Opening An Online Savings Account In Sweden: A Quick Overview!

If you want to get a higher rate than what most traditional lenders and banks would offer, you can consider an online savings account. In Sweden, there are services that are authentic and registered with Swedish Financial Supervisory Authority, and you can open an account in minutes. Simply called an online savings account, this form of savings is great for anyone who wants to make some extra money through interest. Something like Viaspar savings account will offer an interest rate of 4.5%, and there is no binding time, which means you can get the money when you want. In this post, we are discussing more on opening an online savings account in Sweden.

Online savings vs. capital account

An online capital account in Sweden, for the uninitiated, allows applicants to deposit money for a period, similar to standard fixed deposits. The longer the binding time, the higher is the interest rate. You can expect to get as much as 8% annually for a 3-year period. Note that that both online savings and capital accounts offered by such services are not covered under Deposit Guarantee Act, so if the financial service goes insolvent, you can lose your money. However, as long as you choose the right company to open an account, you can expect to get a great income from investing your money for a short period, usually not exceeding 3 years.

How to open an account?

For both savings and capital accounts, you can complete the entire process online, as long as you have a valid e-ID and are a resident of Sweden. You can check with the financial service to know if they have other requirements, and the whole process just takes a few minutes. Using the clearing system of Bankgirot, you can make a payment immediately, which will reflect in your account in a matter of one to two working days. Note that there is a limit to the amount you can deposit with a service, usually not exceeding SEK 50,000. There is also a minimum amount that you must deposit in a savings account.

Final words

Now that you know all that matters for opening an online savings account in Sweden with a higher interest rate, we recommend that you check all the relevant terms and conditions in detail. With the right service, you can make huge with your spare cash that otherwise wouldn’t be earning much in your general account.