BSU home savings scheme for young people – Home savings for young people

• A BSU account can also be opened for children from 0 years of age.
• You can save in BSU home savings scheme for young people up to and including the year you turn 33.
• You must have taxable income if you want the tax deduction, and you must not own your own home.
• You can save up to NOK 27,500 per year and NOK 300,000 in total in BSU home savings scheme for young people.
• If you make withdrawals from your BSU account beyond the current year's savings, you cannot save more in this account.
• When you turn 34, the account earns interest equivalent to an ordinary savings account.
• The money you deposit in BSU home savings scheme for young people is not tied to a home purchase until the turn of the year. This means you can withdraw this money before 31 December.

See more rules at the Norwegian Tax Administration

To claim a tax deduction, you must be a personal taxpayer, subject to tax and resident in Norway.

The funds in your BSU home savings scheme for young people must be used to purchase permanent housing in Norway or abroad. If you have already bought a home, you can use your BSU home savings scheme for young people to repay loans or for renovation. Here are common purposes for which BSU home savings scheme for young people funds are used:

• Purchase a home where you will live yourself.
• Repay a loan on a home that you have bought and where you live yourself.
• Leave the funds in the BSU account for future housing purposes.
• Renovation and maintenance of your own home.

If you withdraw funds saved in your BSU home savings scheme for young people and use them for purposes other than those approved, this is considered a breach of contract. The tax authorities will require you to repay the tax deductions you have received.

Yes, from 1 July 2021 you can use BSU (home savings scheme for young people) for renovation/maintenance of your own home.

You complete the closure form in the online bank. Select the option "Other approved housing purpose", write "renovation/maintenance of own home", and any additional information in the comment field.

If you close a BSU account, you cannot open a new account of the same type later. This also applies to other banks. You can close your BSU account in the online bank, and you will receive a confirmation by email when the account is closed.

• Log in to the online bank
• Select "Everyday banking and loans"
• Select "Close account"
• Select the button "Close/partial withdrawal BSU (home savings scheme for young people)"
• Fill in the form

No, the BSU (home savings scheme for young people) account and the home loan to be repaid do not need to be with the same bank.

If you have a BSU (home savings scheme for young people) and a mortgage with DNB, you can close the account under "Close account" in the online bank. Then fill in the form and loan number.

Do you need to repay a mortgage with another bank? Use the same form. Upload the purchase contract and loan documentation. Enter the loan number you have received from the other bank.

You can withdraw this year's deposit from your BSU (home savings scheme for young people) under "Everyday banking and loans" → "Transfer between own accounts" in the online bank. Deposits from previous years are locked in.

Remember that the tax deduction is calculated based on the balance on 31 December. Deposit the money into the BSU account well before this date.

• The interest rate on your BSU account remains the same until you turn 34. After this, the interest rate becomes the same as on an ordinary savings account.
• The interest you receive from the year you turn 34 can be withdrawn and used freely.
• The money you have saved in your BSU account remains in the account for as long as you wish.

The savings deposit is subject to wealth tax. The interest on the savings deposit is subject to income tax in the year the interest accrues.

Guardians can open a BSU account in the child's name and start saving for housing for their own child. The child will not benefit from the tax deduction as long as the child does not have their own taxable income. Contact the bank to open the account.

The BSU home savings scheme for young people is our very best savings account because it is designed to help you enter the housing market. We therefore give you our highest Deposit interest rate on this account, so that your money grows faster than with other savings methods.

Anyone can open a BSU account, including children from 0 years old. You can save in the BSU home savings scheme for young people up to and including the year you turn 33 years old. You can only have one BSU home savings scheme for young people account, and if it is closed you cannot have a BSU account again.

Even though you can save in the BSU home savings scheme for young people from when the child is 0 years old, it is advisable to wait with saving in the BSU home savings scheme for young people until the person who owns the account qualifies for the 10% tax deduction.