Checklist before you save or invest
Always check an offer thoroughly before you sign
Read closely through the contract, information material and terms and conditions before you sign a contract for saving or investment. The more complicated and less transparent the composition of an investment is, the higher the possibility for hidden prices and high fees. Never enter a contract if you do not understand the product. Take the time to think it through, and never sign on the same day that the product is presented to you.
Check the risk and return for different forms of saving and investment
Think closely through what the purpose of your saving is and decide what type of risk profile you want. Expected return from your savings depends on the risk you take. The lower the risk, the lower the expected return. For instance, the risk of placing your money in the bank is low. NB! Be realistic. Promises of high return at a low risk is a recurring issue among less serious actors.
Check the best offers
You can find more information and an overview of the best deals for saving and investment here:
Right of withdrawal for financial services
You have a right of withdrawal for 14 days when you buy a financial service if the contract was entered outside of the bank or sales office. This means that you can withdraw from agreements made over the phone, internet or at a stand. You do not have the right of withdrawal if you entered the agreement at the physical premises of the bank or sales office. If you nevertheless entered the agreement through a distance contract, such as over the phone or online, you have the right to withdraw.
The Banks’ Guarantee Fund guarantees for two million NOK
If your savings are placed in a Norwegian savings or business bank, you are by law covered for up to two million NOK through the Banks’ Guarantee Fund. The limit of two million applies even if you have several accounts in the same bank. If you have money placed in several banks, the limit applies for each bank.