Savings Deposit
- Unlimited number of money instalments and withdrawals
- Minimum amount of the payment has not been set, and the first payment is not mandatory
- Automatic transfers from your current account are possible
Savings deposit allows you to save funds. It is an open-ended type of deposit – you can replenish, as well as withdraw funds at any time. If you withdraw money by submitting an application 3 days in advance, the payment will be free. If you want to withdraw money earlier (immediately), a fee of 0.5% of the amount paid will be charged (minimum – 1 euro).
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Deposit term of the savings deposit |
Open-ended deposit with a possibility to replenish it. |
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Interest rate calculation |
Interest rate is variable. The interest for the deposit in the savings deposit is calculated for the time when the money (starting with 0.01 EUR) actually is held in the account. |
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Interest disbursement |
You may receive the accrued interest to the current account linked to the savings deposit account or as an amount to be added to the balance of the savings deposit on a monthly basis, if at least 0.10 EUR or 0.10 USD have been saved. If the minimum amount has not been saved during the month, the accrual continues for the next month. If you choose to add the accrued interest to the balance of the savings deposit, during the next period the interest will already be calculated from the whole balance of the savings deposit. |
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Options for instalments to the savings deposit |
You can define the limit for your current account, and by the end of the day funds exceeding the limit (starting with 10 EUR) will be transferred to the savings deposit. |
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Money withdrawal |
If you wish to transfer money from the savings deposit without the commission fee, you have to submit the application via internet bank or in any branch of SEB bank 3 calendar days before the transfer. If you pay the commission fee, you can receive the money right away, on the day of submitting the application. |
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Deposit currency |
Deposits can be made in EUR or USD. |
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Minimum deposit amount |
0.01 EUR, 0.01 USD |
Find out more about other options for savings:
According to the law "On Personal Income Tax", since 1 January 2010, all private individual income from the capital (including the interest income gained from the savings deposit) is taxed. Thus, we wish to explain the process of tax collection.
According to the law “On Personal Income Tax”, the state charges tax of 20% from the interest of the profit gained by the savings deposit. The tax is applied not to the whole amount of the deposit, but only to the profit received.
The law states that tax on deposit interest shall be paid on the day when the income is received, respectively at the moment when interest income is disbursed. The responsible body for collecting the tax is the one paying out the income, i.e., the bank. This way you can plan only making of the deposit or receipt of it. SEB will automatically withhold tax during interest payment.
Deposit Guarantee Law of the Republic of Latvia stipulates guaranteed compensation to the amount of the deposit (but not exceeding 100,000 EUR) per depositor, if the deposit is not available. Additional compensation up to 200,000 EUR is possible for the following deposits of the private person within the period of three months from the date when the initial deposit was made:
- Income from transactions from the real estate owned by the person and intended for residence;
- Social benefits, compensations and deposits intended for other social purposes as determined by the regulatory enactments paid to the person;
- Compensation for criminal damage or wrongful conviction of the person according to the procedure stipulated by the regulatory enactments.
If the depositor has several guaranteed deposits, they are added up and considered as one guaranteed deposit.
The guaranteed compensation is paid only to those depositors whose claim has been recognised by the liquidator or administrator. Unavailability of deposit occurs upon judgement of the court regarding insolvency of the credit institution and initiation of bankruptcy proceedings. The guaranteed compensation is not paid for certain statutory customer deposits, such as deposits of financial institutions, persons associated with the credit institution, their relatives, etc.
Basic information about state guaranteed deposit protection
Deposit Guarantee Law
| In force from | In force to | |
|---|---|---|
| Savings deposit agreement terms and conditions (LAT) |
22.07.2019
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In force
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| Standing order agreement terms and conditions (LAT) |
13.02.2017
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In force
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| Terms and conditions of the current account agreement |
15.08.2017
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In force
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| General business terms and conditions |
03.01.2020
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In force
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| Terms and conditions of Settlement |
03.01.2020
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In force
|
| Privacy policy (Formerly Principles of data processing) |
03.01.2020
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In force
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Price list:
Archive
| In force from | In force to | |
|---|---|---|
| General business terms and conditions |
08.01.2019
|
02.01.2020
|
| Terms and conditions of Settlement |
13.01.2018
|
02.01.2020
|
| Privacy policy (Formerly Principles of data processing) |
08.01.2019
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02.01.2020
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Bank's annual interest rate for storage of funds in a Savings deposit
Minimum balance to receive interest - 0.01 EUR, 0.01 USD
| EUR | USD | |
|---|---|---|
| Standard rate | 0,05% | 0,05% |
Effective as of 06.01.2021
| Services | Fees |
|---|---|
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Funds transfer from Current Account to Savings deposit, or cash deposit through branch office |
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| In accordance of the General Price list section "Payments" or “Cash Transactions” | |
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Money transfer from a Savings deposit |
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With a prior written request EUR or USD (The transfer request must be submitted 3 calendar days in advance) |
Free of charge |
| Without a prior written request EUR or USD | 0,5%, min 1.00 EUR |