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

3 years prior notice savings account

  • Credit interest rate (%)
    3.6000
  • Capitalized credit interest rate (%)
    3.6654
  • Daily credit interest rate (%)
    0.0099
  • Daily penalty interest rate (%)
    0.0068

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 3 years starting from the opening of the account or its updated date (each 3 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 3 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 3 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 3 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.

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 "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.