANSWERS

  1. How are customer’s insurance amounts calculated?
    If the customer’s account is covered by the insurance, the customer is entitled to compensation corresponding to the amount deposited plus interest accrued up to and including the time of the bankruptcy decision or the decision by Swedish financial supervisory authority The insurance covers amounts up to 100 000 euro per customer.
  2. In case Nordea Bank AB becomes insolvent, how do customers retrieve their money? Where should customers make a claim to?
    If the deposit guarantee comes into effect, the Swedish National Debt Office will contact all affected customers. Customers do not need to apply for compensation. The maximum amount of compensation is 100,000 euro per person and institution.
  3. If a customer has both a loan and deposits in Nordea Bank AB Estonia Branch, will the loan balance be reduced on the account of deposit guarantee?
    Entitlement to compensation is not offset by any debts customer may have to the bank.
  4. Will the compensation be paid in euro or in Swedish kronor?
    The compensation will be paid in euro.

    However, the guaranteed amounts are determined in SEK using the mid-rate for Euro set by Nasdaq OMX Stockholm on the day when the guarantee came into effect. There is up to a twenty banking days difference between the date the guarantee came into effect and the actual disbursement. This entails currency risk as the EUR/SEK exchange rate may change during that period resulting in the euro amount decreasing or increasing in value. The currency risk is borne by the customer.