Compare Fixed-Rate Deposits in Norway

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20 live offers compared from 17 providers, from 3.70% brutto. Updated daily.

What is a fixed-rate deposit in Norway?

A fixed-rate deposit (fastrentekonto) locks your savings away for an agreed term, typically 3 to 12 months or longer, in return for a guaranteed interest rate that does not change during the period. Unlike a variable savings account, the rate is fixed at the start, so you know exactly what you will earn. In exchange you accept that the money is tied up and usually cannot be withdrawn early without a penalty.

How the Norwegian market works

Fixed deposits are offered mainly by savings-focused and challenger banks that pay competitive rates to attract stable funding. The rate you are offered reflects the prevailing Norges Bank policy rate and the term you choose. Because the money is committed, banks often pay a premium over their instant-access accounts. Many of these banks operate online, and opening an account is a quick BankID process. Interest is usually paid at maturity or annually, and the deposit is covered by the deposit-guarantee scheme.

Benefits

Rate certainty — Your interest rate is locked for the whole term regardless of what happens to market rates.

Higher return — Fixed accounts typically pay more than instant-access savings.

No market risk — Your capital and the agreed interest are secure, unlike investments.

Deposit protection — Covered by Norway's unusually high NOK 2 million guarantee per bank.

How to choose

Compare the fixed rate across the term you want, and only commit money you will not need before maturity. A longer lock can pay more but reduces flexibility, so ladder several deposits with different maturities if you want regular access. Check the early-withdrawal rules and any minimum deposit. If you expect rates to fall, locking in now is attractive; if you expect them to rise, a shorter term or a variable account may serve better.

Leading providers in Norway

Landkreditt Bank and Komplett Bank regularly feature competitive fixed rates. Morrow Bank, Instabank, Bluestep Bank and Collector Bank are active challenger banks in the deposit market. DNB offers fixed deposits to mainstream customers, and SpareBank 1 also provides fixed-rate accounts. Rates move with the market, so it pays to compare at the time of deposit.

What it costs

Fixed deposits have no direct fees, and the return is the headline rate itself, which recently ranged from roughly 3.7 percent to 4.7 percent depending on the bank and term. The real cost is opportunity cost: your money is locked, so you cannot benefit if variable rates climb, and early withdrawal usually forfeits some or all interest. Interest earned is taxable as capital income.

Protections and regulation

Norwegian banks are authorised and supervised by Finanstilsynet, and deposits are protected by the Norwegian Banks' Guarantee Fund (Bankenes sikringsfond) up to NOK 2 million per depositor per bank, one of the highest guarantee limits in Europe. Spreading larger sums across several banks keeps everything within the guarantee. Account terms must be clearly disclosed.

Common questions

Can I withdraw before maturity? Usually not without penalty; the whole point of the fixed rate is that the money stays put for the term.

Is my money safe? Yes, up to NOK 2 million per bank under the Norwegian deposit-guarantee scheme.

Is the interest taxed? Yes, interest is taxable as capital income and reported to Skatteetaten.

Fixed-Rate Deposits in Norway — FAQ