Work out how your BSU savings (Boligsparing for Ungdom — Norway's youth home-savings scheme) grow over time, and how much tax deduction you get along the way.
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BSU (Boligsparing for Ungdom) is a savings scheme in Norway for people under 34, with two benefits: a higher interest rate than a regular savings account, and a tax deduction on your deposits.
The calculator adds your monthly savings amount each year (up to the annual maximum limit), calculates the tax deduction for the deposit, and adds interest to the balance. This is repeated for each year in the period you choose, up to the total savings limit.
The rates are set by the Norwegian Parliament (Stortinget) and change from time to time. This calculator applies to the Norwegian BSU scheme only — most countries don't have an equivalent tax-advantaged home-savings account for young people.
BSU is reserved for people under 34, and is meant to help young people save toward a down payment when buying a home.
Once the account reaches the maximum limit, you can no longer make new BSU deposits or get more tax deduction, but the money continues to sit in the account earning BSU interest until you use it for a home purchase.
Yes, BSU is intended for housing purposes. If you use the money for something other than housing, you generally have to repay the tax deduction you've received.