- Protected up to an equivalent of EUR 100,000
BN Bank is a Norwegian online bank that belongs to the SpareBank-1 group. The company was founded in 1961. It is headquartered in Trondheim and operates an office in Oslo. SpareBank-1 is the largest association of Norwegian savings banks with a total of 350 branches and over 6,300 employees across the country.
BN Bank offers its approximately 60,000+ customers banking products for everyday needs, such as accounts, deposit products, loans and mortgages with attractive terms. The bank wants to become the market leader in these areas by leveraging a high level of capital resources, efficient processes and by focusing exclusively on an online business model.
In addition to attractive deposit rates and savings products, BN Bank is also known in the payments industry for its innovative spirit. In 2014 for example, it launched a payment solution for mobile phones. The aim of this launch was to render banking processes easy, safe and transparent with the end-customer in mind. This has made BN Bank a popular bank for private and business customers in its Norwegian home market.
- Prolongation is only possible 28 to 5 days before termination
- 100% online
- Interest reinvested
About the country
Norway is a country with 5 million inhabitants, which is part of the European Economic Area (EEA). The country is one of the richest in the world: According to per capita gross domestic product measurements, it is the fourth most affluent country in the world (after Qatar, Luxembourg and Singapore), but ahead of the United States of America or Germany. The state has no net debt, but on the contrary manages one of the largest pension funds worldwide, which is funded by profits from the exploitation of mineral resources. Norway, as one of the few countries in the world, holds a credit rating of AAA, the highest possible, from all three major credit rating agencies.
Deposits are 100% secured by the Norwegian Deposit Guarantee Fund up to an amount of NOK 2,000,000 (approximately EUR 220,000 as of Nov 2016). This protection also applies to investors from outside of Norway. For more information on the Deposit Guarantee in Norway, please visit: http://www.bankenessikringsfond.no/en/Main/Home/.
All Member States of the European Economic Area have agreed on the need to improve their protection of savers and therefore to harmonise the minimum requirements for national deposit insurance schemes (Directives 94/19 / EC, 2009/14 / EC and 2014/49 / EU). Among other things, the payment modalities and the payout period are uniformly regulated at a high standard throughout the European Union and the European Economic Area.
Tax process and documents
In Norway, no withholding tax is levied on interest income for non-resident individuals, so the interest is paid without any deductions. However, your interest rate gains may be subject to taxation in your home country.
According to Norwegian law, the original term deposit application is required, as well as a copy of a valid photo ID.
What is Raisin?
Raisin’s goal is to provide savers the best interest rates! We give you access to exclusive savings products from all over Europe – all via one single platform and fully online!
To date, more than 100.000 customers have invested more than EUR 5.0 billion with our 45 partner banks.
We earned the trust of our customers and not only received numerous awards but also have a recommendation rate of 95 % on the independent German rating portal Bankingcheck. This allowed us to build the largest and by far the most successful marketplace for savings and investment products across Europe.
Raisin guarantees a smooth investment process and the simple management of your investments with all of our partner banks via one single platform. And in case of any questions or doubt you can always get in touch with our excellent customer service who are happy to help.
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BN Bank ASA with its seat at Sondre gate 10B, 7011 Trondheim, Norway is registered with the National Court Register under no.: 914864445. BN Bank ASA is authorized and regulated by the Financial Supervisory Authority of Norway.
Your eligible deposits with BN Bank ASA are protected up to NOK 2,000,000 per bank and per customer. It equals EUR 220,000 (at an exchange rate of 9.06 NOK/EUR [as of 03.11.2016]) by the Norwegian deposit protection scheme (http://www.bankenessikringsfond.no). Any deposits you hold above the NOK 2,000,000 (EUR 220,000) limit are not covered. This communication has been authorized by BN Bank ASA.