Compare Savings Accounts and Rates in Sweden
Depositing your money in a savings account with interest is an effective way to make it grow. Savings rates differ based on account types and the duration you’re willing to commit to. Here, you can learn more about how it all works and compare Swedish savings accounts and rates to find the best suitable option.
List updated 11 march 2024.
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Company |
Variable savings rate | Fixed rate 1 year | |
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4,30% | – | Läs mer |
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4,15% | 3,75% | Läs mer |
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4,10% | – | Läs mer |
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4,00 % | – | Läs mer |
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3,90% | 3,80% | Läs mer |
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3,85% | – | Läs mer |
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3,80% | – | Läs mer |
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3,75% | 4,20% | Läs mer |
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3,75% | 4,05% | Läs mer |
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3,75% | – | Läs mer |
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3,70% | 3,90% | Läs mer |
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3,60% | – | Läs mer |
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3,60% | – | Läs mer |
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3,50% | 3,70% | Läs mer |
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2,70% | – | Läs mer |
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– | 5,00% | Läs mer |
How To Open a Savings Account With Interest in Sweden
1. Compare Savings Accounts With Us
Explore our list to discover the current savings rates offered by popular Swedish banks and financial institutions. Easily compare both variable and fixed interest rates.
2. Open a Savings Account
When you have found the savings account with the best interest rate for you, click on the link to access the company’s or bank’s website. There you can read more and open an account.
3. Deposit Money and Watch It Grow
Once you’ve opened your account and deposited money, just sit back and watch the money grow with the savings rate. If you want to deposit more money or withdraw it, talk to your bank.
Why Invest in a Savings Account With Interest?
Saving in an interest account ensures earnings and safety, with state insurance protecting your money in case of bank issues. While other options may offer higher returns, a savings account remains the safest and simplest way to save.
High Yield Savings Accounts in Sweden
High yield bonds are issued by companies with lower credit ratings, traded in the fund market. These funds typically span 3–5 years and cater to individuals seeking higher returns than traditional savings options. However, the term high yield is also used for banks and companies that simply offer a higher interest than regular savings accounts.
In Sweden, high yield accounts can give you good interest and few fees, but the rates can change and the risk is higher in comparison to a regular savings account. You also need to watch out for fees if you withdraw too often.
How To Find the Account With the Best Savings Rate in Sweden 2024
State guaranteed savings accounts offer a stable interest rate of 0–4%, ensuring you receive the agreed-upon interest. Choosing deposit companies and high yield savings accounts involves a slight risk of total loss but offers the chance for a higher annual interest rate, up to 10%. For better returns, consider locking in your money for a longer time with fewer withdrawal options.
Compare Savings Accounts With Sambla
Use Sambla to effortlessly compare savings accounts and find the best fit for you. Consider interest rates, deposit guarantees, minimum and maximum savings, commitment periods, and free deposits/withdrawals. If you’re not ready to compare immediately, feel free to explore the rest of the page for additional information.
Which Savings Account Is Best?
A savings account with a high interest rate isn’t always the best option. It depends on your risk tolerance and whether you prefer quick access to your money or not. Start by figuring out if you want:
- Savings with variable or fixed interest
- State deposit guarantee or no guarantee at all.
What is Savings Interest?
Savings interest, or deposit interest, is the money the bank pays you for keeping your savings with them. Because rates vary, it’s a good idea to compare savings rates from different banks and financial players before deciding where to invest.
While savings interest provides a secure return, there are several choices that can affect it:
Variable Savings Rate
A variable savings rate has no fixed term. It adjusts based on market rates, meaning the rate can either increase or decrease quickly. With this type of interest, you can easily withdraw your money whenever you need. Unrestricted savings accounts, also known as transaction accounts, typically offer lower interest rates. Still, they’re ideal if you wish to save up a risk-free buffer.
Fixed Savings Rate
If you’re willing to put your money away for a set time, a fixed interest account can give you better returns than an account with a variable rate. These accounts usually have commitment periods of a few months to five years. Remember, the longest commitment doesn’t always mean the highest interest rate.
Before choosing a fixed-interest account – also called an investment account – make sure you won’t need to take out money during the commitment period to avoid penalties or losing interest.
Read more: Compare loans in Sweden
State Deposit Guarantee for Savings Accounts
The state deposit guarantee is an EU directive that keeps your savings secure, even if the bank faces issues. For a bank or a credit market company to be covered by the state deposit guarantee, they must have permission from the Financial Supervisory Authority.
Up to SEK 1,050,000 is protected with one bank, and you can spread your savings across different banks, all covered. If a bank goes bankrupt, the state refunds your money. All savings accounts you can compare using our service are covered by the state deposit guarantee.
No Deposit Guarantee
Choosing savings banks or deposit companies can give you a higher interest on your savings. On the downside, they don’t have state deposit guarantees, meaning you could lose all your savings if the company goes bankrupt. Deposit companies might offer good interest rates, but the risk is much higher than with banks that have deposit guarantees.
Increased Customer Safety
To protect customers, the rules for deposit companies have been made stricter. Now, only financial associations and registered limited companies approved by the Financial Supervisory Authority can perform deposit operations. Also, they can only receive a maximum of SEK 50,000 per customer.
Is There Always a Minimum and a Maximum Amount Limit?
Banks and financial institutes decide deposit amounts themselves, usually ranging from a minimum of SEK 5,000 to a maximum of SEK 1,050,000, as the deposit guarantee doesn’t cover amounts beyond that.
Read more: Mortgage loans
What Does Interest on Interest Mean?
Interest on interest means your earned interest gets added to your savings, and future interest is calculated on both your initial amount and the added interest. This boosts your total earnings, especially over multiple years.
A Calculation Example
This table shows how a savings account with a 3% annual interest rate can grow thanks to interest on interest. Starting with SEK 20,000 and adding SEK 1,500 monthly, the interest effect kicks in. In year one, you gain just under SEK 900, but by year two, it doubles to over SEK 2,000.
As the years pass, the profit accelerates. Between years 9 and 10, it jumps from SEK 29,700 to 36,320 – more than SEK 6,600 profit in one year! Even if you don’t save for that long, this showcases the snowball effect with a high-interest rate.
Read more: Personal loans
4 Saving Tips When Opening a Savings Account in Sweden
Saving up money is easier said than done. Here are 4 final tips from Sambla:
1. Make Saving a Routine
Save money every month and watch small investments grow big over time.
2. Don’t Put All Your Money in One Place
Mixing up your savings is safer, especially if it involves higher-risk options like stocks or mutual funds.
3. Pick an Account With Good Interest Rates for Your Savings
A high yield savings account in Sweden can help your money grow faster.
But if you prefer having quick access to your money and want to avoid potential risks, you might want to choose a savings account with a slightly lower interest rate.
4. Cut Back on Spending
A good way to save money is to simply stop buying things. If you have loans, think about combining them for a lower interest rate. And make sure your mortgage rate isn’t higher than what most people get at your bank.
Read more: Payday loans
Frequently Asked Questions – Savings account
What are the saving rates in Sweden?
The top variable interest rates are usually 3–4%, while the fixed rates tend to be marginally higher. These rates are offered by banks or companies protected by the state deposit guarantee.
Which bank has the best high yielding savings account?
In Sweden, Bank Norwegian, Avanza and Avida Finans consistently earn top marks from consumers for their savings accounts, with an attractive interest rate typically hovering around 4 %. But make sure to compare interest rates before you decide.
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