Terms and Conditions for Savings Account

Effective as of 17.01.2024

  1. General Provisions

    1. These Terms and Conditions for a Savings Account (hereinafter ‘Conditions’) shall regulate the relations between the Bank and a private client (hereinafter ‘Client’) in the provision of the Savings Account service (hereinafter ‘Service’) and shall be an integral part of the Savings Account Agreement between the Bank and the Client (hereinafter ‘Agreement’).
    2. The definitions used shall be those set out in the Bank’s General Terms and Conditions (hereinafter ‘General Conditions’), the Terms and Conditions for Payment Services (hereinafter ‘Payment Service Conditions’), the Terms and Conditions of the Internet Bank, and the Terms and Conditions of the Standing Order Agreement.
    3. In matters not regulated by the Agreement, the Bank and the Client shall also be governed by the General Conditions, the Payment Service Conditions, the Terms and Conditions of the Internet Bank, and the Terms and Conditions of the Standing Order Agreement, insofar as these do not conflict with the Agreement.
    4. The Bank has the right to decide, at its own discretion, to what extent and with what restrictions the Bank provides the Service to a minor.
    5. The Agreement shall be governed by the laws of the Republic of Estonia.

  2. Savings Account Service

    1. The Savings Account (hereinafter ‘Savings Account’) is a special purpose current account with a euro-based currency, the purpose of which is to facilitate the savings of the Client. Money transfers to the Savings Account shall take place pursuant to the procedure and to the extent provided in the Conditions. In providing the Service, the Bank proceeds, among other things, from the principles set out on the Bank’s website.
    2. The Client can make deposits to the Savings Account via a payment order, a regular payment order and/or the amounts received from payments made by a private client debit card (the latter hereinafter ‘Micro-saving’). The Bank has the right, at its own discretion, to change and/or supplement the above options for making contributions.
    3. If the contribution is made in a currency other than the currency of the Savings Account, the Bank has the right to convert the respective amount into euros on the day of making the contribution at the rate determined by the Bank.
    4. The choice and determination of the method of activating micro-saving and the method of calculating the amounts received from debit card payments through in between the objectives of the Savings Account shall be made by the Client in the Agreement.
    5. Micro-saving can be used for one or more Savings Account purposes at the same time and the calculation includes all payments made with the Client’s debit cards.
    6. The funds in the Savings Account can only be used by the Client for making payments to their Account at the Bank. The Client cannot link an electronic payment instrument (including a bank card) or a securities account, etc. to the Savings Account.
    7. Partial or full payment of the amount on the Savings Account does not automatically terminate the Agreement.
    8. The Bank has the right to refuse to accept, forward or execute a Transfer Order or a Transaction Order related to the Savings Account, as well as the right to suspend its execution or reverse if it conflicts with the provisions of the Conditions and/or the Bank’s website.

  3. Interest

    1. The Bank shall pay the Client interest for the money in the Savings Account in accordance with the interest rate established by the Bank. The Bank shall transfer interest to the Client’s Savings Account in accordance with the procedure in force at the Bank, but at least once a year.
    2. The basis for calculating interest shall be determined by the Bank. In establishing the basis for calculating the interest rate and interest, the Bank shall proceed from the legislation in force.

  4. Duration of the Agreement

    1. The Agreement enters into force upon its conclusion and is valid for an unspecified term.

  5. Termination of the Agreement

    1. The Client has the right to cancel the Agreement at any time.
    2. The Bank has the right to cancel the Agreement on the grounds and pursuant to the procedure provided for in the General Conditions, the Payment Service Conditions, and this clause.
    3. The Agreement shall be automatically terminated upon termination of the payment service agreement concluded between the Bank and the Client.
    4. Upon termination of the Agreement, after satisfying all claims, the Bank shall transfer the money on the Savings Account to the account indicated by the Client in the Bank. If the Client does not give the relevant instruction, the Bank has the right to decide at its own discretion to which account the money will be transferred.