BSU – home savings scheme for young adults

• BSU accounts can also be opened for children from 0 years of age.
• You can save in BSU even in the year you turn 33.
• You must have taxable income and not own your own home if you want to receive the tax deduction.
• You can save up to NOK 27,500 a year and NOK 300,000 in BSU in total.
• If you make withdrawals from the BSU account beyond this year’s savings, you can’t save any more on this account.
• At the age of 34, the account receives an interest rate corresponding to the ordinary savings account.
• The money you put into BSU home savings scheme is not tied to housing until the end of the year. This means that you can take out the money before 31 December.

To claim a tax deduction, you must be a personal taxpayer, subject to tax and resident in Norway.

The money you save in BSU home savings scheme must principally be used to buy a new, permanent home, either in Norway or abroad. You can also use the money to pay off a housing loan.

• Buy a home where you want to live.
• Pay down loans from a home you have bought and where you live.
• Leave the money in the BSU account for future housing purposes.
• Renovation and maintenance of own home.

If you withdraw money saved in a BSU account and use it for anything other than approved purposes, this will be considered a breach of contract. The tax authorities will demand that you pay back the tax deductions you have received.

Yes, from 1 July 2021, you can use the BSU home savings scheme for renovation/maintenance of your own home.

Fill out the closure form in the online bank. Select the “Other approved home purpose” option, enter “renovation/maintenance of own home” and any additional details in the comments field.

If you close a BSU account, you cannot open a new account of the same type later. The same applies at other banks. You can close your BSU home savings scheme account in the online bank, and you will get an email confirmation when the account is closed.

• Log in to the online bank
• Select ‘Everyday banking and loans’
• Select ‘Close account’
• Select the ‘Close/partial withdrawal of BSU home savings scheme’ button
• Fill out the form

If the BSU account is in our bank and you need to pay down a home loan with us, you can use the BSU closing form in the online bank under the option «Complete account» and enter the loan number in our bank.
If you’re going to pay down a home loan in another bank, use the same termination form and upload the purchase contract and loan documentation, as well as entering the loan number in the other bank.

You can withdraw the funds you have put into the BSU home savings scheme this year under ‘Everyday banking and loans’ and ‘Transfer own accounts’ in the online bank. Remember that the tax deduction is calculated on the balance as of 31 December, so you must put the money back in well before this deadline if you want to claim the tax deduction.

• You will retain the interest in your BSU account until you reach 34 years of age. After this, the interest rate is the same as for ordinary Sparekonto.
• You can use the interest you receive on the savings from the year you turn 34 as you want.
• The money you have saved in your BSU account will remain in your account for as long as you want.

The savings deposit is a taxable asset. Interest on the savings deposit is taxable income in the year in which it is accrued.