Saldo Bank opens banking operations in Finland - Offers highest interest rate on savings
The competition for savings accounts is intensifying in Finland. Saldo Bank, a neo-bank with a Finnish background, brings term deposits and digital loan services to consumer customers.
![Jarkko Mäensivu, CEO of Saldo Bank](/data/images/public/69818996/70032248/b78ad7fc-b3d2-45cb-9b08-f80acc441972-w_720.jpg)
The Finnish deposit market gets more competition as fintech company Saldo Bank opens banking operations in Finland at the beginning of October.
The first banking product launched by the company is a traditional term deposit account, with the highest interest rate on the market.
Saldo Bank offers up to 4.00% interest for a 24-month deposit, which is about 0.5 percentage points higher than the second best offer.
"Until now, Finns have lost their wealth by keeping their money in normal checking accounts. We want to intensify the interest rate competition between banks and make deposit interest rates more fair for the consumers than they are now," says Saldo Bank CEO Jarkko Mäensivu.
Funds deposited in Saldo Bank’s term deposit accounts are covered by the standard deposit protection.
International banking group
Saldo Bank made a strategic turn in 2019, when it set out to transform itself into an international digital bank. A crucial step of this transformation was reached in October 2021, as Saldo Bank received a special banking license from the European Central Bank.
The notification of the banking license to Finland was successfully completed this September, which made it possible for Saldo Bank to now offer banking services also in Finland.
"The development of our banking services is focused in Lithuania, where Saldo Bank launched term deposits and consumer loans already in the beginning of 2023. In addition to this, Saldo Bank also offers term deposits in the German market," says Mäensivu.
"Our next goal is to successfully open banking operations also in the Swedish market during the beginning of 2024 and from there to continue scaling our business internationally," Mäensivu continues.
During the last two years, the company's Vilnius office has multiplied its personnel, currently employing more than 50 people. It also serves as Saldo Bank's global headquarters.
New product launches in the horizon in Finland
In addition to geographical expansion, Saldo Bank is planning to expand its product offering in Finland. According to Finnish branch manager Lauri Pitkänen, Saldo Bank will become a versatile digital bank in Finland serving several different target groups.
"In the near future, we will offer new digital deposit and lending products. We aim to serve both consumer and business customers," says Pitkänen.
Saldo Bank's operating model is based on a fully digital and automated credit granting system, which enables personal and real-time loan offers.
Contacts
Jarkko Mäensivu
Tel:+358 50 4000 580jarkko.maensivu@saldo.comLauri Pitkänen
Tel:+358 40 827 2127lauri.pitkanen@saldo.comInformation about Saldo Bank
Saldo Bank UAB is a specialised bank licensed by the European Central Bank and regulated by the Bank of Lithuania. Saldo Bank UAB Suomen sivuliike operates in Finland, offering consumers fully automated loan solutions and deposit services.
The company's advanced scoring system ensures responsible lending, and its own lending system supports business growth also internationally. At the end of August 2023, more than 50 people worked at Saldo Bank.
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