Target deposit

A target deposit is a good way to start collecting money for a down payment on a house or for some other goal. Paying fixed amounts into your target deposit account each month makes it easier for you to plan your financial affairs.
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 depositPDF.

Target deposit
Period EUR
6M 0,20
12M 0,30
18M 0,30
24M 0,30
30M 0,30
36M 0,35
42M 0,35
48M 0,35
54M 0,35
60M 0,40

* 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 Free
Cash payment for opening a deposit (euro) Free

From 01.10.2017, Nordea and DNB have combined their knowledges and created a new bank Luminor. Funds deposited in Luminor are guaranteed with the Estonian deposit guarantee scheme. The deposit guarantee scheme protects both deposits and funds on bank accounts.

The deposit guarantee scheme was established with the aim of managing banks` financial risk. The deposit guarantee scheme guarantees payment of compensation for finances kept in banks, if the bank is not able to pay out the finances customers have deposited with them due to insolvency or if the bank`s  supervisory institution cancels the bank`s license.

The deposits guarantee scheme covers both private and legal persons` deposits (see exclusions for legal persons below).

How the deposit guarantee scheme works

Customers have the right to compensation if the bank is unable to fulfil its obligations due to insolvency. Customers have the right to compensation also in case the Estonian Financial Inspectorate decides to cancel Luminor’s license and an order is given to use the funds in the Guarantee Fund.

Guaranteed sum

The maximum size of the compensation is 100 000 euros per customer. If the total amount of deposits belonging to the customer is below 100 000 euros, the actual value of the deposits is compensated. If the account has been opened in two or more people`s name, then the maximum sum of compensation applies to each person separately.

If many customers` money is kept on an account (e.g. law offices, asset management companies), then according to the general rule of the Estonian deposit guarantee scheme, deposits are guaranteed to the actual owners of the funds i.e. to each customer separately, to the maximum compensation extent.

Compensation payment

Payment of compensation takes place through the Estonian deposit guarantee sub-fund.

Additional information about the Swedish deposit guarantee scheme is available from the Guarantee Fund`s homepage.



1. How are the sums to be compensated to customers calculated?
Deposits protected under the deposit guarantee scheme are compensated with the interest accrued by the date the bankruptcy decision or the Estonian Financial Inspectorate`s decision is announced. The maximum limit of 100 000 euros is applied to the total sum deposited by a single depositor in one bank, but not to each opened deposit separately.

2. Which legal persons does the deposit guarantee scheme not cover?

  • National authorities and local municipality units
  • Credit institutions
  • Creditors and credit intermediaries
  • Financing institutions
  • Insurance providers and  reinsurance undertakings
  • Investment funds and fund managers
  • Investment firms

3. If the customer has both a loan and deposits at the same bank, then does the loan balance reduce on account of the guaranteed deposits in case of a compensation case?
The right to compensation is not off-set with debts that the customer has at the bank.

4. What currency is the compensation calculated and paid in?
The compensation is calculated and paid in euros.


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