Terms and conditions for personal customers
Here, you can read the applicable terms and conditions for personal customers, both existing and new, as of 15 September 2023.
1. Introduction
These terms and conditions apply to all deposit accounts with kompasbank a/s, CVR no. 38803611, Frydenlundsvej 30, 2950 Vedbæk, email: support@kompasbank.dk, phone: +45 38 42 33 00, hereinafter referred to as "kompasbank" or "the bank." kompasbank is licensed to operate banking activities by the Danish Financial Supervisory Authority (Finanstilsynet), Århusgade 110, 2100 Copenhagen Ø, under license no. 28005.
By signing the agreement to open a deposit account using your MitID, you also accept these General Terms and Conditions for Deposits. The General Terms and Conditions for Deposits apply unless otherwise agreed in your Deposit Agreement.
kompasbank offers standard deposit products without individual advisory services.
The most recently updated General Terms and Conditions for Deposits are on kompasbank's website. kompasbank may amend its General Terms and Conditions for Deposits at any time.
2. Establishment of Customer Relationship, Identification Requirements, etc.
When you become a customer of kompasbank, you must provide your name, address, and CPR number, and sign using MitID. You can only open an account if you have a Danish CPR number, MitID, and already hold an account with another financial institution in Denmark. You must be at least 18 years old and legally competent.
Only private individuals may open deposit accounts with kompasbank. Persons who are tax residents in countries other than Denmark are not eligible to open accounts with kompasbank.
3. The Anti-Money Laundering Act
Under the Anti-Money Laundering Act, kompasbank must collect and verify information about your identity. You are therefore required to provide identification details to kompasbank both when opening the account and, if requested, at a later stage.
You are also obligated to provide information about the purpose of your agreement with kompasbank and the origin of the funds deposited into accounts at kompasbank. You will be asked to answer a series of questions when opening the account, which must be answered accurately. kompasbank may later request additional information if necessary, for example, to comply with the Anti-Money Laundering Act.
If you refuse to provide the requested information or identification documents required for the bank to fulfill its obligations under the Anti-Money Laundering Act, or if it is found that you have provided misleading or incorrect information, kompasbank has the right to terminate the agreement with immediate effect. Furthermore, we may terminate your customer relationship, in whole or in part, with two months' notice if you move to, reside in, or stay in a country outside the EU or EEA.
If kompasbank suspects that one or more transactions involve money laundering or terrorist financing, the bank must report the matter to the relevant authorities.
4. Digital Communication
kompasbank will communicate with you digitally regarding your agreements, and by agreeing, you consent to being contacted by email, via your e-Boks, in the online bank, and by phone.
5. Deposits
Payments to a deposit account must generally be made as a single transfer to the account number provided at the time of account opening.
If the sending financial institution has a transfer limit, splitting the payment into one or more will be accepted.
If a fixed term has been agreed for the deposit account, it will commence once a deposit has been received in the account. If the fixed term ends on a weekend or public holiday, it will be extended to the next banking day.
6. Expiry of the Fixed Term
When the fixed term for a KOMPAS FAST account expires (regardless of duration), your funds will automatically be transferred to a KOMPAS BASIS savings account.
A KOMPAS BASIS account is a savings account with no fixed term and a variable interest rate. You may request a withdrawal from your NemKonto anytime via the online bank (within five business days from receipt of such request).
7. Online Banking
Once your account is opened, you will also gain access to kompasbank’s online bank, where you can monitor your account(s) with kompasbank and communicate with the bank. You can access the online banking platform here.
You can view information about your balances, interest rates, fees, and more in the online bank.
8. Interest Calculation and Interest Accrual
We offer products with both fixed and variable interest rates. Unless otherwise agreed in writing with kompasbank, the deposit interest rate is variable, and the current interest rate is available on kompasbank's website: www.kompasbank.dk.
Interest is calculated based on the number of days/365 days per year. Interest is calculated daily and credited to the account annually on December 31, upon a change in the interest rate, and when the amount is paid out.
When interest is credited, kompasbank books the interest accrued since the last interest crediting. The interest date (value date) is the day a deposit becomes effective in calculating interest on the account. As a general rule, the interest date for deposits is the first banking day after the date of deposit, understood as the next day on which kompasbank is open for business.
Change of Interest Rate – Variable Rate
Kompasbank may change the interest rate at any time for deposits with a variable interest rate, as described below.
Unless otherwise agreed in writing, kompasbank may change the interest rate with 1 month's notice if:
Market and profitability-related conditions, including competitive conditions in Denmark or abroad, justify a change;
kompasbank wishes to adjust its general interest and pricing structure for business reasons unrelated to general market interest rate developments. This may be, for example, due to profitability considerations or to make more efficient use of resources or capacity.
In addition, kompasbank may change the interest rate without notice if the change is in your favor and/or if:
Monetary or credit policy changes in Denmark or abroad affect the general level of interest rates;
Funding costs change;
Other developments in general interest rates—e.g., in the money or bond markets—occur in a way that impacts the bank.
In the event of significant changes to interest rates, you will be notified directly via the email address you provided when opening your savings account. The change will also be published on the bank's website: www.kompasbank.dk.
9. Fees and Fee Changes
The current fee rates are available on kompasbank's website: www.kompasbank.dk For existing customer relationships, kompasbank may change fees with 1 month's notice, unless a fixed interest rate has been agreed in your Deposit Agreement. Changes that are to your advantage may take effect without notice.
Fee rates in existing customer relationships may be changed for business or market-related reasons, for example, if:
kompasbank incurs increased costs, including losses, taxes, or duties, or due to changes in customer behavior;
A more appropriate allocation of resources is required, leading to increased costs for kompasbank;
The change is made to strengthen the capital base;
The conditions that influenced the original pricing of individual fees have changed.
kompasbank may also introduce new fees on the same grounds mentioned above, with at least 3 months' notice.
If fee rates significantly change, you will be notified directly via the online bank or your e-Boks. The change will also be published on the bank's website, www.kompasbank.dk.
10. Liability for Damages
kompasbank is liable for damages if, due to errors or negligence, the bank performs its agreed obligations with significant delay or in a defective manner.
kompasbank is not liable for losses resulting from:
Breakdowns in or lack of access to IT systems, or damage to data in such systems, due to the conditions listed below, regardless of whether kompasbank or an external provider operates the systems;
Occurrence or threat of natural disasters, war, uprisings, or civil unrest;
Failures in kompasbank’s power supply or telecommunications, sabotage, terrorism, or vandalism, including computer viruses and hacking.
Strikes, lockouts, boycotts, or blockades, regardless of whether the conflict is directed at or initiated by kompasbank or its organization, and regardless of the cause.
Other circumstances, including legislative interventions or administrative acts, are beyond kompasbank’s control.
kompasbank’s exemption from liability does not apply if the bank should have foreseen the event that caused the loss when the agreement was made, or if the bank should have avoided or overcome the cause of the loss. The exemption also does not apply where legislation, in any case, holds the bank liable for the event causing the loss.
kompasbank can only be held liable for direct and foreseeable losses resulting from culpable acts or omissions. Indirect losses cannot be claimed for compensation.
11. Set-off
kompasbank may, without prior notice, set off any due or undue claim against you against any amount you have with kompasbank.
12. Termination
Specific rules and limitations apply to your ability to terminate the deposit agreement with kompasbank. Please refer to the terms in the Deposit Agreement between you and kompasbank.
13. Marketing
When opening a deposit account, you can check the box “Yes, I would like to receive electronic marketing.” If you consent to receive marketing material, kompasbank will use and store your information for two years or until you withdraw your consent.
You may notify kompasbank anytime via the online bank if you no longer wish to receive marketing material.
14. Processing and Disclosure of Personal Data
By data protection legislation, kompasbank is required to inform you about the processing of the personal data we have registered about you. You can read about our processing of personal data and your rights in kompasbank’s Privacy Notice.
Below is a summary: Your information is used for ongoing administration and to provide financial services to current and former customers.
kompasbank registers information about you, including your name, address, and CPR number, during the application process. This information is necessary for kompasbank to enter into an agreement with you and to fulfill legal reporting obligations to the Danish Tax Agency (SKAT), among others. The information also ensures that kompasbank complies with applicable laws, including the Anti-Money Laundering Act.
kompasbank may also obtain information from publicly available sources and registers, such as the Central Person Register (CPR). kompasbank may disclose necessary information about you to fulfill agreements with you, for example, transfer funds to your account at another financial institution.
kompasbank may, without your consent, disclose standard customer information to companies performing administrative tasks on behalf of kompasbank. Only standard information is disclosed to perform administrative tasks, such as customer administration.
Additionally, kompasbank may use your name and address in connection with reversing payments that were mistakenly transferred to your account. Your information will also be disclosed to public authorities to the extent required under Danish law.
15. Retention of Information
We retain customer information only for as long as necessary and as required under applicable legislation. According to the Anti-Money Laundering Act, information must be stored for 5 years after the customer relationship has ended. Thereafter, it will be deleted or anonymized.
16. Good Practice for Financial Enterprises
kompasbank is subject to the Executive Order on Good Practice for Financial Enterprises.
17. Right to Complain
You have the legal right to file a complaint. A written complaint must be submitted to kompasbank’s Legal Department, which is responsible for handling complaints. The address is: kompasbank A/S, Frydenlundsvej 30, 2950 Vedbæk, Email: klag-til@kompasbank.dk
If your complaint is not upheld, you may contact the Danish Complaint Board of Banking Services: Pengeinstitutankenævnet, Amaliegade 7, 1256 Copenhagen K, website: www.fanke.dk
If you wish to complain about kompasbank’s failure to comply with the Executive Order on Good Business Practice for Financial Enterprises, you may contact the Danish Financial Supervisory Authority (Finanstilsynet): Strandgade 29, 1401 Copenhagen K, website: www.finanstilsynet.dk
18. Guarantee Scheme
kompasbank is covered by the Danish Deposit Guarantee Scheme, the Danish Guarantee Fund (Garantiformuen). The maximum coverage per customer is currently EUR 100,000 (approximately DKK 750,000). The "Information Sheet – Basic Information about Deposit Protection" sheet is available at www.kompasbank.dk. Further information about coverage and the conditions for coverage under the Guarantee Fund can be found at www.fs.dk.
19. Changes to General Terms and Conditions
We may amend the terms and conditions with immediate effect if the changes benefit you or do not affect you. Otherwise, we will provide three months' notice before the changes take effect.
When we notify you of changes, we will inform you directly via a digital message—for example, through Netbank, e-Boks, or similar channels. If you do not wish to be bound by the new terms, you must inform us before the changes take effect. If we do not hear from you, we will consider it your acceptance of the changes.
20. Right of Withdrawal
Under the Danish Consumer Contracts Act, you can withdraw from the account agreement within 14 days if the contract was entered via Netbank or kompasbank’s website. The withdrawal period generally begins on the day you gain access to the account. If you wish to withdraw, you can notify us using the contact function in the online bank.
21. Governing Law
Any legal disputes between kompasbank a/s and you shall be governed by Danish law.
Vedbæk, 1 March 2025.