OREANDA-NEWS. As of 13 October 2014, the terms of current accounts opened on behalf of persons below 18 years will change and as of 14 October 2014, the terms and conditions of the overnight deposit agreement will change.

Current account changes:

Starting from 13 October 2014 we will harmonise the principles of current accounts. Accounts which are opened on behalf of persons below 18 years of age will have the possibility to keep foreign currencies and use conversion rules for incoming payments in foreign currencies. 

Accordingly, there will be a change in the terms and conditions of the accounts opened to minors on 13.10.2014 – the condition, stating that the account of a person below 18 years of age may hold only the official currency of the Republic of Estonia will be invalidated.

More information about current account’s functions is available at www.seb.ee/eng/everyday-banking/accounts-and-settlements/current-account.

Overnight deposit changes:

The most important change is that we will be paying a current account interest in accordance with the interest rate of the account connected with the overnight deposit agreement, if the account balance does not exceed the minimum deposit and therefore overnight deposit transaction is not performed.

The payment of the interest accrued under the agreement will hereinafter be made on the condition that the accrued interest exceeds the minimum amount determined by the bank, which is 1 euro as of 14 October or a full corresponding currency unit (1 SEK; 1 GBP) for overnight deposits in other currencies.

The terms and conditions of overnight deposit are available at www.seb.ee/files/tingimused/yleoodeposiidi_tingimused_eng_14102014.pdf.

The terms and conditions of overnight deposit for cash pools are available at www.seb.ee/files/tingimused/yleoodeposiidi_tingimused_kontsernile_eng_14102014.pdf.

If you disagree with the changes, you can terminate the agreement concluded with us before the new terms and conditions become effective. If you do not notify of the wish to terminate the agreement, we will regard this as acceptance and as of 13 October, the new terms and conditions of current account shall apply to the agreement(s) concluded with you and as of 14 October, the new terms and conditions  of overnight deposit shall apply to the agreement(s) concluded with you.