Deposit Account in Norway: What Every Tenant Must Know

What is a deposit account?

In Norway, when you rent an apartment, the landlord usually requires a security deposit.

This deposit must legally be placed in a deposit account (depositumskonto) in a Norwegian bank.

The account is created in the tenant’s name but controlled jointly by the tenant and the landlord.

This rule protects both parties.

How much deposit is required

The deposit is typically equal to:

• three months of rent

Norwegian law limits the deposit to a maximum of six months of rent.

The exact amount is specified in the rental contract.

Why the deposit account is important

The deposit account ensures that the landlord cannot access the money without a valid reason.

The funds are only released if:

• the tenant agrees

• both parties sign the release

• a legal decision is made

This protects tenants from unfair deductions.

What happens at the end of the rental period

When the rental agreement ends, the deposit can be returned.

Possible outcomes:

• the tenant receives the full deposit

• part of the deposit is used to cover damages

• the dispute is resolved through the bank or authorities

If there is a disagreement, the bank will not release the funds automatically.

Warning: common scams

Some landlords may ask tenants to transfer the deposit to a private bank account.

This is not legal in Norway.

If you send money to a personal account, the deposit protection does not apply.

Always insist on a deposit account in a Norwegian bank.

Which banks offer deposit accounts

Many Norwegian banks provide deposit accounts, including:

• DNB

• Nordea

• SpareBank

• Handelsbanken

Usually the landlord opens the account and the tenant transfers the deposit to it.

Need help renting in Norway?

The rental market can be difficult to understand for newcomers.

Consultants on Norwygo can help you review contracts and avoid rental scams.