From January 26 “Swedbank” will start paying customers an interest rate of 0.3% per year for savings in a savings account, according to the information provided by the credit institution.
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From now on, once a quarter, customers of “Swedbank” who use a savings tool in euro currency will receive an interest payment from the bank as an addition to their savings.
“We started paying interest on time deposits some time ago, their rate is higher, because the time deposit provides for a fixed term of the deposit. On the other hand, a person can withdraw money from a savings tool at any time as needed. The savings tool is an essential tool for creating a savings habit and a “safety cushion”, he says Karina Kulberga, head of “Swedbank” Private Persons Department.
Currently, more than 180 thousand “Swedbank” customers use the savings tool, and more than 460 million euros have been accumulated in it. During the year, the amount of savings increased by 35 million, and every month 1,700 customers decide to connect the savings tool, the bank informs.
For both existing and new users of the savings tool, interest will be calculated on the money balance in the savings tool account at the end of each day. On the other hand, the bank will pay the interest on the savings to the savings account once a quarter, automatically paying all necessary taxes. This will take place on a date corresponding to the closing date of the savings vehicle.
The customer can make contributions to the savings tool at his own discretion, and can also connect the rounding function of regular payments and card payments.
On the other hand, the interest rate for classic time deposits was introduced earlier, and in December the rate of time deposits was also revised. Currently, Swedbank’s term deposit rate is up to 0.7% per year for deposits in euro currency. On the other hand, for deposits in US dollars – up to 1% per year.
Swedbank is the largest bank in Latvia in terms of assets.
