BSU – home savings scheme for young adults

• 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 invest in BSU is not bound to housing until the end of the year. This means that you can withdraw this money before 31st of 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 should mainly be used for buying a new, fixed home, either in Norway or abroad. You can also use the money to pay down home loans.

• 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 funds saved in the BSU and use them for other than approved purposes, this is considered a breach of contract. The tax authorities will demand that you refund 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.

You fill out the closing form in the online bank. Select the option “Other approved residential purpose,” write “refurbishment/maintenance of own home”, and more information you might have in the comments field.

If you close a BSU account, you will not be able to create a new account of the same type later. This also applies to other banks. You can close your BSU account in the online bank, and you’ll get a confirmation email 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 remove what you have deposited into BSU this year under “Daily bank and loan” and “Transfer your own accounts”, in the online bank. Remember that the tax deduction is calculated on the basis of the balance as of 31st of December, so the money is reinstated well in advance of this if you want 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 savings account.
• 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.