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:

amount of money from transactions with residential real estate owned by a person;
social benefits, compensations;
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.

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Swedbank AS will process the personal data specified in this application to contact and inform about this service. Swedbank AS is processing personal data according to the Principles of processing personal data, which are available on Swedbank AS webpage www.swedbank.lv under Terms and Conditions and in customer service locations of Swedbank AS.

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A convenient way of keeping your spare funds apart

New! Earn up to 3,60% per year on your deposit
Agreement can be concluded in various currencies
Easy to set up and can always be checked via Internet Banking

Interest amount Interest amount is calculated before withholding the income tax.
Annual interest rate
%
Total amount

The calculation is approximate. The exact amount depends on the terms of your Deposit agreement.

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Minimum amount - 100 EUR, 100 USD, 100 GBP, 1000 SEK, 1000 NOK.
Term – from 1 month to 1 year.
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.
You can terminate deposit agreement earlier free of charge, however in this case the accrued interest will not be paid.
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).

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 and minimum amounts		See Interest rates	Interest rate is fixed for the entire deposit period. Interest accrues on the deposit amount on a daily basis and is transferred to the principal account: a) upon maturity; b) on a monthly basis. If the time period, for which the deposit is placed, differs from the standard durations specified in the price list, then an interest rate for the closest shorter period will be applied.
Closing
Early termination of the agreement	Easier via Internet Banking	Free of charge	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 (including any withheld taxes). 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.

		Maturity
		1 month	3 months	6 months	1 year
Contract Currency	The minimum amount of deposit	Annual rate
EUR	100	2.75%	3.25%	3.25%	3.60%
USD	100	1.50%	1.50%	1.75%	3.00%
GBP	100	0.50%	0.50%	0.90%	1.30%
SEK	1000	0.30%	0.30%	0.60%	1.00%
NOK	1000	0.30%	0.30%	0.60%	1.00%

Effective from 18.04.2024.

documentTerms of Deposit Agreement for Private Persons

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Waste on food (20%)
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Based on European Environment Agency.

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Term deposit

Deposit Guarantees Law

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

A convenient way of keeping your spare funds apart

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

Saving is the key to your financial sustainability

Save instead of wasting

Monthly spendings

Potential monthly savings

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