Which savings account should I choose: KOMPAS FAST, VARIABLE or BASIS?

The difference between the three savings accounts is the interest rate and how quickly you can access your money.

• KOMPAS FAST gives you a fixed interest rate while your money is tied up for 6 to 36 months.

• KOMPAS VARIABLE gives you a variable interest rate, and you can withdraw your money with 31 days’ notice.

• KOMPAS BASIS is your central account with no fixed term, where all your money goes in and out.

Comparison

Which one should I choose?

• Choose KOMPAS FAST if you know you won’t need the money during the fixed term, and you want to know your interest rate in advance.
• Choose KOMPAS VARIABLE if you want to be able to access your money with one month’s notice.
• You don’t need to “choose” KOMPAS BASIS. You get it automatically when you become a customer.

You can also combine them. If you open several KOMPAS FAST accounts with different fixed terms, you get access to parts of your savings at different times.

KOMPAS FAST

With KOMPAS FAST, you get a fixed interest rate for the entire term. You choose whether your money should stay in the account for 6, 12, 18, 24 or 36 months.

When the fixed term on your KOMPAS FAST ends, the money is automatically transferred to your KOMPAS BASIS account.

KOMPAS VARIABLE

With KOMPAS VARIABLE, you get a variable interest rate that can change at any time. KOMPAS VARIABLE has no fixed term, but a notice period of 31 days. When you close your KOMPAS VARIABLE, the money is transferred to your KOMPAS BASIS account once the 31 days have passed.

KOMPAS BASIS: your central account

Your KOMPAS BASIS account is your central account at kompasbank. This is where you deposit money, and from here you can transfer money to your NemKonto or open new savings accounts.

• Your permanent base: You always keep your KOMPAS BASIS account, whether or not you have an active KOMPAS FAST or KOMPAS VARIABLE account. It stays open even when the balance is DKK 0.
• All money goes through KOMPAS BASIS: When you transfer money to kompasbank from another bank, it lands in your KOMPAS BASIS account. This is also where your savings are paid out when they mature, or if you close them early.
• Interest rate: KOMPAS BASIS has no fixed term and earns a variable interest rate.

From your KOMPAS BASIS account, you can:

• leave the money in the account
• open a new savings account
• have your balance paid out to your NemKonto

If you choose to open a new savings account or have the money paid out to your NemKonto, we handle the transfer automatically. You don’t need to contact us afterwards.

Can I have more than one KOMPAS BASIS account?

No. You can only have one KOMPAS BASIS account. It brings together your entire customer relationship with kompasbank.

Where can I find the account number of my KOMPAS BASIS account?

Log in to online banking and tap “Indbetal” (Deposit) on your KOMPAS BASIS account. Here you’ll find both the registration number and the account number, which you can easily copy by clicking the copy icon. Then simply paste it into the bank you want to transfer from.

Are there limits on how often I can deposit or withdraw money from KOMPAS BASIS?

You can make as many deposits to your KOMPAS BASIS account as you like.

For withdrawals to your NemKonto:

• You have 5 free withdrawals per calendar month.
• If you make more than 5, each extra withdrawal costs DKK 100.

How much can I save?

You can open as many KOMPAS FAST and KOMPAS VARIABLE accounts as you like, with at least DKK 100,000 in each. The total amount across all your savings accounts, including KOMPAS BASIS, can be no more than DKK 3,000,000.

Who can open a savings account?

To open a savings account at kompasbank, you must:

• have a Danish address and Danish citizenship
• be over 18
• use MitID

Interest

Interest on all three savings accounts is calculated daily and added to your account at the end of the year (31 December) and/or when the account matures. You can follow your earned interest in online banking under “Oversigt” (Overview).

See the current interest rates here.

Fees

There are no fixed fees for having a savings account at kompasbank. There are two exceptions:

• Deduction for early withdrawal: If you withdraw money from KOMPAS FAST or KOMPAS VARIABLE early, you pay a deduction (dekort). The rate depends on the remaining term and the interest rate on your savings. See the current deduction rates here.
• Extra withdrawals from KOMPAS BASIS: Each withdrawal beyond the 5 free ones per month costs DKK 100.

Deposit guarantee

Your savings are covered by the deposit guarantee scheme up to EUR 100,000 per customer. See the current value in Danish kroner on the deposit guarantee page.