We know Estonia
4.1.2023 | Estonia

Interest rates on fixed-term savings accounts rise to 1.5-2%

Text Mark Taylor
Photo Andrei Chertkov

Interest rates on fixed-term savings accounts rise to 1.5-2%

 

With negative interest rates for a long period of time, the interest rates we all receive on deposits and savings in the bank stood at zero. However, this is beginning to change with all of the major banks in Estonia offering 1.5 per cent or more on fixed-term deposits from this January.

A fixed-term deposit is when you lock away a certain amount of money for a fixed period of time, from one month to a number of years. The longer the money is locked away in the savings account, the higher the interest rate you usually receive.

Swedbank is now offering 1.5 per cent on fixed-term deposits for 1 year (up from 0.01 per cent), SEB 1.55 per cent (up from 0.01 per cent), and Estonian bank LHV 2 per cent (up from 0.05 per cent). Smaller banks in Estonia are offering even better rates, with both Inbank and Holm offering up to 3.5 per cent on 5-year fixed-term deposits.

 

Source ERR  

 

To learn more about this and similar topics
Banking Inbank Interest Rates LHV Saving SEB Swedbank Term Deposits

31.1.2023 | Estonia

Tallink and John Nurminen Foundation launch cooperation project for Baltic Sea protection

Tallink and John Nurminen Foundation launch cooperation project for Baltic Sea protection

The Tallink Group and the John Nurminen Foundation have announced an agreement to cooperate in 2023. The aim is … Read more

30.1.2023 | Estonia

Turnover of retail businesses increased by 2% in 2022

Turnover of retail businesses increased by 2% in 2022

According to preliminary data published by Statistics Estonia, the total turnover of retail trade enterprises in2022 was 10.5 billion … Read more

27.1.2023 | Estonia

Would you give 12-year-old dog Kati her forever home?

Would you give 12-year-old dog Kati her forever home?

There are many stories similar to Kati’s, but at the centre of all these stories is one little unfortunate … Read more

26.1.2023 | Estonia

Saaremaa crowned the sunniest place in Estonia

Saaremaa crowned the sunniest place in Estonia

The Estonian Environment Agency has released a new map showing how much sunshine different areas of Estonia received in … Read more

25.1.2023 | Estonia

Estonian Rescue Board launches online map of emergency shelters

Estonian Rescue Board launches online map of emergency shelters

The Estonian Rescue Board (Päästeamet) in collaboration with the Land Board (Maa-amet) has launched an online map of public … Read more

23.1.2023 | Estonia

Construction prices grew by 17.8% last year

Construction prices grew by 17.8% last year

According to data released by Statistics Estonia, in 2022, the construction price index increased by 17.8 per cent compared … Read more

22.1.2023 | Estonia

Research: more than half of consumers have to be very selective about their purchases

Research: more than half of consumers have to be very selective about their purchases

A survey initiated by the supermarket chain Prisma has revealed that 64 per cent of shoppers surveyed are forced … Read more

19.1.2023 | Estonia

Estonia’s military support to Ukraine will increase to more than 1% of GDP

Estonia’s military support to Ukraine will increase to more than 1% of GDP

Today, the Estonian Government supported a proposal of Minister of Defence Hanno Pevkur to provide Ukraine with the largest … Read more