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Term deposit

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 Easy Saver account, Majority 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, Easy Saver, Majority savings account 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.

Term deposit

Convenient and safe way to keep your extra money or savings

  • Option to choose between a range of currencies and the preferred duration of contract.
  • Easy to set up and always available to check via Internet Banking.
  • Deposit is protected to the extent stated in the Deposit Guarantee Law.
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  • Flexible deposit period – from 1 month to 5 years.
  • Minimum amount – 140 EUR (200 USD, 200 GBP, 2000 SEK, 2000 NOK).
  • Possibility to make several deposits - each with a different amount and period, according to your future plans and needs.
  • Convenient to manage – your deposit can be extended automatically.
  • Guaranteed repayment – deposit is protected to the extent stated in the Deposit Guarantees Law.
  • The term deposit can be set up not only in EUR but also in USD, GBP, SEK and NOK.
  • No amounts can be added to an existing term deposit.
  • If necessary, you can terminate your deposit early, however in this case the accrued interest will not be paid and an early termination fee at the rate of 1% of the deposit amount will be charged.
  • You can choose between the accrued interest being paid out at the end of the deposit term or every month by transfer to a current account indicated by you.
  • The personal income tax on accrued interest income will be withheld automatically. You won’t need to pay the tax yourself or file any tax returns with the State Revenue Service (except when declaring annual income is required under the Law on Personal Tax).

Term deposit interest rates

Interest payout upon maturity

min 140 10 000 70 000
max  9 999  69 999  150 000
1 month 0.02 0.03 0.04
3 months 0.02 0.03 0.04
6 months 0.02 0.03 0.04
9 months 0.02 0.03 0.04
12 months 0.07 0.08 0.09
24 months 0.07 0.08 0.09
36 months 0.07 0.08 0.09
60 months 0.07 0.08 0.09

Monthly interest payments

140 10 000 70 000
 9 999  69 999  150 000
- - -
0.00 0.00 0.01
0.00 0.00 0.01
0.00 0.00 0.01
0.04 0.05 0.06
0.04 0.05 0.06
0.04 0.05 0.06
0.04 0.05 0.06
Effective from 20.02.2015
Service Price, EUR
Receiving
Setting up the contract Easy via Internet Banking Free of charge
Transfer/cash payment into term deposit on its opening date Free of charge
Using
Administration Free of charge Adding funds to the deposit is not possible.
Interest rates Interest rate is fixed for the entire deposit period.<br />Interest accrues on the deposit amount on a daily basis and is transferred to the principal account upon maturity.
- With interest payout upon maturity Best value via Internet Banking See Interest rates per annum The interest rate is 0.02% higher for Gold Service customers. The interest rate is 0.01% higher for customers included in the Senior customer programme before 01.09.2016. The interest rate is 0.02% higher if agreement is signed in Internetbank.
- With monthly interest payout See Interest rates per annum Interest accrues on the deposit amount on a daily basis and is transferred to the principal account at the end of the month.
Closing
Early termination of the agreement Easier via Internet Banking 1% of the deposit amount If the deposit is closed before maturity, then the depositor will not be paid the interest accrued, plus any interest paid out earlier will be withheld. The withholdings will be made from the deposit amount before payout.
Payout of deposit in cash from current account See Cash transactions in branches For deposit contracts set up before 01.07.2013, cash payout in USD and EUR is free of charge for 1 calendar month after transfer of deposit amount to the customer’s current account.

Effective from 01.09.2016.

Saving is the key to your financial sustainability

People with savings are more financially resilient to shocks as unemployment, natural disasters, and unplanned expenses like medical bills or a new rooftop. Being mindful about your consumption may not only reduce your impact on environment but also help you save more.

  1. Set specific saving goals, e.g. safety pillow, vacation, new laptop, etc. This will help monitor progress and assign meaning to saving habits.
  2. Save small amounts routinely to increase your savings. Have at least 3 months of your expenses saved to ensure you can overcome any unexpected challenges.
  3. Save money by choosing products that will last longer. Evaluate the cost per use of each product and choose your purchases wisely.
Saving becomes a habit for many people. Join them and build your financial sustainability. 7 out of 10 Latvians say they recently started saving more on daily basis. Swedbank survey, 2020.

Save instead of wasting

People throw away 20% of food and 43% of clothes they have purchased every year. See how much money you could potentially save if you only consumed as much as you needed.

Monthly spendings

Potential monthly savings

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Based on European Environment Agency.

Get investment advice by calling us or book your consultation in the branch.

Start saving for a better future for your child today.

You will automatically top up your savings with a small amount every time you pay by card.

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