If you live in Sweden and have some extra cash that you can keep aside, consider going for online savings or capital account. An online savings account is exactly what the name sounds – The whole process of application can be done and completed online. Such accounts are offered genuine services registered with Swedish Financial Supervisory Authority. There is also something called the capital account, which does have a binding time and offers a better interest rate than savings accounts. There are many benefits of using services like Viaspar savings account. Here are some quick things to know before you send application.
Why open an online savings account?
Well, there are many benefits of an online savings account in Sweden in particular. Firstly, you can expect to get a higher interest rate. Depending on the service you choose, interest rate on savings account may go as high as 4.50%. There is usually no binding time with such accounts, and you can withdraw the money to your pre-registered account as required. In case of capital accounts, there is a binding time or period of at least one year. The interest rate is higher on accounts that have a longer binding time, increasing often up to 8% annually.
Opening an account and more
To open an account, you have to share your valid e-ID. As long as you are a resident of Sweden and have a valid e-ID, your application will be accepted. The process doesn’t require any complicated paperwork, and the money can be deposited immediately. In case of savings account, there is usually a limit to how much you can deposit, and anything over the limit will be transferred to your bank account automatically. Make sure that you check for all the details before applying and ensure that your money is with the right service. Note that the funds deposited with such services are not covered under Deposit Guarantee Act, which means that if the company goes insolvent, you may lose your money.
If you have the money to spare aside, a capital or online savings account in Sweden is worth applying for. The interest rate is higher, and as long as you choose a reliable service, there are no worries with regards to losing your money. We also recommend that you check the withdrawal procedure and other details before taking the next step, and don’t forget to check the interest rate in detail.