Saving account and alternatives

iliad · Post by **iliad** » Sun Dec 07, 2008 11:13 pm

Hi!

We've been living now for some time in Finland but still continued to use our German bank account on which we get 3.8% interest. We decided to start from next year onwards to park some money in Finland. I just checked Nordea and S-Pankki and saw that they pay around 2.5%.

1. Which savings account would you recommend to which we can put every month some money? It should be daily available.
2. Is there a good money market fund around? I checked Nordea's and they look quite uncool.
3. EONIA ETFs maybe somewhere?
4. Is it possible to borrow money directly to the state?

Thanks a lot for your help!

**Sponsor:**

Pursuivant · Post by **Pursuivant** » Sun Dec 07, 2008 11:31 pm

the ones paying 5% were the Icelanders and you look what happened to them. I do not trust foreigner banks. pthui.
you can put money in state obligatuions of course. but they are tied.

iliad · Post by **iliad** » Mon Dec 08, 2008 9:42 pm

Thanks for the quick response, Pursuivant. So we'll go with Nordea..

raamv · Post by **raamv** » Mon Dec 08, 2008 9:54 pm

iliad wrote:Thanks for the quick response, Pursuivant. So we'll go with Nordea..

hmm and I really wonder how much you know about Nordea being Finnish!!

I have nothing against Nordea..but the question that you were asking didnt look like it..

iliad · Post by **iliad** » Wed Dec 10, 2008 8:15 pm

hi raamv,

nordea is "kind of finnish", isn't it? i would consider one of their exciting savings accounts, not one of their money market funds. what would you recommend?

cheers.

ps. nordea Growth account
2,10 %: 0,01 - 3.300,00 EUR
2,50 %: 3.300,01 - 8.400,00 EUR
2,90 %: 8.400,01 - 16.800,00 EUR
3,40 %: 16.800,01- 42.000,00 EUR
3,80 %: 42.000,01- EUR

raamv · Post by **raamv** » Thu Dec 11, 2008 12:49 am

Hmmm
Then GE money should be Finnish too..
Then Sampo is perfectly fitting for a Finnish Company's name..

and then all those Insurance for housing/loans are also Finnish!!

Pursuivant · Post by **Pursuivant** » Thu Dec 11, 2008 12:52 am

"Osuuspankki" and Ålandsbanken... S-bank, Nooa... I think Hypoteekkiyhdistys even sells bonds...

Mook · Post by **Mook** » Thu Dec 11, 2008 9:00 am

If you put 1000 Euros in a Tapiola savings account you get 17% discount on all your insurance. (they used to do the s-group green card thingy)

Nordea has the perk savings account, that gives 12 withdrawals a year and has OK-ish interest rates.

sinikala · Post by **sinikala** » Thu Dec 11, 2008 12:38 pm

iliad wrote:Hi!

We've been living now for some time in Finland but still continued to use our German bank account on which we get 3.8% interest. We decided to start from next year onwards to park some money in Finland. I just checked Nordea and S-Pankki and saw that they pay around 2.5%.

1. Which savings account would you recommend to which we can put every month some money? It should be daily available.
2. Is there a good money market fund around? I checked Nordea's and they look quite uncool.
3. EONIA ETFs maybe somewhere?
4. Is it possible to borrow money directly to the state?

Thanks a lot for your help!

The Nordea Perk account has been offering higher interest rates for Key Customers. Until recently 3.65%(?) irrespective of how much is in the account.

"* The deposit interest is tied to the Nordea Prime rate:Key customer Nordea Prime - 1.25%, Preferred customer Nordea Prime - 2.25%, Check-in customer Nordea Prime - 2.25%, Tariff interest Nordea Prime - 3.25%"

Presumably this will fall as the Euribor and Nordea Prime rates fall.

cressers · Post by **cressers** » Thu Dec 11, 2008 11:32 pm

i have the perk account and if you have mortgage with them, its about 3.7% which is pretty good.

The S-pankki also depends how much you have in there. we find if you do all shopping in S chain places, buy fuel at ABC etc, we increase the relative interest rate quite a lot.

We get about 150-200€ a year usually added to the savings.

Tiwaz · Post by **Tiwaz** » Fri Dec 12, 2008 7:14 am

And if you join OP-Pohjola, not good option for people with limited language skills last I checked, you get reductions in insurances and can even get some of them completely paid with your bonuses.

(requires making membership payment and having at least 5000 euros a month in savings/debt/things like that)

Lots of banks now offer some kind of incentives.

raamv · Post by **raamv** » Mon Dec 15, 2008 12:01 am

Tiwaz wrote:And if you join OP-Pohjola, not good option for people with limited language skills last I checked, you get reductions in insurances and can even get some of them completely paid with your bonuses.

(requires making membership payment and having at least 5000 euros a month in savings/debt/things like that)

Lots of banks now offer some kind of incentives.

Didnt have any problems even when I was struggling in Finnish..but its one of the safest havens we know of now..

Pursuivant · Post by **Pursuivant** » Mon Dec 15, 2008 6:45 am

I believe in my mattrass...

meplusthree · Post by **meplusthree** » Mon Dec 15, 2008 2:30 pm

Tiwaz wrote:And if you join OP-Pohjola, not good option for people with limited language skills last I checked

I'm with OP/pohjola and agree the main web pages are a little complicated at first if you don't know Finnish - but there is a English site that provides a basic set of Banking functions. I found the message utility on the Fin pages is good way of getting things done using English - eg I wanted my Visa and Plussa card to be on the same card - could not get it to work via internet pages so used the message facility - 2 days later get nice reply saying new visa card with plussa has been ordered for me and 10 days later it arrived.

Also when I need new code numbers card I even got personal training session in one branch (not even mine) on how to activate the new code card using the finnish pages. So you can get good customer service !!!

dampa · Post by **dampa** » Tue Feb 10, 2009 2:26 am

Banks I would want to stay away from: OP, Nordea & maybe Sampo. Check Aktia(Optia), Handelsbanken or S-Pankki

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