Engangssum

Engangssum, also known as the "entry sum" or "initial deposit," refers to the initial amount of money required to open and activate a new account in certain financial or membership-based systems. This concept is commonly encountered in contexts such as savings accounts, investment platforms, or loyalty programs, where a minimum deposit is mandated to commence participation.

The purpose of an engangssum is often to ensure that users have a genuine interest in the service and to filter out speculative or short-term engagements. It may also help institutions manage risk by verifying the financial commitment of new members. The specific amount varies depending on the provider, the type of account, and regional regulations. For example, some banks may require a minimum deposit to open a checking account, while investment platforms might set higher thresholds for certain funds or brokerage accounts.

In some cases, an engangssum may be waived or reduced for promotional periods, encouraging new sign-ups. However, failure to meet the initial deposit requirement typically results in the account remaining inactive until the condition is fulfilled. This practice is particularly common in Nordic countries, where the term "engangssum" originates from Danish and Norwegian financial terminology.

While the engangssum serves as a barrier to entry, it can also act as a safeguard for both the user and the institution, promoting responsible financial behavior and sustainable participation. Clear communication of the engangssum requirements helps users make informed decisions before committing to an account.