Vacation that you dreamed about, a bathroom in need of repairs or new kitchen furniture - all of that needs saving.
Target deposit is a great way to start. Paying fixed amounts into your target deposit account each month makes it easier for you to plan financial affairs and reach your goals.
TARGET DEPOSIT CAMPAIGN OFFERS (08.05.2017-30.06.2017)
The most convenient way to collect funds at campaign conditions is to conclude the agreement at a web meeting by booking an appointment beforehand in the form on the right. You can also conclude the agreement by visiting a bank office.
Campaign terms and conditions:
- Yearly deposit interest 1.7% (transferred to your bank account twice a year)
- Depositing period: starting from 2 years
- Contribution: 100-3000 euros
- Monthly payment: 50-800 euros
- The depositor can open a maximum of 3 target deposits at campaign terms and conditions
- The deposit sum cannot exceed 22 200 euros at the end of the period
Payment due dates and sums are fixed in the deposit agreement. The payment sums agreed with the bank will be automatically transferred from your bank account to the deposit account on a specific date.
Campaign terms and conditions
The target deposit has several advantages:
- It helps you plan major and important expenses and get into the habit of saving.
- You can choose the term of the deposit and the monthly amount you will pay in that suits you best.
- It’s convenient: you need only sign a contract and we will take care of all the rest.
Terms and conditions:
- The deadlines and sums to be deposited will be agreed in the deposit contract.
- The bank will automatically transfer the deposits from your current account to your target deposit account on the agreed dates.
- The term of the deposit can range from 6 months to 5 years.
- Agreed interest is credited to the account twice a year.
- Interest is calculated on the daily balances of the target deposit.
Terms and conditions of the target deposit.
* The interest has been provided in the table in percentages for the reporting year (360 days). Interest is calculated for the number of actual deposit days..
|Opening a deposit
|Cash payment for opening a deposit (euro)
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.
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
- 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.
- 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.
- 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.
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.