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Majority savings account

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

If you want to save money for your child, choose Majority savings account. 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.

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Calculator for child's maturity savings

Initial amount*
Contribution amount
Child birthday*
Deposit interest
Total income
Grand total
  • 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.

From 1 January 2010, the amended Law on Personal Income Tax imposes a tax on income earned by individuals from capital.

With our customers' convenience in mind, Swedbank will withhold the personal income tax on interest income already starting from this 1 January.

Our depositors won't need to pay the tax themselves or file any tax returns with the State Revenue Service (except when declaring liability for taxation is required under the Law on Personal Income Tax).

Imposition of tax explained

Under the amended Law on Personal Income Tax, a number of our banking services is subject to tax on income from capital, therefore we would like to offer you an explanation of how the tax is levied and collected.

  • Term Deposit (incl. holiday deposits and short-term deposits)

  • Term deposit with interest paid monthly

  • Dynamic Deposit

  • Savings Account

  • Maturity Savings Account

  • Coming of Age Savings Account

  • Dividends

  • Life Insurance with Savings (Endowment Policies)

  • Private pension funds

  • Investment Funds

  • Income from disposal of equities and debt securities

  • Interest income from debt securities

* The explanations provided here are for information only, and Swedbank cannot be held liable for any expenses or loss incurred should explanations by the State Revenue Service or other competent authority differ from those provided here.For complete information on taxation of incomes, please seek advice from the State Revenue Service or your tax consultants.

Contract Currency The minimum amount of deposit Rate
EUR 35 0,05%
USD 50 0,65%
SEK 1000 0,00%
NOK 1000 0,50%
GBP 50 0,50%


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