Tax on savings deposits: withholding tax and foreign banks
Updated
In short (16 October 2026): A Finnish bank and the Finnish branch of a foreign bank withhold 30% withholding tax on the interest, and interest subject to withholding tax is not declared separately. Interest from a foreign bank on which no Finnish tax is withheld is declared by you as capital income: 30% up to €30,000 and 34% on the part above that.
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A Finnish bank and the Finnish branch of a foreign bank deduct withholding tax from the interest, and that withholding settles the tax on the interest: you do not report the interest separately. Interest from a foreign bank on which Finnish tax is not withheld is reported by you in your tax return and taxed as capital income. Check below how your bank works.
Savings interest is taxed in Finland in two ways. Interest paid by a Finnish deposit bank and by the Finnish branch of a foreign bank is subject to withholding tax: the bank withholds 30% withholding tax from 2012 onwards and calculates it on every interest payment. Deposit interest subject to withholding tax is taxed through withholding tax, which the bank deducts from the interest and pays over. Interest subject to withholding tax is not reported separately and is not taxable capital income in income taxation, so it does not fall under the capital income tax rate limit (30 / 34%). The tiered capital income tax rate applies to interest that you declare yourself, for example interest from a foreign bank without a Finnish branch. Sources: Verohallinto: lähdeveron kohteena olevat korkotulot (retrieved 16 October 2026); Verohallinto: lähdevero korkotulosta (retrieved 16 October 2026).
If the bank does not withhold Finnish withholding tax, you declare the interest yourself, and it is capital income. The capital income tax rate is 30% up to €30,000 and 34% on the part above that. Source: Verohallinto: pääomatulot (retrieved 16 October 2026).
Which banks withhold the tax?
The table shows whether the provider deducts withholding tax in Finland and whether you must report the interest yourself. The information is collected from the banks' own pages and terms.
| Provider | Withholding tax | Deposit guarantee | Declare yourself |
|---|---|---|---|
| S-Bank | Finnish withholding tax 30% | Finland | no |
| OP | Finnish withholding tax 30% | Finland | no |
| Nordea | Finnish withholding tax 30% | Finland | no |
| Danske Bank | Finnish withholding tax 30% (branch, not confirmed by the bank) | Denmark | no |
| Säästöpankki | Finnish withholding tax 30% | Finland | no |
| POP Bank | Finnish withholding tax 30% | Finland | no |
| Oma Säästöpankki | Finnish withholding tax 30% | Finland | no |
| Aktia | Finnish withholding tax 30% | Finland | no |
| Ålandsbanken | Finnish withholding tax 30% | Finland | no |
| Alisa Pankki | Finnish withholding tax 30% | Finland | no |
| Revolut | Lithuanian withholding tax, declare in Finland | Lithuania | yes |
| N26 | not withheld in Finland, declare it yourself | Germany | yes |
| bunq | no Finnish withholding tax, declare it yourself | the Netherlands | yes |
| Svea Bank | Finnish withholding tax 30% | Sweden | no |
| Bank Norwegian | not withheld in Finland, declare it yourself | Sweden | yes |
| Nordnet | Finnish withholding tax 30% (branch, not confirmed by the bank) | Sweden | no |
| Morrow Bank | no foreign withholding tax (Raisin), declare it yourself | Sweden | yes |
| TF Bank | Finnish withholding tax 30% | Sweden | no |
| Resurs Bank | no foreign withholding tax (Raisin), declare it yourself | Sweden | yes |
| Klarna | no Finnish withholding tax, declare it yourself | Sweden | yes |
| Raisin | not available | Germany | not available |
| Hypo (Suomen AsuntoHypoPankki) | Finnish withholding tax 30% | Finland | no |
| Bigbank | Finnish withholding tax 30% (branch, not confirmed by the bank) | Estonia | no |
| Saldo Bank | Finnish withholding tax 30% (branch, not confirmed by the bank) | Lithuania | no |
| Instabank | not withheld in Finland, declare it yourself | Norway | yes |
| Ferratum (Multitude Bank) | no Finnish withholding tax, declare it yourself | Malta | yes |
| Collector (Norion Bank) | not available | Sweden | not available |
| Nordax Bank | no Finnish withholding tax, declare it yourself | Sweden | yes |
| Brocc | Finnish withholding tax 30% | Sweden | no |
Finnish deposit banks withhold tax by law. Of the branches of foreign banks, only some have confirmed the withholding themselves, and those that have not been confirmed are marked in the table. For banks operating without a Finnish branch, you declare the interest income yourself.
How is interest from a foreign bank taxed?
Interest received from abroad is taxable capital income in Finland (30% / 34%), and you declare it yourself. Foreign interest income may not appear automatically in the pre-filled tax return. Foreign tax under a tax treaty is credited in Finland against the tax that Finland imposes on the same income, but not more than the tax that would be payable in Finland on the income. If the source state has collected more than the tax treaty allows, the excess tax is not credited in Finnish taxation, and a refund is claimed from the source state. Sources: Verohallinto: ulkomailta saadut korkotulot (retrieved 16 October 2026); Raisin: verotus (retrieved 16 October 2026).
An example of foreign withholding tax: Revolut's campaign rate of 3.06% gross corresponds to a rate of 2.60% after Lithuanian withholding tax. Source: Revolut: talletustietolomake (retrieved 16 October 2026).
When you report foreign interest yourself, Finnish tax is calculated on the whole interest. Tax withheld abroad is credited only up to the amount allowed by the tax treaty and no more than the amount of Finnish tax. Check the amount of tax withheld with the bank and in the tax treaty with the source country.
OP bonuses are taxable income
OP bonuses accrued from an OP owner-customer's savings are taxable capital income from 2026, and 30% advance tax is withheld on them. Source: OP: määräaikainen säästötili (retrieved 16 October 2026).
What does this mean in practice?
- On a Finnish bank's savings account and fixed-term deposit, withholding tax is handled through the bank, and you do not report the interest separately.
- On a foreign account, keep a record of the interest paid during the year and check the pre-filled information in your tax return.
- When comparing rates, look at the net return, not just the gross rate. The deposit rate calculator takes tax into account: withholding tax and tax on interest you report yourself are calculated separately.
- The deposit guarantee of a foreign bank is the responsibility of the bank's home country scheme: read the deposit guarantee guide.
Interest from the partner banks of the Raisin platform is also reported by you, and Raisin provides an annual summary of it. Read more on the Raisin page. You can find all providers in the deposit rate comparison.
Related guides
Frequently asked questions
How much tax is paid on savings interest?
On interest paid by a Finnish deposit bank, the bank withholds 30% withholding tax. It is the tax on the interest, and interest subject to withholding tax is not declared in income tax and is not counted towards the €30,000 capital income threshold. Foreign interest that you declare yourself is capital income: 30% up to €30,000 and 34% on the part above that.
Does savings interest have to be declared in the tax return?
Interest subject to withholding tax does not need to be declared separately, because the bank reports and pays the tax. Foreign interest income is declared by you, and it may not appear in the pre-filled tax return.
How is interest from a foreign bank taxed?
Interest received from abroad is taxable capital income in Finland (30% / 34%). Foreign tax under a tax treaty is credited in Finland against the tax that Finland imposes on the same income, but not more than the tax that would be payable in Finland on the income. If the source state has collected more than the tax treaty allows, the excess tax is not credited in Finnish taxation, and a refund is claimed from the source state.
Does the savings account bank withhold the tax automatically?
A Finnish deposit bank and the Finnish branch of a foreign credit institution withhold withholding tax. In the data, the banks that do not withhold Finnish withholding tax or whose interest is subject to a foreign tax are: Revolut, N26, bunq, Bank Norwegian, Morrow Bank, Resurs Bank, Klarna, Instabank, Ferratum (Multitude Bank) and Nordax Bank.
How can I check the tax on savings account interest?
The withholding tax deducted by a Finnish bank is shown when the interest is paid to the account. Interest from a foreign bank is in the bank's annual summary, and you report it yourself in your tax return.