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Fixed return investment opportunity!

Why invest in bonds?

  • The ability to forecast cash flows from your investment.
  • You can also invest in debt securities from European, US and other regional countries and companies.*
  • Holding Baltic securities (including bonds) is free of charge.
  • Holding securities outside the Baltics is free up to a value of 100,000 euros.

* To buy and sell foreign bonds, please write to our brokers at Please note that there is an additional charge for brokered transactions, which you can find in the price list.

What is a bond?

A bond is a security that essentially represents a loan to a company or the state. If a bond is held for a fixed period of time, it earns a fixed rate of return, which is determined at the time of purchase and remains unchanged until the maturity date, i.e. until the bond is redeemed.

  • Bonds provide a fixed return if held to maturity.
  • Some bonds earn interest (a coupon) each year, which is a percentage interest rate paid on the face value of the bond. The coupon amount is determined at the time of the bond issue (when the bond is placed on the market) and does not change throughout the life of the bond.
  • If you need to sell the bond before maturity, you can do so at the secondary market price.
  • Typically, investing in bonds offers the opportunity to earn higher returns compared to other low-risk savings and investment options, such as deposits.
  • Bonds can be used to diversify an investment portfolio and usually help to hedge risks in the portfolio.
  • Interest rate risk. If a bond has to be sold before maturity, you could be affected by changes in the market price of the bond due to changes in market interest rates. When interest rates rise, the price of the bond falls and, conversely, when interest rates fall, the price of the bond rises. In such a case, the investment can give rise to profits and losses, respectively.
  • Liquidity risk. This means there is a risk that you could incur a loss due to a lack of liquidity – in other words, no one is willing to buy the bond.
  • Currency risk. This risk arises when investing in bonds that trade in a currency other than the investor’s main currency.
  • Issuer risk. This risk arises if a company or public authority, i.e. the issuer, is unable to pay the coupon payments due, fails to repay the principal sum to the bond holder by the due date, or goes bankrupt. So, in a worst case scenario, you could lose the money you invested. Sovereign bonds are less likely to be subject to issuer risk than corporate bonds.

You can read more about the risks documenthere.

How to buy bonds?

  1. You must have a securities account to begin investing. We also suggest that you also open an investment account to allow for the deferral of the income tax liability.
    • You can make investments in various financial instruments, such as ETFs, equities, bonds etc.
    • Without investment account it is not possible to invest into such instruments.
    • It is possible to make securities transfers or receive securities from third parties or family members.
    • In Swedbank you will benefit from free of charge safekeeping for portfolios of up to €100,000.

    More about securities account.

    • Investment account is separate account where you can deposit your money that will be used for investments in various financial instruments, such as ETFs, equities, bonds etc.
    • No worries about declaring the earned income or loss and paying the income tax after each sales transaction.
    • Easy to declare annually as you can send the investment account annual report from the internet banking to the Tax and Customs Board with few clicks.
    • A possibility to make transfers to your investment account with another bank.
    • Opening and keeping an investment account is free of charge.

    More about investment account.

  2. Choose the bond you want to buy from the list.
  3. Enter the amount of bonds you want to buy. For example, if you buy 10 bonds with a face value of EUR 1,000 and a selling price of 99% of the face value, the net value of the transaction is EUR 9,900. However, the interest accrued since the last coupon payment will be added to this amount, which you as the buyer will have to reimburse to the bond seller.
  4. To buy and sell foreign bonds, please write to our brokers at Please note that there is an additional charge for brokered transactions, which you can find in the price list. You can buy and sell Estonian bonds via the Internet Bank independently and without the above-mentioned additional charge.
  5. Check and confirm the purchase of your bond(s). Please note that orders are fulfilled until 16.00 on weekdays.

We recommend that you read the information on documenttransactions in financial instruments and documentthe risks involved before buying bonds.

When investing in bonds, as in other securities, there is an obligation to pay income tax on the investment income. The way in which taxes are declared depends on whether the investor uses only a securities account or also an investment account.

  • You do not have to calculate income or losses, declare income or pay (potential) income tax after each sale.
  • Completing the annual income tax return is convenient, as you can easily prepare the necessary investment account report yourself via the Internet Bank and immediately submit it to the Estonian Tax and Customs Board.
  • After each transaction, you need to calculate your profit or loss.
  • Once a year, you need to calculate your profit or loss for the year and declare and pay (possible) income tax on it.
  • Further information on payable and paid charges is available from the Bank.
  • If the Bank is obliged to pay taxes, fees, interest, penalties or incur other costs (that are not covered in the Bank’s price list below) for the provision of securities safekeeping and transaction services to the Client, the Bank shall have the right to debit such amounts from the Client’s Current Account without Client consent.

Account opening

Effective as of 01.11.2023
Securities Account
Internet bank free of charge
Branch office free of charge
Joint securities account 65 €

Account closing

All securities account types free of charge

Account statements
  • Bank account statements available free of charge from internet bank.
  • Statement fees are subject VAT.
  • For accounts opened with Estonian register of securities, account opening statement and statements of holdings and transactions for securities registered with the register are available at daily weekly, monthly, quarterly and annual frequency. Periodic statements are available free of charge at Nasdaq CSD Estonian branch Estonia webpage.

Bank statements
Securities account statement of holdings / transactions from branch office 2 €
Copy of transaction instruction 2 €
Nasdaq CSD Estonian branch statements 2 €

Trading of equities, bonds and Exchange Traded Fund (ETF) shares
  • Percentage based trading fees calculated from trade amount, in certain cases transaction fee will be added.
  • Trading fee is charged in trading currency based on the Bank’s exchange rates.
  • Trading via brokerage is subject to the Master Agreement for Financial Transactions. Information on the agreement is available from the Bank.
  • Trading orders transmitted to the Bank can be cancelled until executed.
  • In case the order is not executed in full during a single trading day, the trading fee (including minimum trading fee) for partial order execution is charged in full for each trading day when part of the order is executed.
  • On certain markets, minimum transaction amounts may apply.
  • A stamp duty of 0,5% of transaction amount on buying UK securities and 1% on buying Irish securities is added to the transaction charges. In certain events, a higher rate (1,5%), a bonus rate or tax exemption may apply for UK securities.
  • If purchase transactions are subject to FTT according to local market regulations (e.g. France, Italy, Spain and Hungary), such tax is added to the transaction charges.
  • Exchange traded funds (ETFs) are treated as shares.
  • Trading via Swedbank brokerage on other markets is subject to prior agreement with the Bank.

Shares and ETF-s Securities account in internet bank
Estonia, Latvia, Lithuania free of charge
Sweden, Finland, Denmark, Norway, USA, Germany, UK, Canada, Netherlands, France, Belgium, Ireland, Italy, Portugal, Spain, Switzerland, Austria, Poland, Hungary, Czech 0,14%, min 9,90 €
Shares and ETF-s Branch office Via brokerage
Estonia, Latvia, Lithuania 0,2%, min 50 € 0,2%, min 50 €
Sweden 0,2%, min 50 € 0,2%, min 500 SEK
Finland 0,2%, min 50 € 0,2%, min 50 €
Denmark 0,2%, min 50 € 0,2%, min 400 DKK
Norway 0,2%, min 50 € 0,2%, min 400 NOK
USA 0,2%, min 50 € 0,2%, min 50 USD
Germany 0,2%, min 50 € 0,2%, min 50 €
UK (London SE) 0,2%, min 50 € 0,2%, min 50 GBP
UK London International (Russian and other GDRs) 0,2%, min 50 € 0,2%, min 50 USD
Canada 0,2%, min 50 € 0,2%, min 50 CAD
Netherlands 0,2%, min 50 € 0,2%, min 50 €
France 0,2%, min 50 € 0,2%, min 50 €
Belgium 0,2%, min 50 € 0,2%, min 50 €
Ireland 0,2%, min 50 € 0,2%, min 50 €
Italy 0,2%, min 50 € 0,2%, min 50 €
Portugal 0,2%, min 50 € 0,2%, min 50 €
Spain 0,2%, min 50 € 0,2%, min 50 €
Switzerland 0,2%, min 50 € 0,2%, min 50 CHF
Austria 0,25%, min 50 € 0,25%, min 50 €
Poland 0,25%, min 50 € 0,25%, min 200 PLN
Hungary 0,25%, min 50 € 0,25%, min 15000 HUF
Czech 0,25%, min 50 € 0,25%, min 1300 CZK
Bulgaria 0,6%, min 50 € 0,6%, min 150 BGN
Bonds Internet bank Via brokerage
Estonia, Latvia, Lithuania 0,2%, min 3 € 0,2%, min 50 €
Trading in bonds in all other applicable markets via Swedbank brokerage - 0,5%, min 50 €
Transaction fee (all instruments) included in trading fee 3€ Baltic markets
4€ other markets

Transactions with investment fund units
  • Percentage based fees calculated from trade amount.
  • Fund orders submitted to the Bank cannot be cancelled.
  • Fund switch subject to the conditions specified in the fund terms, fee charged only on sell transaction.
  • Foreign fund transaction fee includes standard settlement fees charged by the Bank’s Custodians.
  • Other Estonian funds – subscription and redemption fee may be added subject to fund terms.

  Subscription Regular investment Redemption Switch
Swedbank Group funds free of charge free of charge free of charge free of charge
Other foreign fixed income funds
Franklin Templeton funds 0,5% + 7 € 0,5%, min 0,75 € 7 € 7 €
Funds managed by other management companies 0,5% + 21 € - 21 € 21 €
Other foreign equity and mixed funds
Franklin Templeton funds 1% + 7 € 1%, min 0,75 € 1% + 7 € 7 €
Funds managed by other management companies 1% + 21 € - 1% + 21 € 21 €
Other Estonian funds 1,5 € 0,75 € 5 € 5 €
Other transactions with Estonian securities and fund units Fees charged from both parties of the transaction.
Free of payment transaction 4,8 €
Against payment transaction 3,2 €
Pledge registration / amendment / appropriation 15 €
Transfer of pledged securities 30 €
Pledge release free of charge

Other transactions with foreign securities and foreign funds
  • Fees charged from both parties of the transaction.
  • Bank internal transactions are transactions between the securities accounts of the Bank’s clients.
  • Transaction fee includes standard settlement fees charged by the Bank’s Custodians.

Bank internal transactions 6 €
Bank external transaction
Latvia, Lithuania 10 €
Belgium, Canada, Denmark, Eurobond, Finland, France, Germany, Ireland, Netherlands, Norway, Sweden, UK, USA 15 €
Austria, Czech Republic, Hungary, Italy, Poland, Portugal, Spain, Switzerland 25 €
Bulgaria, Russia 45 €
Foreign funds 45 €
Other transaction fees Cancellation is allowed if instruction is not yet processed by the Bank.
Transaction cancellation transaction fee
Other transactions based on bailiff’s instructions transaction fee
Subscription to a new issue / Participating in an offer transaction fee

Monthly Securities Safekeeping Fees
  • Safekeeping fees are subject VAT. VAT exemption applies if client safekeeps only units or shares of investment funds specified in the Investment Funds Act or investment/ exchange traded funds of the EEA member state.
  • Safekeeping fee is calculated based on the portfolio value on the last date of the calendar month. Securities are priced according to month end prices of the Bank’s local agents, market price or nominal value. Bonds are priced at nominal value. Fees are debited on the 20th or later date of the following month from the Client’s current account linked to the securities account.
  • ETF safekeeping fee equals to the safekeeping fee of its trading country.
  • Safekeeping on other countries is subject to prior agreement with the Bank.
  • Other investments: Austria, Belgium, Canada, Denmark, Finland, France, Germany, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, UK, USA, Depositary Receipts, Poland, Czech, Hungary, Bulgaria, Russia, foreign funds

Swedbank Group funds free of charge
Estonia, Latvia, Lithuania free of charge
Other investments, equities, bonds
Up to 100 000 € free of charge
From the value above 100 000 € 0,008%, max 8 €
Safekeeping of Depositary Receipts (ADR, GDR) is subject to the respective DR Agent’s fees in addition to safekeeping fee.

Other Services
  • Fees for other services are subject VAT.
  • Tax relief at source / tax reclaim and general meeting services are subject to availability on each specific market.
  • Maintenance fee is charged in addition to monthly securities safekeeping fee. Actual cost amount depends on the costs of service on each specific market.
  • Tax reclaim fee will be debited as soon as the tax reclaim application is submitted by the client. The fee will be debited from clients cash Account which is linked to securities account. The fee will not be refunded in case the application is denied by third parties.

Mandatory corporate actions free of charge
Participation through the bank / representing a client at a general meeting 120 € + actual costs
Processing of electronic voting instructions at general meeting 50 € + actual costs
Other corporate action subject to prior agreement
Tax reclaim 60 € + actual costs
Tax relief at source free of charge
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