Before you can proceed you need to complete your profile with the following items:

10 years prior notice savings account

The maximum balance of this account is limited to EUR 500,00 or the equivalent in another currency. This maximum balance excludes paid out interests.

You can open up to 20 light accounts (converted accounts included) divided over various (sub)types.

  • Credit interest rate (%)
    3.8500
  • Capitalized credit interest rate (%)
    3.9249
  • Daily credit interest rate (%)
    0.0105
  • Daily penalty interest rate (%)
    0.0019

The credit interest will be calculated on a daily basis at midnight (00:00:00 UTC) and will be based on the total balance at that time. The interest will be paid out daily (366 times in a leap year).

The credit interest rate as displayed above will be guaranteed for a period of at least 10 years starting from the opening of the account or its updated date (each 10 years). You will be informed (by email or notification/message on the Swister website or alternative channel) in case of a change of the credit interest rate at least 5 days in advance. The change will by default come into effect on the next tempiversary of the account. However, in case that the next tempiversary will fall less than 5 days after you received the notification, its implementation will be postponed until the next but one tempiversary, irrespective of whether the change is positive or negative.

If at a given moment the applicable credit interest rate will be lower compared to the previous guaranteed rate, you will be given the opportunity, as long as that negative condition applies and subject to the time-limit below, to convert your 10 years prior notice savings account into another type of account. The company policy adopted by Swister requires you to conduct this conversion, either:

  • before the next tempiversary* of the account
  • within 10 days after implementation of the lower credit interest rate,

whichever comes first.

You will then be given the choice between all (sub)types of Swister accounts that are available at that time, including normal transaction accounts.

If you choose not to convert your 10 years prior notice savings account before the above indicated period, the latest credit interest rate will be taken as a basis for future interest rate comparisons and the subsequent right to convert the account.

Outgoing transfers are possible, but require a prior notice of 10 years. However, by paying a penalty, you will be allowed to shorten this notice period and even completely cancel it.

The applicable penalty will be calculated as follows:

Penalty = Amount to be transferred x Derogation period (days) x Daily penalty interest rate (%)

If the date on which the order is given and the first permitted date for an outgoing transfer are interrupted by a leap day (29/02), then both:

  1. The period over which the penalty interest will be calculated
  2. The first permitted date for an outgoing transfer,

will be extended by 1 day (compared to a normal year).

In case of a decrease of the credit interest rate, the penalty interest rate will decrease (proportionally) with the same percentage (not to be mistaken with percentage point). On the other hand, an increase of credit interest rate may result in a proportional increase of penalty interest rate.

The penalty will be calculated at the time that the order for the outgoing transfer is given, at the then applicable penalty interest rate, but will only be debited from your account on the date of the transfer itself.

Outgoing bank transfers, in order for the beneficiary to identify the origin of the transfer, require the identity of the sender and proof thereof to be shared with Swister (only the sender’s first and last name will appear in the beneficiary’s bank statements). In practice, the sender will be requested to attach a valid identity document and selfie (or alternative) to the transfer order. Swister, however, will not automatically and formally assume that the identity connected to the (most recent) outgoing transfer is that of the account holder.

An outgoing transfer from a light account, irrespective of the amount, involves a fixed administration fee of 1,50 EUR on top of other possibly applicable transfer cost. Transfers to another Swister account holder are exempt from this fee.

In case that the outgoing transfer is ordered for a future date, the applicable fixed administration fee will be that of the time that the order is given, but the fee will only be debited from your account on the date of the transfer itself.

The ownership of the account can be transferred to another/new account holder, subject to the terms and conditions of Swister. This may require a successful completion of the new account holder’s KYC check.

The transfer of a prior notice savings account requires possession of a Swister transaction account at the time of the transfer in order to receive the money from the new account holder. Should that not be the case, you will have the opportunity to open a transaction account until the time of transfer to the new account holder. Also the new account holder will be required to possess a Swister transaction account at that time.

The transfer of a light account to another account holder may require, subject to the applicable company policy adopted by Swister at the time that you send the request, an identity check and disclosure of your first and last name to the potential new account holder. The identity check, its fixed administration fee and respective conditions are identical to those that apply to outgoing transfer from light accounts.

The fixed administration fee for ID checks (for outgoing transfers from a light account to a non-Swister bank account, as well as the transfer of the account itself) can change on each tempiversary of the account. If this change would negatively affect you, you will be given the opportunity to convert your 10 years prior notice savings account into another Swister account, subject to the same conditions that apply in case of a conversion as a result of a changed credit interest rate. You will be informed of such a change (by email or notification/message on the Swister website or alternative channel) at least 5 days in advance. The change will by default come into effect on the next tempiversary of the account. However, in case that the next tempiversary will fall less than 5 days after you received the notification, its implementation will be postponed until the next but one tempiversary, irrespective of whether the change is positive or negative.

*The "tempiversary" of a prior notice savings account is to be understood as each date of termination of a repetitive period equal to its notice period, counting from the date of opening of the account.