Nordnet, a pan-Nordic savings and investments digital platform, has announced the launch of an endowment wrapper in the Finnish market.
Finnish savers can now open an endowment insurance account with Nordnet.
The company said that the process of account opening and investing is completely digital.
All the deposits and withdrawals, which can be made at any time, are also free of cost. The savers can purchase and sell fund units without redemption or subscription fees.
Nordnet confirmed that the commission rate for domestic and Nordic financial instruments is 0.08%, with a minimum €5 ($5.2) commission.
The company has kept the annual account fee at 0.35% for savings capital up to €100,000, and about 0.15% for capital exceeding this amount.
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In addition, savers can choose from a broader selection of investments including stocks, funds and exchange-traded funds (ETFs), with Nordnet.
Nordnet CEO Lars-Åke Norling said: “Half a million Finnish savers invest through an insurance-based product today and total savings capital amounts to close to €40bn.
“The market is dominated by traditional players offering complicated and expensive solutions where savers are mainly presented with in-house funds.
“Nordnet’s endowment wrapper is unique in terms of flexibility, pricing and digital experience and I believe that our launch will make a difference for the Finnish savers.”
The latest move further expands the company’s existing portfolio, marking its entry into the insurance savings market in Finland.
This launch has been completed via a brand of Nordnet’s Norwegian pension company, named Nordnet Livsforsikring.
Nordnet Livsforsikring is also a wholly owned subsidiary of Swedish company Nordnet Pensionsförsäkring.
The Finnish branch is headed by Kaisa Alamäki, who has previous experience of working in the finance and insurance industry, including AllianceBernstein, Mandatum Life and Nooa Säästöpankki.
Lars-Åke Norling added: “Nordnet currently has over 550,000 customers in Finland, and for equity savings account, which was launched in 2020, we have a market share of around 70% of accounts opened.”