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Sat, 21 May, 2016 12:03:20 AM FTimes Report, May 21
The Act on Bonus for Home Savers has been amended, setting the age limit at 15 years instead of the earlier age limit of 18 years.
The President of Finland has signed a new act amending the Act on Bonus for Home Savers, according to an official release.
Now persons aged 15 years but not 40 may become home savers as per the amendment.
The bonus for home savers is a scheme intended for young people to support them in purchasing their first home. The lower age limit is based on Prime Minister Sipilä's Government Programme, said the release.
For minors it must be specified in the home saving agreement that the deposits made consist of the personal earnings of the minor. Return on assets acquired by a minor may also be accepted.
Because of the lower age limit, the provision on the time period when the bonus interest is paid was also amended.
Usually the bonus interest is paid for the year in which the first deposit was made and for up to five calendar years after that.
Now it is also possible for a young person aged 15 and the financial institution to agree that the payment of the bonus interest starts either when the first deposit is made or when the home saver turns 18 years of age.
Before the bonus interest starts to be paid, an interest of 1 per cent is paid on the home saving deposit.
The bonus interest rate to be agreed with the financial institution is 2–4 per cent.
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