Norwegian Bank, anyone?

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Rip
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Re: Norwegian Bank, anyone?

Post by Rip » Wed Jun 22, 2016 10:00 am

Never heard from it before. It seems legitimate to me. Webpage verified owner is the same as for https://www.banknorwegian.no/, which again is listed on the Norwegian Banks guarantee fund page.

I don't need another credit card, but I'm considering a savings account.'

Edit: also mentioned on some financial news sites:
www.kauppalehti.fi/uutiset/lentoyhtio-n ... 8edac6583c
http://www.talouselama.fi/uutiset/nain- ... ke-6235554

Re: Norwegian Bank, anyone?

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Y77
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Re: Norwegian Bank, anyone?

Post by Y77 » Tue Jun 28, 2016 6:24 pm

the interest rate is not bad, the problem is that it is not guaranteed for any length of time, you could transfer 100k and then the interest rate drops to 1% the day after. Much better BIGbank, the interest rate is higher and is a fix term deposit, so you know how much you get and for how long


betelgeuse
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Re: Norwegian Bank, anyone?

Post by betelgeuse » Tue Jun 28, 2016 7:54 pm

roger_roger wrote:It looks legit bank and not the scam loan agencies. The private loan upto 50k with just 5% margin sounds promising as compared to 8% up to 25k from Nordea.


Let me know if you can get the 5% margin. I tried applying for fun and got rates that were not useful to me. Nordea considers me a good customer so it's not because I wouldn't be credit worthy.

roger_roger wrote:I am doing research about it, if its worth changing regular bank from Nordea to Norwegian.


They are not a fully featured bank so you will most likely need an operator like Nordea in addition.


Rip
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Re: Norwegian Bank, anyone?

Post by Rip » Tue Jun 28, 2016 8:48 pm

Y77 wrote:the interest rate is not bad, the problem is that it is not guaranteed for any length of time, you could transfer 100k and then the interest rate drops to 1% the day after. Much better BIGbank, the interest rate is higher and is a fix term deposit, so you know how much you get and for how long


Sure the current interest rate may be "introductory offer", but if the interest rate drops you can transfer your money elsewhere. Fixed term bank accounts usually have higher interest rates to compensate for the fact that you loose liquidity. BIGbank is Estonian and by market rates the Estonian GDP is still only about 1/10th of the Finnish one. I consider there is an additional and hard to quantify risk related to an Estonian investment bank account and I would not be so sure the little extra interest you get is overly generous compensation for that.

On the other hand I don't see why I should not consider Norwegian banking system at least as safe as Finnish one.


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Beep_Boop
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Re: Norwegian Bank, anyone?

Post by Beep_Boop » Tue Jun 28, 2016 10:23 pm

I've never really seen the point of savings bank accounts that have interest rates like 0.5% of even in this case 1.75%
It's a lot better to just throw your cash in a market-tracking mutual fund (index fund) like ones that track S&P 500. With cycles of up and down, the market trend is always up.. it has always been up for the last 70 years. Average annual return over a 10 year period is about 6%.
Yeah, you lose liquidity, but it's a savings account so you shouldn't play with it that much. Beats inflation and any other European interest rate by a gigantic margin.
Every f*cking application is unique.You can't measure the result of your application based on random anecdotes online. Stop being a moron!


Y77
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Re: Norwegian Bank, anyone?

Post by Y77 » Fri Nov 18, 2016 6:21 pm

Beep_Boop wrote:I've never really seen the point of savings bank accounts that have interest rates like 0.5% of even in this case 1.75%
It's a lot better to just throw your cash in a market-tracking mutual fund (index fund) like ones that track S&P 500. With cycles of up and down, the market trend is always up.. it has always been up for the last 70 years. Average annual return over a 10 year period is about 6%.
Yeah, you lose liquidity, but it's a savings account so you shouldn't play with it that much. Beats inflation and any other European interest rate by a gigantic margin.


Many thanks for this suggestion! I decided to give it a go and invested 5K in ETF S-P 500 and 5k in ETF Nasdaq and made so far a healthy profit (+ 5% in both of them), and this in just 4 months :thumbsup:


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Beep_Boop
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Re: Norwegian Bank, anyone?

Post by Beep_Boop » Fri Nov 18, 2016 8:43 pm

Y77 wrote:Many thanks for this suggestion! I decided to give it a go and invested 5K in ETF S-P 500 and 5k in ETF Nasdaq and made so far a healthy profit (+ 5% in both of them), and this in just 4 months :thumbsup:

Good choice. :thumbsup: S&P500 is doing very well, especially after Trump won.
The key is to keep adding whenever you can, preferably on monthly basis, and to not freak out when occasional dips happen.

Which investment bank are you using? Nordnet? Vanguard?
Every f*cking application is unique.You can't measure the result of your application based on random anecdotes online. Stop being a moron!


Y77
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Re: Norwegian Bank, anyone?

Post by Y77 » Sun Nov 20, 2016 1:52 pm

Beep_Boop wrote:
Y77 wrote:Many thanks for this suggestion! I decided to give it a go and invested 5K in ETF S-P 500 and 5k in ETF Nasdaq and made so far a healthy profit (+ 5% in both of them), and this in just 4 months :thumbsup:

Good choice. :thumbsup: S&P500 is doing very well, especially after Trump won.
The key is to keep adding whenever you can, preferably on monthly basis, and to not freak out when occasional dips happen.

Which investment bank are you using? Nordnet? Vanguard?


I used my bank in Germany. In Finland I have s-pankki, but trough them you can only buy funds using their FIM provider, not ETF, and I didn't want to open a new account somewhere else


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Beep_Boop
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Re: Norwegian Bank, anyone?

Post by Beep_Boop » Sun Nov 20, 2016 4:08 pm

Y77 wrote:I used my bank in Germany. In Finland I have s-pankki, but trough them you can only buy funds using their FIM provider, not ETF, and I didn't want to open a new account somewhere else

Another wise choice. Cheap index funds in Finland through regular banks appear to be virtually unheard of (except maybe Osuuspankki). You'll have to go with investment banks like Nordnet to get anything reasonable.
Every f*cking application is unique.You can't measure the result of your application based on random anecdotes online. Stop being a moron!


betelgeuse
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Re: Norwegian Bank, anyone?

Post by betelgeuse » Sun Nov 20, 2016 4:40 pm

Beep_Boop wrote:
Y77 wrote:I used my bank in Germany. In Finland I have s-pankki, but trough them you can only buy funds using their FIM provider, not ETF, and I didn't want to open a new account somewhere else

Another wise choice. Cheap index funds in Finland through regular banks appear to be virtually unheard of (except maybe Osuuspankki). You'll have to go with investment banks like Nordnet to get anything reasonable.


You can get any ETFs you want quite nicely with the new Nordea pricing model that caps trade costs to 1%.


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Oombongo
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Re: Norwegian Bank, anyone?

Post by Oombongo » Sun Nov 20, 2016 7:34 pm

won't taxman get a hard on and wants his piece?
Image Image


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Beep_Boop
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Re: Norwegian Bank, anyone?

Post by Beep_Boop » Sun Nov 20, 2016 8:20 pm

betelgeuse wrote:You can get any ETFs you want quite nicely with the new Nordea pricing model that caps trade costs to 1%.

Trade costs are indeed 1% with Nordea (0.8% if you do it online). You have the subscription fee 0.8% on the invested amount + 1% annual management fees + 1% redemption on the total. Even Evli's offers are more advantageous, and Evli is known to be a bit more expensive in this line of business.
Then you have Nordnet where you can get index funds for 1% management fees without any subscription or redemption costs.

Unless Nordea has changed something that isn't yet on their website.
Every f*cking application is unique.You can't measure the result of your application based on random anecdotes online. Stop being a moron!


betelgeuse
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Re: Norwegian Bank, anyone?

Post by betelgeuse » Sun Nov 20, 2016 8:52 pm

Beep_Boop wrote:
betelgeuse wrote:You can get any ETFs you want quite nicely with the new Nordea pricing model that caps trade costs to 1%.

Trade costs are indeed 1% with Nordea (0.8% if you do it online). You have the subscription fee 0.8% on the invested amount + 1% annual management fees + 1% redemption on the total. Even Evli's offers are more advantageous, and Evli is known to be a bit more expensive in this line of business.
Then you have Nordnet where you can get index funds for 1% management fees without any subscription or redemption costs.

Unless Nordea has changed something that isn't yet on their website.


Google ETFs and how they work. They are exchanged traded funds and are bought like stock on the markets. They do not have subscription or redemption fees (but you do pay stock broker fees, bid-ask spread costs, deviations from NAV etc). For index funds the management fees are really low. For iShares Core they are close to zero. For example:

https://www.ishares.com/fi/yksityissijo ... f-acc-fund


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Beep_Boop
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Re: Norwegian Bank, anyone?

Post by Beep_Boop » Sun Nov 20, 2016 11:25 pm

betelgeuse wrote:Google ETFs and how they work. They are exchanged traded funds and are bought like stock on the markets. They do not have subscription or redemption fees (but you do pay stock broker fees, bid-ask spread costs, deviations from NAV etc). For index funds the management fees are really low. For iShares Core they are close to zero.

Uh, I don't need to Google this one, but thanks for the tip. It appears that I just for some reason interpreted ETFs in your comment as mutual funds. Misunderstanding has been resolved.
Every f*cking application is unique.You can't measure the result of your application based on random anecdotes online. Stop being a moron!


Y77
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Re: Norwegian Bank, anyone?

Post by Y77 » Mon Nov 21, 2016 8:29 am

ETFs on the American market seem like a good bet, since the European economy is on a life support machine....

Finnish banks are a good 10 years behind the rest of Europe, they still have these battleship look alike single use paper codes, instead getting a code by text message or a pin code generator machine like in the rest of the civilized world. In the UK you can even change the pin code of your debit card at a cash machine so it is easier for you to remember it, here it is unheard of.

My 10k in ETFs are now 10.589, by the way. :mrgreen: :rainbow:


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