Understanding what are the best savings accounts in Sweden is not straightforward. The game changes every month, with new banks, institutions, and players in the financial system. I’ve been living in the country for over 15 years, and it took me a long time to understand how things work and where it is worth putting your money.
Which banks are safe? Can you withdraw the money at any time? What’s the difference between a savings account (Sparkonto) and a checking account or salary account? When does the bank pay the interest to me? Do I need to pay taxes on what I earn?
In this post, we dive deep into all the options in 2024, and I share my experience with all the banks below.
How much can you earn?
In this example, we look at the potential earnings of, let’s say, 100.000 kr in savings accounts with different interest rates.
As you can see, after compounding your savings for 3 years, the difference between a 3.3% savings account and a 3.7% savings account is just 1177 SEK. However, if you go for a worse savings account (typically at a larger bank like Nordea or Swedbank), you can lose up to 5000 SEK or more!
|If you deposit…
|After 1 year
|After 2 years
|After 3 years
Why to open a savings account in Sweden? (Sparkonto)
- Earn Interest: While the interest rates can vary, some Swedish savings accounts offer competitive interest rates, allowing you to earn on your idle cash.
- Safety and Security: Swedish banks are known for their stability and reliability. Plus, deposits in Swedish banks are protected by the Swedish National Debt Office’s deposit guarantee scheme up to a certain limit (as of 2024, the limit is 1,050,000 SEK per depositor per institution).
- Liquidity: Savings accounts in Sweden offer good liquidity, allowing you quick access to your funds when you need them. This is especially useful for unexpected expenses or opportunities.
- Emergency Fund: Having a buffer for unexpected financial challenges, such as job loss, medical emergencies, or unforeseen expenses, is crucial. A savings account provides an accessible and safe place to store this emergency fund.
- e-ID Verification: In Sweden, many banks integrate with BankID or other e-identification systems, making accessing your savings account online and performing various transactions easy and secure.
- Saving for Specific Goals: Be it saving for a “semester” (vacation), a downpayment on a “bostad” (residence), or any other future financial goal, a Sparkonto is an excellent place to accumulate and track these funds.
- Tax Benefits: Depending on the specific savings account type and the prevailing tax regulations, tax benefits or incentives might be associated with saving in a Sparkonto.
- Separation from Everyday Spending: Having a separate account from your everyday transactional account (like a checking account) can help reduce the temptation of impulsively spending your savings.
- Modern Banking Features: Swedish banks are known for their modern digital banking platforms, offering seamless transfers, easy account management, and integration with budgeting tools.
What to consider when opening a savings account
When choosing a high-yield savings account in Sweden, consider the following factors:
In a nutshell
In Sweden (unlike other countries like the US), banks pay you the accrued interest at the end of the financial year. Typically December 31st. This means you cannot compound the interest like in other accounts where they pay you at the end of every month.
Most banks and institutions deduct taxes automatically or at least report to the tax agency Skatteverket, so you don’t need to do a thing.
Keep in mind
All of these options are good, solid, safe, and flexible, with good online banking and a deposit guarantee. However, regarding reviews from actual users, the two winning options are Avanza and Avida. If you are looking to combine it with credit cards, look into Northmill, Coop, and Marginalen.
|Interest rate (ränta)
|Credit Rating (Risk)
What are the best High-Yield Savings Accounts in Sweden in 2024?
Avanza’s savings accounts are among the best in Sweden because they offer high interest rates, low fees, and easy access to your money. The current interest rate on Avanza’s savings accounts is ranging 3.35%-3.45%, which is higher than the average interest rate in Sweden. Avanza also does not charge any fees for its savings accounts.
In addition to high interest rates and low fees, Avanza’s savings accounts are also easy to use. You can open an account online in just a few minutes and make deposits and withdrawals whenever you want.
What we love about Avanza
Safe. Good Reputation. Easy to use dashboard. Plenty of investment products and options. Open and close different savings accounts in a few clicks.
The biggest advantage compared to other banks is that Avanza has an innovative product: cooperative savings accounts with major banks! (Sparkonto med ränta, or Sparkonto+).
After creating an account on Avanza, you can open a Sparkonto under the menu. There, you will see different options depending on the cooperation with each bank; for example, Nordax, Borgo, and Froda offer interest rates of up to 3.45% yearly, while Resurs, Santander, and Klarna offer 3.40%, with no binding time.
This means your money will be hosted on those banks but managed through Avanza. You don’t need to do anything special and will have no connection to the backend bank except through Avanza. After creating the account, you will see it as any other savings account in Avanza, with no difference.
This is a big advantage if you want to move your funds within different account types in Avanza rapidly. There’s a single log-in, and since Avanza has a broad range of other investment products and offers, it’s very convenient to have everything in the same place. It also protects you from policy changes from the banks.
The downside is that if you open an account with those banks directly (Santander, Resurs, Bank Norwegian, etc.), the interest rate is slightly higher (e.g., 3.55% with Santander instead of 3.4%). That’s how Avanza makes a profit.
Main advantages of Avanza
- Great interest rates: Avanza offers savings accounts (sparkonto) with super competitive interest rates.
- User-Friendly Platform: One of the major draws for Avanza users is its intuitive and easy-to-use online platform. Both the website and the mobile application are designed to provide a seamless user experience.
- Transparent Pricing: Avanza offers clear and transparent pricing, with no hidden fees, making it easier for users to understand the costs associated with their investments.
- Wide Range of Investment Options: Avanza offers a vast array of investment products, including stocks, bonds, mutual funds, ETFs, and more. This gives investors the flexibility to diversify their portfolio.
- Trust & Reputation: Over the years, Avanza has built a strong reputation in the Swedish market, winning multiple awards and recognitions for its services.
- Ultra-low Fees: Avanza is known for its low fee structure, which is attractive for both novice and seasoned investors. The platform often offers zero-fee trading for certain products or under specific conditions.
- Comprehensive Investment Tools & Analysis: Avanza provides a suite of tools for investors to analyze their portfolios, monitor market trends, and make informed decisions. They also offer insights, news, and articles to keep users informed.
- Educational Resources: Avanza is dedicated to educating its users, providing webinars, tutorials, and articles on investment strategies, market trends, and financial planning.
- Strong Customer Service: The platform is well-regarded for its responsive and helpful customer service team.
- Robo-Advisor – Avanza Auto: For those who prefer a hands-off investment approach, Avanza introduced its robo-advisor service that automatically invests and rebalances users’ portfolios based on their risk preferences.
With a savings account at Bank Norwegian, part of the NOBA Bank Group, you get one of the market’s best interest rates on your saved money. Opening a savings account with Bank Norwegian is free of charge, and there are no withdrawal limits.
Bank Norwegian savings accounts are covered by the government’s deposit guarantee up to SEK 1,050,000.
What we love about Bank Norwegian
It’s a perfect complement to the Bank Norwegian Visa credit card. If you are already a client, or want to earn CashPoints or Cashback with their card, this savings account is a no-brainer.
Main advantages of Bank Norwegian
- Competitive Interest Rates: Historically, Bank Norwegian has offered competitive interest rates on their savings accounts compared to many traditional banks.
- Integrated Services: For those who use other Bank Norwegian services, like credit cards or loans, having a savings account with them might make managing finances more seamless. It’s a great complement to Bank Norwegian Credit Card.
- No Fees: Many users have appreciated that there were no fees associated with the savings account. This includes no monthly fees, no deposit fees, and no withdrawal fees.
- Easy Online Access: like many modern banks, Bank Norwegian offers easy online access to your account. This allows you to manage your savings, check your balance, and perform transactions anywhere and anytime.
- Security: The bank provides robust online security measures to protect the funds and the personal data of its customers.
- Deposit Guarantee: Like other banks, Bank Norwegian’s deposits were protected by the Norwegian Banks’ Guarantee Fund up to a certain limit. This assures depositors that their money is safe.
- Simple Setup Process: Opening an account online with Bank Norwegian has historically been straightforward, with a streamlined process for new customers.
Northmill Bank is a Swedish digital bank founded in 2006. The company develops and offers cashless and modern banking solutions. What I love about Northmill is not only their savings account up to 4% interest, but also their overdraft account up to 50.000 SEK. This is an easy way to get a credit line at a low interest rate, without worrying about messy statements. Northmill Bank is supervised by the Swedish Financial Supervisory Authority and covered by the Swedish Deposit Guarantee Scheme.
Main advantages of Northmill
- No fees: Northmill Bank does not charge any fees for current accounts, debit cards, or savings accounts. This makes it a very attractive option for customers who are looking to save money on banking fees.
- High interest rates: Northmill Bank offers extremely high interest rates on its savings accounts, making it a good place to save money.
- Flexible account credit: Northmill Bank customers can apply for account credit, which allows them to borrow money at a low interest rate compared to credit cards. This can be useful for unexpected expenses or for consolidating debt.
- Easy-to-use app: Northmill Bank’s mobile app is easy to use and allows customers to manage their finances from anywhere.
- Excellent customer service: Northmill Bank is known for its excellent customer service. It has been ranked as the highest-rated bank on Trustpilot in Sweden for several years.
- Sustainable initiatives: Northmill Bank is committed to sustainability. Its debit cards are made from recycled plastic, and it uses renewable energy to power its data centers.
- Innovation: Northmill Bank is constantly innovating and launching new products and services. For example, it was one of the first banks in Sweden to offer Apple Pay and Samsung Pay.
Avida Finans is not a bank; it is a credit market company with the right to conduct financing activities such as deposits, debt collection services, invoice purchases, invoice loans, leasing, and more. We also offer lending to private individuals through personal loans and online credit. They are under the supervision of the Financial Supervisory Authority.
Main advantages of Avida
- Savings Account (Sparkonto) – AvidaSpar is a savings account with a high savings rate and free withdrawals that is covered by the government’s deposit guarantee. The account has no lock-in periods or hidden fees; you can deposit and withdraw money as often as you like. You open a savings account with BankID or Mobile BankID.
- Personal Loans (Privatlån) – Avida Finans provides unsecured personal loans for various purposes, such as home improvement, debt consolidation, or other personal expenses. These loans typically do not require collateral.
- Company and Business Services (Företagsfinansering) – Avida offers a solid range of services for companies, small and medium-sized enterprises, a personal manager, and full online control through their dashboard. Avida offers invoice borrowing, invoice purchase, export factoring, business credit, and debt financing (including company loans/företagslån)
- Credit Line (AvidaKrediten) – AvidaKrediten allows you to decide when to borrow money. You choose when you want to withdraw to your bank account via their online dashboard, and you do not have to withdraw the entire amount at once. You only pay interest on the amount you used. The money is in your bank account the next banking day.
Santander Consumer Bank (Sweden) is a subsidiary of Banco Santander, one of the largest banking groups in the world. It is a leading provider of consumer finance products in Sweden, offering a wide range of loans, including personal loans, car loans, and credit cards. The bank also offers savings accounts and investment products. Santander Consumer Bank (Sweden) is committed to providing customers with simple, personal, and fair financial solutions.
Main advantages of Santander Consumer
- Global Presence: Being part of the Santander Group gives customers the assurance of banking with an institution of global repute with vast experience in different markets.
- Competitive Products: Santander Consumer Bank often offers a range of competitive banking products, from loans and credit cards to savings accounts.
- Digital Banking: The bank has invested in modern online and mobile banking platforms, enabling customers to manage their accounts, transfer funds, and perform other operations conveniently.
- Customer Service: Many customers appreciate the bank’s efficient customer service, available through various channels including online chat, phone, and in-branch services.
- Security: Like most established banks, Santander Consumer Bank provides robust security features to protect customers’ data and funds from potential threats.
- Flexible Loan Options: The bank is known for its flexible consumer loan options, catering to a wide range of customer needs.
- Deposit Insurance: Deposits in the bank are protected under the Swedish deposit guarantee scheme, ensuring safety for the funds up to a certain limit.
- Branch Network: Despite the rise of online banking, having a physical branch network can be an advantage for customers who prefer in-person banking services or consultations.
- Diverse Financial Products: Santander Consumer Bank provides a range of financial products and services, allowing customers to have a comprehensive banking experience with just one institution.
Their savings account is called Coop Kapitalkonto, a flexible account with no fees and variable interest. Unlike an account with a fixed interest rate where you lock the money for an agreed period, you can withdraw your savings whenever you want. The current interest is deposited into the savings account once a year at the end of the year.
Main advantages of Coop
- Member Benefits: If you’re a Coop member, you might receive special offers, rates, or rewards not available to non-members.
- Integration with Shopping: Having a financial product with Coop might offer advantages or rewards when shopping at Coop stores, creating a synergy between your banking and shopping experiences.
- Competitive Interest Rates: Like many institutions aiming to attract depositors, Coop might offer competitive interest rates on their savings accounts.
- Online Banking: Modern banking features like online access, mobile apps, and digital account management are likely to be standard.
- Security: Being a significant entity in Sweden, Coop is expected to employ strong security measures to protect its customers’ banking activities.
- Swedish Deposit Guarantee: Like other Swedish banks, deposits at Coop are protected under the Swedish deposit guarantee scheme, safeguarding your funds up to a certain limit.
- Customer Support: Coop’s widespread presence in Sweden might offer an advantage in terms of accessibility and customer support.
- Loyalty Programs: Given Coop’s retail background, they might have integrated loyalty programs that benefit regular shoppers who also bank with them.
Marginalen Bank is a Swedish-based financial institution providing competitive interest rates, a secure online platform, and protection under the Swedish deposit guarantee scheme. The bank offers customers a trustworthy environment for their financial needs. Furthermore, its no-fee approach and strong customer support make it attractive for individuals seeking efficient banking solutions.
Open a savings account quickly and easily. The only requirements for opening the Savings Account are to be at least 18 years old, registered in Sweden, and have a Swedish social security number. After your application, it takes approximately 1-2 banking days before the account is set up.
Main advantages of Marginalen
- Diverse Financial Products: Marginalen Bank offers a wide range of products and services, catering to various customer needs. This includes personal loans, business loans, savings accounts, credit cards, and more.
- Customer-Centric Approach: The bank emphasizes its commitment to putting customers at the center of its operations, which can lead to a more personalized banking experience.
- Digital Banking Services: Like many modern banks, Marginalen Bank has invested in online and mobile banking platforms, making it convenient for customers to manage their finances on the go.
- Business Solutions: Apart from personal banking, Marginalen Bank also provides a range of services tailored for businesses, which can be beneficial for entrepreneurs and SMEs.
- Transparency: Historically, the bank has been known for its clear communication and transparent fee structures, which can be appreciated by customers who want to avoid hidden charges.
- Strong Regulatory Compliance: Being a bank in Sweden means that Marginalen Bank operates under the stringent regulatory environment of the Swedish Financial Supervisory Authority (Finansinspektionen). This ensures a high standard of operation and security for its customers.
- Innovative Financial Solutions: Some customers might find value in Marginalen Bank’s unique or innovative products and solutions that differentiate it from other traditional banks.
8. Resurs Bank
Resurs Bank is a prominent niche bank in the Nordic region, known for its versatile financial services. With competitive interest rates, a user-friendly online banking experience, and the security of the Swedish deposit guarantee scheme that protects funds up to a specified limit. Additionally, Resurs Bank stands out for its commitment to fee-free account management, innovative digital solutions, and responsive customer service, making it a compelling choice for those aiming to maximize and safely manage their savings.
I first learned about Resurs through Avanza, where I opened a joint savings account as part of their Sparkonto+ program.
Main advantages of Resurs Bank
- High interest rate: Resurs Bank savings accounts offer a competitive interest rate, currently 3.85% annually.
- Flexible account: You can deposit and withdraw money as needed without any fees.
- No fees: There are no monthly fees or maintenance fees for Resurs Bank savings accounts.
- Easy to open: You can open a Resurs Bank savings account online in just a few minutes with BankID.
- Secure: Resurs Bank is a regulated bank, so your money is safe.
- You can get a credit card on top of your account, which you can use to make purchases or withdraw cash from ATMs.
- You can set up automatic transfers from your current account to your savings account, so you can save money on a regular basis.
- You can get access to online banking and mobile banking, so you can manage your account 24/7.
Conclusion: Savings Accounts in Sweden
Should you open a savings account? Yes. Where? The truth is that pretty much any of these banks will get the job done for you. Any interest rate you get above 3.30% is really good, and all the options have digital banking, with instant accounts, no fees, and free withdrawals.
The decision of which one to choose has to be according to your financial context. Do you also want a good credit card and use the same login to transfer money instantly? Then go for Coop, Resurs, Bank Norwegian or Bank Norwegian. Do you want to easily invest in other products? Go for Avanza. Do you have loans? Then maybe go for Avida.
Just go for the one you trust the most, using Trustpilot’s reviews, or look around at the brand. All of these institutions are backed up by the government and heavily regulated.