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Majority savings account

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Deposit Guarantees Law

According to the Deposit Guarantees Law of the Republic of Latvia every deposit with a Latvian commercial bank, including term deposits with Swedbank, in a savings account or a current account is guaranteed to receive a reimbursement equivalent to the amount of the deposit of up to EUR 100 000 per one depositor.

Basic information about the state-guaranteed deposit reimbursement.

A depositor becomes entitled to the guaranteed reimbursement if the credit institution with which their funds are held is found to face unavailability of deposits, i.e. the inability of the attractor of deposits to pay out deposits, if at least one of the following circumstances, or a combination thereof, has occurred:

  • the court has declared the attractor of deposits to be insolvent;
  • the Finance and Capital Market Commission (“FCMC”) has revoked the permission (licence) to operate as a credit institution/credit union;
  • The FCMC has established that the attractor of deposits is unable to pay out the deposit to the depositor and has decided to declare occurrence of deposit unavailability.

Every individual is entitled to the guaranteed reimbursement for funds placed with a commercial bank (current account balance, term deposit, savings account, Majority savings account, Dynamic deposit) to the amount of the deposit.

The amount of the maximum guaranteed reimbursement is EUR 100,000 per one depositor.

The depositor is entitled to a guaranteed reimbursement of EUR 200,000 is the funds have been placed with the bank within the last three months and the deposit consists in:

  1. amount of money from transactions with residential real estate owned by a person;
  2. social benefits, compensations;
  3. compensation for a damage of criminal nature or for wrongful conviction of a person.

The guaranteed reimbursement will not be paid to an individual for:

  • deposits that are related to money laundering or that constitute proceeds derived from criminal activity, provided a verdict of guilty has entered into force;
  • deposits placed by a person who has not been identified as a customer in compliance with the requirements of the Law on Prevention of Laundering of Proceeds Derived from Criminal Activities and Terrorist Financing;
  • private pension fund deposits;
  • deposits below EUR 10 if there have been no transactions with such a deposit during the last two years.

In the event of deposit unavailability, the guaranteed reimbursement will be paid out to the depositor starting with the 21st business day as from the day of occurrence of deposit unavailability.In the event of deposit unavailability, the guaranteed reimbursement will be paid out to the depositor starting with the 21st business day as from the day of occurrence of deposit unavailability.

The guaranteed reimbursement is only payable in euro currency, balance in foreign currencies will be translated to euros.

For further information see the Deposit Guarantees Law.

A gift for your child upon reaching the age of majority!

The account is opened in the child's name, but in relations with the Bank the child until the age of 18 is represented by his/her parents or custodians.

Let the savings earn! Learn about the vast possibilities that the Savings for child’s future bring.

Calculate how much you could save

Let’s have a talk about what’s important for you

Book a consultation with our specialist.

  • Limited access

    The child is registered as the owner of Majority savings account and thus access of 3rd persons to the account is limited. Only the owner of the account can use the accumulated funds once he is 18 years old.
  • Interest rate

    Interest rate is changed once a year on the date of agreement conclusion. Accumulated interest amount is credited to the base amount once a year.
  • Easy to supplement

    You can supplement the savings easily and without limitations whenever you wish, or you can add a standing order from your salary account.

Account opening

Majority savings account can be opened by child's parents or custodians in any Swedbank branch. Following documents are to be submitted to the bank by the child's custodian:

  • Custodian's passport;
  • Child's certificate of birth (containing record about child's parents) and passport (if it is issued);
  • Decision of the Orphan's court on custodian's appointment or its resolution on the child's adoption (if custodian is appointed by the court's decision or confirmed by its respective resolution).


Agreement is automatically closed on the day when the child turns 18 years old. To close a Majority savings agreement pre-term the custodian has to submit a request for account closure and a resolution of the Orphan's court for savings cancelling. The custodian, with the rights to receive savings funds, has to be indicated in the curt's resolution.

Service Price, EUR
Setting up the contract Free of charge
Payment / cash deposit into Majority Savings Account on its opening date Free of charge
Administration Free of charge
Payment into Majority Savings Account See Payments Funds can be added to the Majority Savings Account without restrictions.
Cash deposit into Majority Savings Account See Cash transactions in branches Funds can be added to the Majority Savings Account without restrictions.
Interest rate and minimal amount See Interest rates Interest rate is revised once a year, interest accrues on each day’s Majority Savings Account balance and is added to the savings every year on the date corresponding to the agreement start date.
Early termination of the agreement Free of charge Early termination of the agreement is subject to prior permission by the orphan's court.
Paying out the deposit in cash See Cash transactions in branches
Contract Currency The minimum amount of deposit Rate
EUR 10 2.50%
USD 10 2.50%
SEK 100 1.00%
NOK 100 1.00%
GBP 10 1.30%

Effective from 15.09.2023.

documentTerms of Deposit Agreement for Private Persons

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Small loan with 0 EUR agreement fee.

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