Norway BSU Calculator
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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How to use the BSU calculator
- Enter how much you've already saved in your BSU account.
- Enter your planned monthly savings amount and expected interest rate.
- Enter how many years you plan to save — the calculator shows the expected balance and total tax deduction.
How BSU savings are calculated
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.
Worked example: saving 2,000 kr a month is 2,000 × 12 = 24,000 kr a year, below the annual cap of 27,500 kr. The tax deduction is 24,000 × 10 % = 2,400 kr per year, so 2,400 × 5 = 12,000 kr over five years, and the balance grows to 196,024 kr at 4 % interest. Note that the deduction rate is 10 %, not the 20 % that applied before 2024, and it only applies to deposits up to the annual cap.
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 tax deduction is subtracted from the tax you actually owe, not from your income — so it isn't automatically a benefit for everyone. If you have low or no taxable income in a given year (for example as a student), you may not be able to use the full deduction that year. Interest on the BSU account counts as ordinary capital income and is taxed accordingly, the same way interest on any other savings account is.
If you're buying a home together with a partner, you can each have your own BSU account and use both toward the same purchase — this roughly doubles the effective savings and deduction benefit compared to only one of you saving.
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.
Frequently asked questions
Who can open a BSU account?
BSU is reserved for people under 34, and is meant to help young people save toward a down payment when buying a home.
What happens when I reach the total savings limit?
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.
Do I have to use the BSU money for housing?
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.
Do I get the tax deduction regardless, even if I pay little tax?
No. The deduction is subtracted from the tax you actually owe that year, not from your income. If you have low or no taxable income (for example as a student), you may end up not using the full deduction.
Can my partner and I each have a BSU account for the same home purchase?
Yes. If you're buying a home together, you can each use your own BSU savings and your own tax deduction toward the same purchase, as long as you're both under 34 and still meet the other requirements.