A list of the top banks in Finland

Planning a long-term move to Finland? Whether you’re studying for a year at a Finnish university or setting up a new business in Helsinki, you might need a local bank account.

The first step to opening a bank account in Finland is choosing the right bank. We’re here to help with that one, with a handy list of the top banks in Finland. This includes a few tips on each bank’s most popular account.

But before that, a quick look at what banking is like in the Scandinavian country.

Banking in Finland (an overview)

The banking sector in Finland is made up of a mix of commercial banks, savings banks and state-owned banks, plus branches of foreign-owned banks. All are overseen and regulated by the Bank of Finland (Suomen Pankki).

Opening a bank account in Finland is pretty much the same process as in other countries. However, it depends on the particular bank whether you’ll be able to do it online (especially if you’re a foreign citizen or non-resident).

You’re likely to need the following documents:¹

• Proof of ID, such as your passport

• Relevant visa or residence permit

• Proof of address

• Your Finnish personal identification number (henkilötunnus)

• A KELA card (proving that you can be covered by the social security system in Finland).

In terms of banking fees, Finnish bank accounts do come with a few charges you need to know about. Some accounts have a small monthly maintenance fee, and you’re also likely to be charged if you use another bank’s ATMs.

If you need to manage your money internationally and want to save money, check out Wise instead.

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Top 10 banks in Finland

Now, let’s take a look at some of the top banks in Finland, so that you can compare options.

Here’s your at-a-glance look at the biggest and most popular banks in the country:²

Bank name	Operational HQ
Nordea Bank	Helsinki
OP Financial Group	Helsinki
Danske Bank	Helsinki
Handelsbanken	Helsinki
Savings Banks Group	Helsinki
Aktia Bank	Helsinki
Alisa Bank	Helsinki
S-Bank	Helsinki
Ålandsbanken	Mariehamn, Åland Islands
POP Bank	Espoo

Nordea Bank

The largest bank in Finland is Nordea Bank, part of the leading Nordea Group headquartered in Helsinki. Nordea is known as one of the strongest and safest universal banks in the country.

One of the top options for personal customers at Nordea is its Current Account. It pays interest on your money, can be opened online and managed via online banking. The account can also be linked to your choice of cards. ³

Nordea also offers services for businesses and private banking clients. For companies, products include accounts, payments, financing, investments, foreign trade and industry solutions.

OP Financial Group

OP Yrityspankki Oyj is one of the biggest financial services companies in Finland. Alongside other services, it has a commercial bank serving both private and business customers.

A popular choice at OP is its Current Account, ideal for daily banking. It offers interest on your money, a debit card and a wide range of digital tools and services.⁴

For corporate customers, there’s a range of accounts, financing, investment and insurance services to choose from.

Danske Bank

A universal bank based in Denmark, Danske Bank has its core markets across the Nordic region. In Finland, it has become one of the country’s biggest banks, and serves both personal and business customers.

For everyday banking, the Danske Account could be worth checking out. It's a current account available as part of a banking package, where you get a bundle of banking services for a set monthly fee.

For businesses, Danske Bank has current accounts, payments and invoicing services, cards, international trade, financing and strategic planning solutions.

Handelsbanken

One of the largest banks in Finland by market share, the Swedish-owned Handelsbanken has a network of branches across the country. It has a wide selection of financial products for both personal and corporate customers.

This includes a Current Account with no withdrawal or deposit restrictions, managed via online banking. A debit card can be connected to the account.⁵

Handelsbanken also offers business banking. It specialises in dedicated solutions for SMEs, housing associations, trade and service providers and international companies.

Savings Banks Group

Säästöpankki or Savings Bank Group is the oldest banking group in the country. It was founded in 1823, and today consists of a network of local savings banks across Finland.

It has a number of different personal accounts available, including children’s and savings accounts. But for everyday banking, its Current Account is a good bet. It offers everything you need for daily money management, including mobile/online banking and a connected payment card.

Savings Bank Group also serves business customers, with products such as cards, financing, credit solutions and accounts.

Aktia Bank

With a history dating back to 1825, Aktia Bank is one of the oldest banks in Finland. It started life as a savings bank, but is now known as a universal commercial bank.

However, it doesn’t have a current account available for personal customers. You can open one of many savings and investment accounts, or take advantage of loans and insurance products.

Aktia Bank also offers payment services, funding, investments, insurance and asset management for businesses in Finland.

Alisa Bank

Having launched in 2022, Alisa Bank is a newcomer to the Finnish banking market. It was created following a merger between fintech Fellow Finance (it was formerly named Fellow Bank) and Evli Bank.

Along with credit cards, loans and savings accounts, Alisa Bank offers a Current Account. It’s quick to open online, can be managed via mobile banking app and offers everything you need for day-to-day banking.⁶

For business customers, the digital bank has loans, flexible credit, invoice financing, current accounts, savings accounts and many more useful services.

S-Bank

Part of a retail cooperative organisation, S-Bank aims its services primarily at this group’s co–op members.

This means you’ll only be able to open its S-Tili current account if you’re a member of the cooperative. If so, you’ll benefit from online and mobile banking, free withdrawals and deposits, and the option to open accounts for family members.⁷

S-Bank offers banking for businesses, but only large companies and housing associations. It also serves private banking clients.

Ålandsbanken

Ålandsbanken (Bank of Åland) was established in Finland’s Åland Islands back in 1919. It’s a commercial bank offering retail and private banking, as well as asset management services.

A popular account at Ålandsbanken is the Prime Account. Designed for everyday banking, it pays interest on your balance, can be managed with online/mobile banking and linked to a debit card.⁸

For companies and institutions, the bank has a small selection of payments and invoicing services.

POP Bank

POP Pankki or POP Bank, is part of a Finnish cooperative banking group. It offers retail banking services primarily to personal customers.

It has a basic payment account, which comes with a payment card and online banking. The bank also has home loans, credit, savings, investments and other financial products for personal customers.

Best online bank accounts and money management alternatives in Finland

If you’re looking for an alternative way to manage your money in Finland, there are some digital accounts and money apps available. Here are a few of the most popular:

• Revolut - an all-in-one finance app with a debit card and banking services.

• Bunq - a mobile-first bank licensed in the Netherlands offering personal and business accounts to customers across the EEA.

• Sweep Bank - a Finnish neobank offering a mobile app for banking, shopping, saving, and credit.

Wise – Money for here, there and everywhere

If you want to send money internationally, or use your debit card when you travel, you’re probably looking for the most cost-effective way.

The good news is that there’s a money-saving alternative available from the money services provider Wise. Open a Wise account online, and you can send money worldwide in 40+ currencies for low fees and fair exchange rates. It’s not a bank account but offers many similar features.

You can even get an international debit card for spending in over 150+ countries, including Finland. It automatically converts your money to the local currency at the mid-market exchange rate, adding only a low, transparent conversion fee, whenever you spend.

This makes it ideal for travellers, expats, overseas students and anyone else living an international life.

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And that’s it - your rundown of the 10 top banks in Finland, plus info on their most popular everyday accounts. You should now be ready to start your search for the perfect account to manage your money in Finland. Good luck!

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Sources used for this article:

1. N26 - How to open a bank account in Finland

2. ADV Ratings - Top banks in Finland

3. Nordea - Current Account

4. OP - Become an OP customer

5. Handelsbanken - Current Account

6. Alisa Bank - Bank account

7. S-Bank - S-Tili account

8. Ålandsbanken - Prime Account

Sources last checked on 02-Apr-2024.