Help with savings and pensions

• You can take out the amount you have deposited into the BSU home savings scheme this year under Everyday banking and loans and Transfer between own accounts, in the online bank.

• Remember that the tax deduction is based on the balance as of 31.12, so re-deposit the money well in advance of this if you want the tax deduction.

• A BSU home savings scheme can be transferred in its entirety to BSU at DNB. There is no transfer agreement between the banks for housing savings beyond the ordinary BSU home savings scheme.

• You can close your BSU home savings scheme account in the online bank. Go to Everyday banking and loans and Close account.

• Click on Close a BSU home savings scheme. You will receive a confirmation email when the account is closed.

• When you close your BSU home savings scheme account, you must remember that it is not possible to open a new account of the same type later, nor at another bank.

• If you wish to use your BSU home savings scheme account as a debit account for your home mortgage, the account must first be closed.

• Do this in the online bank by going to:

  1. Everyday banking and loans
  2. Close account
  3. Close a BSU home savings scheme
• When the BSU home savings scheme is not enough to cover the next maturity date for the loan, you must remember to change the debit account for the loan.

• You can create Home Savings Extra in the online bank.

• You can close your Home Savings Extra account in the online bank.

• Go to Everyday banking and loans and Close account. Click on Closing your Home Savings Extra account. You will receive a confirmation email when the account is closed

• If a guardian wishes to close the account, +47 915 04800 must be contacted.

• Saving in an account is a safe and flexible way to save.

Sparekonto Pluss is the savings account that gives you the best interest rate when you have NOK 500 000 or more to set aside. You’ll get one of the bank’s best savings rates, up to deposits of NOK 2 million. The money is available when you need it

• It is not possible to make payments from the account. It is only possible to make a transfer between your own accounts at DNB.

• It is not possible to open Sparekonto Pluss in the mobile banking app.

• A share savings account makes it easier and more favourable for you to save in shares and equity funds. Here you can buy and sell shares and equity funds, as well as exchange equity funds, without paying tax on profits as long as the profit is kept in the share savings account.

• You can take out your cost price (acquisition value) at any time, tax-free. If you take out more than the cost price, the excess will be tax-liable after deducting any shielding deduction.

• Taxable withdrawals are taxed as share income according to the applicable rates. A deduction for any losses cannot be made until the account is closed.

• All private individuals who are domiciled in Norway for tax purposes can set up a share savings account. US citizens must also be permanently resident in Norway.

• A share savings account is a distinctively Norwegian scheme, and if you are domiciled for tax purposes in a country other than Norway or are liable for withholding tax to another country for dividends from foreign companies, you should clarify with the Norwegian Tax Administration or a tax adviser whether the share savings account is suitable for you.

• You can easily open a share savings account in the online bank. If you need assistance, you can call us on +47 915 04800.

• To set up a share savings account for children, see here for guidance.

• You can trade in listed shares, equity certificates and exchange traded funds (exchange traded funds) in companies resident in countries within the EEA. For example, Frontline falls outside because it is not registered within the EEA even though it is listed on the Oslo Stock Exchange.

  You can trade a large selection of equity funds. It is a requirement that the equity fund must have more than an 80% proportion of shares. DNB Aktiv 80 is such a fund, but for example, the balanced fund DNB Aktiv 50 is not subject to this scheme as its proportion of equities is too low.

• When you order a share savings account in DNB, you automatically get a bank account, a VPS account and a mutual fund account, all of which come under the share savings account.

• All of the funds within these accounts will collectively constitute your share savings account in DNB.

• You can use the deposits in your bank account to trade exchange-traded shares, equity certificates and equity funds in the share savings account. To take money out of the account, it must be transferred to one of your other bank accounts at DNB.

• When you buy Norwegian listed shares and equity certificates, these are registered in the VPS account. If you want to trade international shares, you need to open a foreign depository account (VP Utland Account) in the online bank. Open a VP Utland Konto by pressing the Savings and Investments tab, then Share Trading - My Page and the International Trade tab. Click on Create international trade.

• With a mutual fund account, you are entered into DNB’s customer register for trading in equity funds.

• Yes, when you order a share savings account at DNB, at the same time you can order the transfer of your existing share savings account at other savings providers to your share savings account at DNB.

• If you have opened a share savings account with another provider, you can easily move your share savings account to us.

• At any time, you can transfer money from a bank account outside the Share Savings account to the bank account that is linked to the Share savings account.

• As soon as you get confirmation that the money has been transferred, you can use it to invest in individual shares, equity certificates and equity funds that are available to trade within your share savings account at DNB.

• You can buy and sell equity funds in the normal way in Mutual fund trading in the online bank or our own savings app, Spare.

• When buying equity funds for your share savings account, select the fund account that is labelled: “Share savings account”.

You can buy and sell individual shares and equity certificates in the normal way in the equity trading service in the online bank or our own savings app, Spare.

• When buying individual shares and equity certificates for your share savings account, select the VPS account labelled “Share savings account”.

• The online bank or savings app automatically selects the right account and guides you through the buying process.

• When buying individual shares and equity certificates for your share savings account, select the VPS account labelled “Share savings account”.

• The online bank or savings app automatically selects the right account and guides you through the buying process.

• Dividends from shares and equity funds are not taxed on an ongoing basis when distributed, but are included in the share savings account.

• You only pay tax when you withdraw an amount including dividends is are larger than you originally invested.

• Taxable dividends are adjusted downwards if you have unused shielding deductions in your Share savings account.

• You can make withdrawals from your Share savings account at any time by transferring to one of your other bank accounts in DNB.

• A share savings account cannot be used to make bill payments.

• Yes, you can give away your Share savings account as a gift with tax continuity.

• Yes, the share savings account is not considered to have ceased in the event of death/inheritance and can be taken over by the heir with tax continuity.

• If you wish to close your Share savings account, you must first sell the holdings you have of mutual funds and shares in the Share savings account.

• Upon termination, any total gain in the Share savings account will be taxed and any loss will be deductible.

• The share savings account can be closed by filling out the “Complete share savings account” form and submitting this via the electronic submission of fund forms here. You’ll find the form under Share savings account further down the page in the link.

• In Norway, we have rules on tax liability for latent gains on shares and mutual fund holdings the day before tax vacating (exit tax), when the gain is a certain amount. The person who moves away is obliged to submit a separate form to the Norwegian Tax Administration with the calculation of latent gains on shares and fund shares in the share savings account. The Exit Tax is due for payment when selling shares and mutual shares you owned when you moved away, even if they are in a Share savings account.

  You can read more about these rules and find the form at Skatteetaten.no. After moving away, dividends and profits may be subject to tax in the country you are moving to. We recommend that you familiarise yourself with the rules in Norway and the country you will be moving to with the help of a tax adviser, so that you report the income correctly according to both countries’ rules and avoid double taxation.

• Yes, that’s possible. Form for Authority to manage share savings account must be filled out.

  You’ll find the form here:

• Dividends received on shares owned in the Share savings account also have a deferred tax liability to Norway, in line with profits. Only when the entire deposit and shielding deduction has been taken out will the gains/dividends that are taken out be taxed as capital gains in the non-professional’s hand.

  Note that if you receive dividends from shares in foreign companies, the company’s country may be entitled to withholding tax on the dividend. The amount of withholding tax the country has the right to deduct depends on this country's internal rules and the tax agreement between Norway and this country. To avoid double taxation, you are basically entitled to deductions for withholding tax that is deducted abroad when calculating Norwegian tax on the dividend, but because the dividend in a share savings account is not taxed until the entire deposit has been withdrawn from the share savings account, this credit deduction can be lost. If you wish to invest in foreign dividend shares, you should therefore carefully consider whether these shares should be acquired in the share savings account or outside. If you would like more information about this, you should contact a tax adviser.

• To set up a share savings account for children, see here for guidance.

• You can create a fixed savings scheme in your share savings account. When setting up a savings scheme in equity funds, you choose your share savings account as the Charge account and Mutual fund account. Then tick Make sure there are always sufficient funds for the savings scheme by withdrawing money from the following account to set up a standing order from another account, for example your usage account, into the share savings account bank account.

• A mutual fund is for anyone who wants to save for some time. Mutual funds offer better returns than a bank account.

• It’s easy to give a fund as a gift.

  NB: You can only buy a fund as a gift in the online bank from a desktop/computer.

• The only thing you need is the name and national identity number (11 digits) of the recipient.

• The minimum amount is NOK 100 and you can choose whether you want to give a lump sum or set up monthly savings.

Log in to the online bank

• Select a category Saving and investing.

• Go to Sell mutual funds.

• Select the mutual fund you want to sell. You can sell the entire value or a chosen value.

• Confirm the sale.

• To access others’ mutual funds, the owner of the fund and account signatory must fill in an authorisation form (PDF).

• Then go to Other forms and Signatory authority.

• You automatically get a VPS account if you order the online equity trading service from us.

• From group paid-up policies, pensions from the employer and individual pension savings with tax assets (individual pension savings (IPS)), you can start making withdrawals from the age of 62.

• Individual pension schemes (IPAs) from 64 years of age.

• Endowment insurance can be removed whenever you want.

• You get a bigger pension if you save long-term. DNB has many different savings solutions for pension savings.

• If you also have a defined-contribution pension, you can also take action on your own pension by changing the defined-contribution profile of your pension savings.

• No, the tax authorities will automatically send this to DNB Livsforsikring at the end of the year.

• However, you must notify DNB Livsforsikring if your tax withholding card changes during the year.

• You can also do this in your online bank.

• Manage my appointments.

• Change tax percentage.

• You cannot reduce the tax rate without a tax withholding card on collective agreements (agreements you have through your employer).

• At DNB, you can put together your own portfolio of mutual funds when you save for a pension in an IPS.

• DNB offers a number of different mutual funds in its range of mutual funds which you can choose from in your savings, both DNB’s own mutual funds and mutual funds provided by external suppliers.

• You can change the composition of your mutual fund portfolio at any time by switching between different funds and managers. Switching mutual funds under the IPS scheme will not trigger taxation.

• The savings amount (deposit and return) will be “locked” to pension, and you can start withdrawing the money from the age of 62.

• You can easily trade different mutual funds in the IPS in the online bank and in the Spare app.

• If you are in your IPS summary in the online bank or in the Spare app, the correct account will be selected automatically during the buying process.

  NB! When buying mutual funds in the IPS, select the mutual fund account that is marked “IPS mutual fund account”.

• No, you cannot move/convert an old IPS to a new IPS.

• If you already have an IPS, we recommend that you contact a savings adviser on +47 915 04800

• You can make deposits to your IPS at any time. You can easily doe this in the online bank and in the Spare app.

• The IPS agreement cannot be terminated in order to have the pension capital paid out.

• You can stop payments to the IPS at any time or move the IPS savings to another supplier.

• The money you save in the IPS is bound to a pension, which means that you can start getting disbursements from the age of 62.

• The disbursements must be made over a minimum of 10 years and at least up to the age of 80.

• This gives a minimum pay-out period of 18 years if you start the disbursements at the age of 62.