Fixed-Rate Deposit

Let Fixed-Rate Deposit give you peace of mind by locking in the interest rate and getting a predictable rate of return.

Get started from NOK 10 000
Choose between a 3-, 6-, 12- or 24-months period
Reach your savings goal securely without market risk

How does Fixed-Rate Deposit work?

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

When you lock in your money at a fixed interest rate, you get a secure and predictable rate of return. When the fixed-rate period is over, the fixed-rate account, including all deposits and accrued interest, will automatically be converted to an ordinary savings account.

Don’t forget! The savings amount must be transferred to the fixed-rate account within 10 days from when you order Fixed-Rate Deposit.

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

Fixed-rate deposit 12 months

4,70 % p.a.

From £10,000 to £8 million.

3-month lock-in of deposit = 4,45 % per annum, minimum NOK 10,000

6-month lock-in of deposit = 4,85 % per annum, minimum NOK 10,000

12-month lock-in of deposit = 4,70 % per annum, minimum NOK 10,000

24 month lock-in of deposit = 4,25 % p.a., minimum NOK 10,000

See the price list for deposits over NOK 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 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.
The fixed term for the fixed-rate account starts when you have placed the order.Sign and transfer the amount as quickly as possible. This way you will earn interest from the first day of the period.

Is Fixed-Rate Deposit the right choice for you?

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

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

Want to know your money is safe: Have you received a large sum of money in the form of an inheritance, through winnings or from selling property? Fixed-Rate Deposit gives you peace of mind as your money is locked in an account, protected from market volatility. This gives you time to think calmly about how you want to spend or invest your money.

Are risk-conscious: If you don’t wish to take unnecessary risk, Fixed-Rate Deposit is a good choice. Many people use Fixed-Rate Deposit as a safe and stable part of a larger savings portfolio including, for example, shares and mutual funds. This is a way of spreading the risk associated with your savings.

The savings app Spare helps you keep track of your savings.

You can see your Fixed Rate Deposit scheme 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 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 Deposit

There are many advantages of choosing Fixed-Rate Deposit 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 Deposit is 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: Predictability: You can rest assured that the interest rate you have locked in will not change or be affected by fluctuations. 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 up to NOK 2 million are covered by the Norwegian Banks' Guarantee Fund.

Better interest rate terms: The interest rate you receive with Fixed-Rate Deposit will generally be slightly higher than on an ordinary savings account without a fixed-rate period. You also have the option of using other high interest accounts. Here you often need to deposit larger amounts to achieve the same interest rate terms.

Disadvantages

The funds are locked: Your money is locked for the entire period. Therefore, don’t deposit more money than you’re comfortable locking in. Consider your purpose for saving your money in Fixed-Rate Deposit for the specified period.

Cost of early withdrawal:If you withdraw money before the fixed-rate period expires, you’ll pay a fee of 1% of the withdrawal amount. Therefore, consider whether you may need the money during the lock-in period. If you already have an emergency buffer, you’ll be more secure if something unexpected happens.

Minimum savings requirement: To get started with Fixed-Rate Deposit you must deposit a minimum of NOK 10,000. 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.

Save money automatically

Set up an automatic savings scheme connected to your savings account. It’s most common to set up a scheme that involves monthly transfers between accounts, usually on payday. When the money is deducted automatically, you hardly notice that you’re saving. A savings scheme is a safe choice offering a predictable return, and it’s easy to set up.

Get started with a savings scheme

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-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 Fixed-Rate Deposit work?

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

How to get started with Fixed-Rate Deposit

Is Fixed-Rate Deposit the right choice for you?

The savings app Spare helps you keep track of your savings.

Would you like Fixed-Rate Deposit for your business?

Advantages and disadvantages of Fixed-Rate Deposit

Advantages

Disadvantages

Save money automatically

Frequently asked questions

Our savings accounts

Savings account

Fixed rate deposits

Sparekonto Pluss

BSU home savings scheme

Boligspar Ekstra

Barnas Sparekonto (Children’s savings account)

High-interest account