Nordea Bank, the largest bank in Northern Europe, and OP Financial Group, one of the leading financial companies in Finland, have recently announced plans to start paying interest on customers’ current accounts and deposits. This is the first such a move in decades. For many years, Finnish banks were not paying interest on deposit accounts due to deflation trends observed in the eurozone for several years in a row. According to a statement from Nordea's management, the bank will raise deposit rates on accounts held by its retail clients. Thus, the interest rate on checking accounts will be lifted to 0.25% in October, while interest on savings accounts will rise up to 3% already next month. Likewise, OP Financial Group will offer its customers an interest rate of 0.25% on current bank accounts. In the future, the company plans to introduce offers for savings products. The new trend will apply to some 1.9 million customers. The shift in the banks’ policies came in response to stubbornly high inflation in the eurozone, which has been running high since March 2022. In May 2023, Finland witnessed its highest inflation rate in almost 40 years when consumer prices accelerated to an unprecedented level of 6.8%.