BSU – home savings scheme for young adults

The money you save in BSU home savings scheme must principally be used to buy a new, permanent home, either in Norway or abroad. You can also use the money to pay off a housing loan.

• Buy a home where you want to live.
• Pay down loans from a home you have bought and where you live.
• Leave the money in the BSU account for future housing purposes.
• Renovation and maintenance of own home.

If you withdraw money saved in a BSU account and use it for anything other than approved purposes, this will be considered a breach of contract. The tax authorities will demand that you pay back the tax deductions you have received.

Fill out the closure form in the online bank. Select the “Other approved home purpose” option, enter “renovation/maintenance of own home” and any additional details in the comments field.

If the BSU account is in our bank and you need to pay down a home loan with us, you can use the BSU closing form in the online bank under the option «Complete account» and enter the loan number in our bank.
If you’re going to pay down a home loan in another bank, use the same termination form and upload the purchase contract and loan documentation, as well as entering the loan number in the other bank.

• You will retain the interest in your BSU account until you reach 34 years of age. After this, the interest rate is the same as for ordinary Sparekonto.
• You can use the interest you receive on the savings from the year you turn 34 as you want.
• The money you have saved in your BSU account will remain in your account for as long as you want.

Yes, from 1 July 2021, you can use the BSU home savings scheme for renovation/maintenance of your own home.

If you close a BSU account, you cannot open a new account of the same type later. The same applies at other banks. You can close your BSU home savings scheme account in the online bank, and you will get an email confirmation when the account is closed.

• Log in to the online bank
• Select ‘Everyday banking and loans’
• Select ‘Close account’
• Select the ‘Close/partial withdrawal of BSU home savings scheme’ button
• Fill out the form

You can withdraw the funds you have put into the BSU home savings scheme this year under ‘Everyday banking and loans’ and ‘Transfer own accounts’ in the online bank. Remember that the tax deduction is calculated on the balance as of 31 December, so you must put the money back in well before this deadline if you want to claim the tax deduction.