Citadele Savings Account Citadele Bank
Price on request
- Interest Rate: 3.40% AER
- Min Balance: €1
- Account Type: Flexible
- Withdrawals: Free
Compare Savings Accounts in Latvia
Live offers across tracked providers in Latvia — updated daily from the Giraffy database.
Live offers
3 live offers compared from 3 providers. Updated daily.
Swedbank Savings Account Swedbank Latvija
Price on request
- Interest Rate: 2.90% AER
- Min Balance: €1
- Account Type: Flexible
- Withdrawals: Free
SEB Savings Deposit SEB Latvia
Price on request
- Interest Rate: 2.75% AER
- Min Balance: €1
- Account Type: Flexible
- Withdrawals: Free
What is a savings account in Latvia?
A savings account (krājkonts) in Latvia is a deposit account for setting money aside while keeping access to it, usually earning some interest above a current account. Unlike a fixed-term deposit, a savings account typically allows withdrawals, though interest may be lower or conditional on keeping funds in place. Accounts are held in euro and managed through internet and mobile banking with Smart-ID. They suit an emergency fund or short-term saving where flexibility matters more than the highest rate.
How the Latvian market works
Savings accounts are offered by the retail banks operating in Latvia, mostly the Nordic-owned majors and domestic banks. After years of near-zero rates, higher euro-area interest rates have improved returns on savings, though instant-access savings accounts generally pay less than fixed-term deposits. Banks set rates by product and sometimes by balance tier, and you open and manage the account digitally. Some accounts allow flexible top-ups and withdrawals, while others reward keeping funds untouched for a period.
Benefits
Flexible access — Withdraw or top up funds while still earning some interest, unlike a fixed deposit.
Emergency fund home — A safe place for a rainy-day fund separate from everyday spending.
Deposit protection — Balances are covered up to €100,000 per depositor under the guarantee scheme.
Digital management — Open, fund and monitor the account through mobile banking with Smart-ID.
How to choose
Weigh flexibility against the interest rate: instant-access accounts pay less but let you withdraw freely, while fixed deposits pay more for locking funds. Compare the interest rate and whether it is tiered by balance, any conditions such as minimum balance or limited withdrawals, and how interest is paid. Check there are no account fees eroding returns, and ensure the bank is covered by the deposit guarantee scheme. Consider splitting savings between instant-access and fixed deposits.
Leading providers in Latvia
Citadele Bank — A domestically rooted bank offering flexible savings products.
Swedbank Latvija — One of the largest banks with savings accounts managed through its app.
SEB Latvia — A major Nordic-owned bank offering euro savings accounts.
What it costs
Savings accounts in Latvia generally carry no fee and instead pay interest, though instant-access rates are typically lower than fixed-term deposits. The rate depends on the product, the balance tier and prevailing euro-area rates. The main trade-off is that flexibility usually means a lower rate. Compare instant-access rates across banks, and consider a fixed deposit for money you will not need soon to earn more.
Protections and regulation
Banks in Latvia are supervised by Latvijas Banka, which merged with the former FKTK. Eligible savings balances are protected up to €100,000 per depositor per bank under the national deposit guarantee scheme, in line with EU rules. This makes savings accounts a low-risk home for cash. Providers must disclose interest rates and any conditions clearly.
Common questions
Can I withdraw anytime? Most savings accounts allow flexible withdrawals, though some limit them or pay less for instant access.
Is a savings account or fixed deposit better? Savings accounts offer flexibility; fixed deposits pay more for locking funds for a set term.
Are savings protected? Yes, up to €100,000 per depositor per bank under the deposit guarantee scheme.
Savings Accounts in Latvia — FAQ
What is the highest savings rate in Latvia right now?
Giraffy tracks 3 savings accounts across Citadele Bank,Swedbank Latvija,SEB Latvia providers in Latvia. Sort by highest rate and filter by account type (easy access vs. fixed) to find the best deal for your timeline.
Is my money safe in a savings account?
Yes — deposits may be protected by your country's deposit guarantee scheme. Always confirm your institution is regulated by the local financial authority before depositing. If your balance exceeds the protection limit, spread funds across multiple separately-licensed banks.
What does p.a. mean on a savings account?
p.a. (per annum) is the standardised rate that accounts for how often interest is compounded over a year. It's the fairest number to compare across accounts — always compare like-for-like using p.a. rather than the gross or monthly rate.
What is the difference between easy access and fixed-rate savings?
Easy access accounts let you withdraw your money at any time — rates are variable and may change. Fixed-rate bonds or term deposits lock your money away for a set period (usually 1–5 years) at a guaranteed rate, which is typically higher. Choose fixed if you don't need the funds before the term ends.
Do I pay tax on savings interest?
Tax on savings interest varies by country and income level. Check your country's tax authority guidance or speak to a financial adviser if your interest income is significant.
Can I open multiple savings accounts at different banks?
Yes — and it can be a smart strategy. Spreading savings across banks maximises your deposit protection (protected by a local deposit guarantee scheme per institution) and lets you earn the best rate at each bank. Just keep track of all accounts to avoid losing money to dormancy fees.
How quickly can I access my money in an easy access savings account?
Most easy access accounts transfer funds to a linked current account within one working day, and many process withdrawals the same day. Some accounts restrict the number of free withdrawals per month — check the terms before you open one if flexibility matters to you.