Savings accounts/funds

bringmethehairspray · Post by **bringmethehairspray** » Sat Mar 17, 2018 6:52 pm

Hello!

So I’ve decided to open a savings account in a Finnish bank. I checked Nordea’s rates and it shows up as 0,05% which is already quite confusing (can it actually be so low?) I went through their website and there are some offers about saving in funds. Yet I don’t really seem to understand how it works and what kind of interest I can expect to get. Also how big of deposits need to be made to make it pay off. I’d really appreciate any advice! Thanks

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tjawatts · Post by **tjawatts** » Sun Mar 18, 2018 3:42 pm

Instant access savings/deposit accounts will pay little if any interest. To get any sort of interest you will have to make a term deposit for at least 6 months or one year. Interest rates for Euro are currently negative, a bank will get -0.4% if they take your money and deposit it with the central bank.

All the banks of course offer the possibility to invest in funds or direct equity or bonds, you can either set it up on your netbank or get advice from their advisors. There are also companies like Nordnet which offer a wide selection of investment products especially if you want to make your own decisions.

T

bringmethehairspray · Post by **bringmethehairspray** » Wed Apr 04, 2018 4:20 pm

Thanks for your response guys!
I looked into OP and their growth return account seems quite promising, with the base rate being three times higher than Nordea's. One thing which I didnt understand though, it says that the minimum deposit must be 500e. Does anyone know if it only concerns the first deposit or monthly ones as well?

Also does anyone know if OP also has a feature of epiggy (change from card payments being transferred to your savings account of choice)? I am also a little bit concerned about their netbank not being in english ( although I was told that they have a quite comprehensive mobile app in english). Do I really need a good finnish command to use their services, or would google translate do?

And pardon the spam. Overall, if you have any experience with managing daily finances or savings accounts with OP please share. I am completely clueless in this regard. Thanks again!

biryvih · Post by **biryvih** » Wed Apr 04, 2018 5:33 pm

I am also a little bit concerned about their netbank not being in english ( although I was told that they have a quite comprehensive mobile app in english). Do I really need a good finnish command to use their services, or would google translate do?

If you know some Finnish it will be good for you to understand their website. But, their app (OP) is pretty good (in multiple languages, including English and very simple) and I have been using both Nordea and OP, at this point I prefer OP.. Everything with OP so far has been really smooth, while Nordea sometimes go nuts for some weird reasons.

For their (OP) website Google translate is kinda hit or miss sometimes, you can use it but the translation is very confusing sometimes, but it is usable. In case if you need any assistance, staff is really good... I'd say better than Nordea.

Try S-Pankki as well (I don't know much about saving accounts, I've got a regular one)

Hope that helps

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