How do I open a savings account?

This article explains how to open a savings account with kompasbank, whether you are a new or existing customer.

Are you a new customer?

1. Sign up as a customer via this link using MitID, and answer a few questions.
2. You'll automatically be assigned a free BASIS account with no lock-in period and a variable interest rate.
3. Deposit into your BASIS account from an account in your own name at a Danish bank (see account number details below).
4. Once the funds are in your BASIS account, you can open a savings account in Netbank – see the steps for existing customers below.

Are you already a customer?

1. Log in to Netbank.
2. Click “New” on the home page and select either a KOMPAS FAST account (a fixed interest rate for an agreed term) or a KOMPAS VARIABEL account (a variable interest rate with no fixed term), depending on your needs.
3. Enter the amount you want to deposit when creating the account. The amount is transferred automatically from your BASIS account as soon as it's fully available – you don't need to move the money yourself.
   • If the funds are already in your BASIS account, the transfer happens automatically at the end of the banking day. The following day, the amount will be visible in your new savings account in the online bank, and you will also see that you have earned the first day's interest.
   • If not, you have up to 10 days to transfer the amount from your own bank.
4. If the amount isn't received within 10 days, the newly created savings account is automatically closed.

How to find your BASIS account number

Log in to online banking and click “Deposit” on your BASIS account. Your bank registration number and account number will be displayed here, so you can easily copy them and use them for transfers from other banks.

When transferring money to your BASIS account from another bank:

The transfer must come from an account in your own name with a Danish bank. Transfers from accounts in someone else’s name or from foreign banks are not accepted. Please note that Banking Circle, rather than kompasbank, will appear as the recipient when you enter the bank registration number. This is because we use Banking Circle as our partner for accounts and payments. Read more about Banking Circle.

Important information:

• You cannot transfer money from your BASIS account to a savings account yourself – this happens automatically.
• You cannot add more money to a savings account once it has been opened.
• If you would like to deposit a different amount, you must open a new savings account.