Deposit Interest Rate
Gain a better understanding of what deposit interest rate is and how to get the most out of your savings account.
What is a deposit interest rate?
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.
What determines the deposit interest rate?
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.
- The most important is the policy rate set by the Norwegian central bank, Norges Bank, which affects the interest rate level throughout the country and for banks.
- The second factor is which account you choose. You often receive a better interest rate if you choose an account where you commit to leaving your money untouched. This is why different savings accounts have different withdrawal rules, which help differentiate the interest rate levels on the accounts.
Types of deposit interest rates
Variable rate
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.
Fixed interest rate
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.
| Best suited for | Your benefits | Interest rate | |
|---|---|---|---|
Savings account | All everyday savings | No withdrawal limits | 2,25 % |
Savings account Pluss | Amounts from NOK 100 000 | Higher interest on your money | 3,50 % |
Fixed-rate deposit | Secure savings | Full control and fixed interest rate | 4,15 % |
Home Savings Scheme for Youth (BSU) | Home savings for those under 34 years old | Our very best interest rate | 6,10 % |
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.
Find high-interest accounts
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,
Get a complete overview in the mobile banking app
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.
Tax on deposit interest
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.
What does compound interest mean?
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.
See the effect of compound interest
Frequently asked questions
