Fixed Rate Deposit

Let a Fixed Rate Deposit be your peace of mind by locking in the interest rate and getting a predictable rate of return.

Get started from NOK 10 000
Choose between three, six, twelve or twenty-four months
Reach your savings goal safely without market risk

How does a Fixed Rate Deposit work?

With a Fixed Rate Deposit, you lock in your money for an agreed period. In return, you receive a fixed and often higher interest rate.At DNB, you can choose between 3, 6, 12 and 24 months. You can start a Fixed Rate Deposit with a deposit amount from NOK 10 000. This is lower than many other banks, and makes it easier for more people to start saving in a Fixed Rate Deposit.

When you lock in your money at a fixed interest rate, you get a secure and predictable rate of return.When the fixed term is over, all deposits and accrued interest are automatically converted to an ordinary Savings Account.

Remember! The savings amount must be transferred to the fixed rate account within 10 days from when you order the Fixed Rate Deposit.

Interest rate terms and fixed-rate period for Fixed Rate Deposit

Fixed-rate deposit 12 months

4,45 % p.a.

From £10,000 to £8 million.

Three monthsFixed term deposit = 4,20 % per annum, minimum NOK 10 000

Six months Fixed term deposit = 4,40 % per annum, minimum NOK 10 000

Twelve months Fixed term deposit = 4,45 % per annum, minimum NOK 10 000

Twenty-four months Fixed term deposit = 4,00 % per annum, minimum £10,000

See the price list for deposits over £8 million

The interest rate you lock in is fixed for the entire period, regardless of any interest rate changes.

How to get started with a fixed-rate deposit

Step-by-step guide to ordering a Fixed Rate Deposit

Step 1 – Choose your fixed term
When you order a Fixed Rate Deposit, you lock in your funds for a specific period. Choose a period that suits your finances and plans.There are usually different interest rates for different periods. The periods you can choose from are:
- Three months
- Six months
- Twelve months
- Twenty-four months

Step 2 – Log in and order a Fixed Rate Deposit
Once you have decided on a period, the next step is to log in to online banking and order a Fixed Rate Deposit. You can either log in using the link below or navigate there once you are logged in to online banking:
1. «Savings and investments»
2. «Open new savings account»
When you have found Fixed Rate Deposit and clicked through to the order, you will be asked about the fixed term and amount.
1. Select the correct fixed term period
2. Enter amount
3. Select the account from which the amount will be automatically debited.
4. Review the summary before submitting your order.
REMEMBER!After the order is submitted, you must still sign the agreement before the funds are transferred to the fixed-rate account.
You can choose whether we should transfer funds from one of your DNB accounts. You can also choose to transfer from another bank yourself after the account is opened.
Step 3 – Sign the agreement to activate the account
When you have ordered a Fixed-Rate Deposit, you are almost there, but not quite. You will receive an SMS within two days informing you that the fixed-rate account is ready for signing.
- Log in to the online bank and sign for the account.
- After you have signed, the fixed-rate account is opened and you will see it in the online bank and mobile banking app. The fixed-rate account is open for deposits for 10 days after ordering in the online bank. If you need to transfer funds yourself, this must be done as soon as the account appears for you.
The fixed term for the fixed-rate account starts when you have ordered the agreement.Sign and transfer the amount as quickly as possible. Then you will receive interest from the first day of the period.

Is a Fixed Rate Deposit the right choice for you?

A Fixed Rate Deposit is a smart solution for many. It can also suit many purposes and different life situations, but is particularly well suited for you if you:

Are saving for a specific goal:If you are saving for a clear goal, such as a holiday, home, car or cabin, a Fixed Rate Deposit can be a good choice.

Want peace of mind for your money: Have you received a large sum of money in the form of an inheritance, winnings or from selling property? A Fixed Rate Deposit gives you peace of mind by locking your money away, protected from market volatility. This allows you to have peace and quiet whilst you decide how the money should be used or invested.

Is risk-conscious: If you do not wish to take unnecessary risk, a Fixed Rate Deposit is a good choice for you. Many people use Fixed Rate Deposits as a safe and stable proportion of a larger savings portfolio with, for example, shares and funds. In this way, you spread the risk for your savings,

Spare is the app that helps you keep track of your savings universe.

You can view your Fixed Rate Deposit in the Spare app by clicking on "More" and then "Money" to find your fixed rate account.

Read more and download Spare

Would you like a Fixed Rate Deposit for your business?

Fixed Rate Deposit is suitable for small and medium-sized businesses that want predictable savings and do not wish to take risks.

Fixed Rate Deposit for businesses

Advantages and disadvantages of Fixed Rate Deposits

There are many good advantages to choosing Fixed Rate Deposits as a savings option, especially if you already have some savings in different forms. This savings option comes with specific terms linked to the fixed-rate period, interest rate and withdrawals, which means that Fixed Rate Deposits are not suitable for everyone.

Advantages

Predictability: You can be certain that the interest rate you have locked in will not change or be affected. You know exactly how much your savings will grow.

Peace of mind: Your money and interest rate will not be at risk from fluctuations in the equity or interest rate market. In addition, all deposits are covered by the Norwegian Banks' Guarantee Fund With up to two million kroner.

Better interest rate terms: The interest rate you receive with a Fixed Term Deposit will generally be slightly higher than on a regular savings account without a fixed term. You also have the option of other High interest accounts. Here you often need to deposit larger amounts to achieve the same interest rate terms.

Disadvantages

The funds are locked:The funds are locked for the entire period. Therefore, do not deposit more than you are comfortable locking in. Consider your purpose for saving the money in a Fixed-Rate Deposit for the specified period.

Cost of early withdrawal:If you withdraw funds before the fixed term expires, you will pay a fee of 1% of the withdrawal amount. Therefore, consider whether you may need the funds during the period you lock them in. If you already have an emergency fund, you will be more secure if something unexpected happens.

Minimum savings requirement: Fixed-Rate Deposit has an amount limit and you must have a minimum deposit of NOK 10 000 at the start. Fixed-Rate Deposit is therefore best suited for you if you can deposit a larger amount. Other savings methods, such as Funds, allows you to start saving with smaller amounts from NOK 100.

Frequently asked questions

What is a fixed-rate deposit?

A fixed-rate deposit is a secure and predictable savings option where you deposit money into an account with a fixed interest rate for an agreed period. This means that the interest rate remains unchanged throughout the entire fixed term, giving you the opportunity to plan your finances better. We offer fixed-rate deposits with various fixed terms, so you can choose the option that best suits your needs.

How much interest will I receive on a fixed-rate deposit?

The interest rate on fixed-rate deposits with us varies depending on the chosen fixed term and current market conditions. We offer competitive interest rates that are often higher than on ordinary savings accounts. The interest rate on fixed-rate deposits is always quoted per annum. If the term is shorter than one year, you will receive the quoted interest rate for the months you fix the rate.

REMEMBER! The fixed term for the fixed-rate account starts as soon as you have ordered the agreement. Therefore, it is important to sign and, if applicable, transfer the amount as soon as possible to receive interest income for the entire period.

Is a fixed-rate deposit worthwhile?

What are the alternatives to a fixed-rate deposit?

You can find alternatives to fixed-rate deposits in other high-interest accounts such as Pluss Savings Account and BSU home savings scheme for young people. These are accounts with different terms for fixed interest rate periods, interest rates and flexibility. Read carefully through the rules for the different accounts and see which one suits you best.

With us you will also find other investment opportunities such as Funds And Shares, but which carries higher risk than savings accounts.

What happens if I break the agreement before the fixed term is over?

If you choose to close the Fixed Rate Deposit before the fixed term is over, you will be charged a fee on the savings amount. This applies to both partial withdrawals and withdrawal of the entire savings amount, regardless of when you choose to close during the period.

Partial withdrawal and retain the fixed rate account
If you withdraw part of a Fixed Rate Deposit, you pay a fee of 1%. The fee applies regardless of when you withdraw the money.

Withdraw all the money and close the fixed rate account

If you withdraw the entire amount, the account will be closed and you pay a fee of 1%. The fee applies regardless of when you withdraw the money.

Do I have to pay tax on the interest income from Fixed Rate Deposits?

Yes, you must pay tax on the returns or interest income earned from Fixed Rate Deposits. This means you must pay tax on the interest you earn on the deposit. As of today, the tax rate for interest income is 22%.Tax is calculated on your entire interest income. The bank reports this to the Norwegian Tax Administration.We recommend that you keep track of your interest income and check it against what is stated on your tax card.

What is deposit interest rate?

Compare our prices with other companies atFinansportalen.no

Fixed Rate Deposit

How does a Fixed Rate Deposit work?

Interest rate terms and fixed-rate period for Fixed Rate Deposit

How to get started with a fixed-rate deposit

Is a Fixed Rate Deposit the right choice for you?

Spare is the app that helps you keep track of your savings universe.

Would you like a Fixed Rate Deposit for your business?

Advantages and disadvantages of Fixed Rate Deposits

Advantages

Disadvantages

Frequently asked questions

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BSU home savings scheme

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Barnas Sparekonto (Children’s savings account)

High-interest account