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Savings Account

Savings Account

  • Easy to save – starting from EUR 1
  • Unlimited number of money instalments and withdrawals
  • Automatic transfers from your Current Account available

Would you like to save some money or you have spare financial resources that you do not wish to spend immediately? Savings Account is designed for this purpose exactly – open-ended type of deposit with an opportunity to freely add and save additional financial resources. You can trust to keep your spare financial resources for unexpected expenses in Savings Account – it is not only possible to replenish the saving but also withdraw it by submitting an application 3 days ahead. Choose the most convenient type of deposit – replenish Savings Account when you have a chance or make regular instalments.

Deposit term

Open-ended deposit with a chance to freely replenish it.

Interest rate

The interest rate is floating. The interest is paid for the time when the money is actually deposited in the account. Quarterly interest are added to the amount of the deposit and for the next period the interest is calculated from the amount of the deposit and interest saved in the previous period.

Money instalments

Savings Account can be easily replenished by making a transfer through SEB Internetbank or at any SEB bank's branch. If into Savings Account you plan to make regular, fixed money instalments, form the Regular Payment! Read more about the Regular Payment

Money withdrawal

If you wish to transfer money from Savings Account without commission fee, you have to submit an application in Internetbank or at any SEB bank's branch 3 calendar days before the transfer. When paying the commission fee, you can receive the money immediately – when submitting the application.

Currency

Deposits can be made in EUR or USD currency.

Minimum deposit

EUR 1, USD 1 (for both – corporate clients and private individuals).

Number of Savings Accounts

You can open and maintain more than one Savings Account at the same time.

 

According to the law "On Personal Income Tax", which came into force 1 January 2011, all private individual income from the capital is applied with tax (including the interest income gained from the accumulation in Savings Account). Thus we wish to explain the process of tax collection to our existing and potential customers.

As stipulated in the law "On Personal Income Tax" the state charges tax in the amount of 10% from the gained interest profit in Savings Account. This means that the tax is not collected from the whole deposit amount but only from the gained profit.

As stipulated in the law, from 1 January 2011, 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, in this situation – the bank. This means that SEB bank will automatically withhold tax (make the tax payment instead of you) at the time when interest is paid, which according to the contract takes place quarterly.

Deposit Guarantee Law of Republic of Latvia provides guaranteed compensation in amount of deposit, but not more than 100 000 EUR in case of unavailability of deposits per depositor. Maximal amount of additional compensation is 200 000 EUR for private person deposits within three month period, starting from the day first deposite was made, if it consists of:

  1. income from  deals with real estate, owned by the person;
  2. social benefits and other social compensation paid to the person according to regulations;
  3. compensation for criminal damage to a person or a false conviction of according to regulations.

If depositor have several guaranteed deposits, they are summed and considered as one guaranteed deposit.

The guaranteed compensation is paid only to those depositors whose claims are admitted by liquidator or administrator. Unavailability of deposit occurs on the date of credit institution's insolvency and bankruptcy proceedings. The guaranteed compensation is not paid for some statutory customer deposits, such as financial institutions, credit institution related persons etc.

Basic information about state guaranteed deposit protection
Deposit Guarantee Law

Contract conditions for Savings Account (LAT)

Interest rates per year on Savings account

Minimum balance to receive interest - 1.00 EUR, 1.00 USD

  EUR USD
Standard interest rate 0,05 %  0,10 % 
Interest rate for Silver Club customers 0,10 % 0,15 %
Interest rate for Gold Club customers 0,15 % 0,20 %

Effective as of 24.09.2014 

Services Fees

Funds transfer from Current Account to Deposit Account

In accordance of the Uniform Tariffs section "Transfers via Ibanka" or "Client service center transfers"

Money transfer from Savings account

With a prior written request (request for the transfer must be submitted 3 calendar days prior) Free of charge
Without a prior written request 0,5 %, min 5.00 EUR 

 

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