Northmill Bank, a neobanking group based in Sweden, announced earlier this week the launch of its new 24 months fixed-rate savings account with a 1.35% annual interest rate and state-provided deposit insurance up to SEK 1,050,000. The third savings account’s launch comes almost exactly one year after the launch of the bank’s first savings account, and two months following the membership of Swedish Central Bank’s payment system, RIX.
Northmill Bank also revealed it already offers two different savings accounts. One with a variable interest rate of, at date, 0.85 %, and the other one is a 12 months fixed-rate savings account with, at date, 1.15 % interest rate. Speaking about the launch, Hikmet Ego, CEO and Co-Founder at Northmill Bank, stated:
“We are happy to be able to offer our customers another safe and long-term way of saving money, a year after the launch of our first savings account. We operate in a heavily regulated environment, but once again we prove that we’re able to continuously introduce new products that bring value to our customers. We are extra proud of our product Reduce. The response has been fantastic, as we have managed to lower the interest costs of thousands of people.”
Jacob Thordson, Product Manager at Northmill Bank, added:
“The customer gets a smart and user-friendly experience in the app, as well as a safe deposit up to SEK 1,050,000, which is the state-provided deposit insurance. We continue to broaden our product offering at a rapid pace and are constantly exploring new, smart technologies and customer-focused solutions.”
As previously reported, Northmill was founded in 2006 and is on a mission to straightforward and secure financial services for everyone through new technology, innovation and “lots of passion.”
“Our mission is simple – we develop products that help people save time and money. And we are using the latest technology to do so. We want everyone to be in full control over their personal finances, wherever they are, in a way that is as accessible and customer-friendly as possible.”