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Innskuddsinterest rates have been relatively stable compared to loan interest rates, indicating low competition in the deposit market. BN Bank's Endre Jo Reite, a private economist and head of the consumer market, explained that only a few customers transfer their savings to another bank, as banks quickly adjust their mortgage loan rates after raising the base interest rate in late September.

It takes longer for banks to increase deposit interest rates, and several major banks now offer lower deposit interest rates than they did in 2024, when the base rate was 4.5%. Older, loyal customers often have large balances in accounts with very low interest rates, such as accounts established in the 1990s with a deposit rate of 2%.

These customers, who may have opened the account decades ago, still have deposit rates as low as 2%, according to Reite. At the SATS training center in Oslo, a group of seniors recently completed a strength training session and took a well-deserved coffee break, only to be surprised by E24 asking about the state of their savings.

Torfinn Solhaug (88), who has been with Nordea for a long time and is satisfied with many aspects, expressed difficulty in negotiating a higher deposit rate, stating that he is not motivated to switch banks. Erling Haakstad (69), who has considered switching from DNB, ultimately decided against it due to the "too much hassle." After the interview, Haakstad checked deposit offers at various banks and opened a new account at another institution.

A recent calculation by Reite revealed that for deposits under 1 million kroner, older customers generally have lower deposit rates than younger ones. For deposits over this amount, the picture changes, with older customers aged 68 and above having slightly higher rates than younger ones. The calculation, based on SSB's register data for 2023 and 2024, shows that middle-aged savers, both in terms of age and deposit amount, are the least aware of moving their deposits.

Older customers with large deposits have been more aware of moving their savings, according to Reite. There are also significant differences in the rates older customers receive based on their location in the country. For deposits up to 1 million, Troms and Finnmark have the lowest rates for older customers (2.08% in 2024, on average for deposits up to 500,000 kroner).

The difference in rates between the highest and lowest regions (Rogaland and Troms and Finnmark) is 0.72 percentage points. Reite advises middle-income savers to discuss the best deposit rate with their bank, and if unsuccessful, to switch banks. A Forbrukerrådet survey from 2025 showed that 33% of customers have switched or renegotiated bank services, with those over 60 being the least likely to change or renegotiate bank and insurance services.

BN Bank's Reite emphasized that it has become more challenging for customers to maneuver in the deposit market, as banks often have an excess of options that cater primarily to those most concerned about rates, while many customers with large deposits in old products have very uncompetitive conditions.