Gain a better understanding of what deposit interest rate is and how to get the most out of your savings account.
When you deposit money in the bank, you are effectively lending it to us. As a thank you for the loan, we pay you what is called a deposit interest rate. The rate is expressed as a percentage and shows how much you earn as a percentage each year. This means your savings become worth more and you receive a higher amount.
Several factors influence the deposit interest rate on your savings account. The two most important factors are the policy rate and which accounts you hold your money in.
Variable interest rate is the most common form of deposit interest rate. You will find this on most savings accounts and the BSU home savings scheme for young people. Here, the interest rate can rise or fall according to the market and changes in the policy rate from the Norwegian central bank, Norges Bank.
With a fixed interest rate, you lock in the rate for a period, for example one year. You then know exactly what income you will receive, regardless of what happens in the interest rate market. If you therefore believe that interest rates will fall, it may be wise to lock in your money at a fixed interest rate.
The interest rates and tax rules we mention here apply for 2026. As the economy changes, both your interest rate and government regulations may change in the future.
If you want to get more from your savings, you can easily transfer them to a high-interest account with us. We help you grow your money securely,
Take full control of your savings in the mobile banking app. Here you can view your account and interest income for your savings account, as well as deposit and withdraw funds.
It is worth knowing that interest income is considered income, and therefore you must pay tax on this money. The tax on interest income is 22 per cent.You do not need to think about this yourself, as we report everything to the Norwegian Tax Administration for you.
It is also completely safe to save with us. Your deposits are protected up to two million kroner throughNorwegian Banks' Guarantee Fund. This means that funds up to 2 million are always protected.
Compound interest means that you earn interest on your interest. At the start of the new year, the interest you have earned is added to your account. The following year, you will now earn interest on your savings and on the interest earned. The year after that, you will earn interest on an even larger amount.
This creates a 'snowball effect'. At first, you may not notice much, but over time this effect will cause your savings to grow much faster than if you had only saved the fixed monthly amount.