Banking and the financial markets

Banks manage everyday money matters for private individuals and companies, such as the payment of salaries and bills, and the repayment of loans. Other means of payment, such as bank cards or charge cards, can be added to current accounts. In addition to standard current accounts, banks also offer accounts paying higher rates of interest intended for investment purposes.

Lenders offer financing for borrowers on the finance markets. Both private enterprises and households may borrow and lend money. Banks act as intermediaries. There are no restrictions on providing financial advice in Finland, and only some of the companies providing it are supervised. The provision of investment advice, however, is subject to a license. The activities of banks, asset managers and insurance brokers are supervised by the Financial Supervisory Authority. Consumer protection matters concerning instant loans are supervised by the Competition and Consumer Agency.

Loans and deposits are either fixed-rate or variable-rate. Loans are indexed to a reference rate, such as Euribor or the bank’s own prime interest rate.

The state also offers various investment targets for consumers and investors.