The banks with the lowest average interest rates

The average interest rate on savings accounts at Swedish banks stood at 0.47% in June, according to a comparison by Zmarta. This figure reflects the general interest rate environment for savers across the country.

In the mortgage market, both fixed and variable rates saw a decline during June. The monthly compilation by Zmarta, a comparison service, indicates a downward trend in borrowing costs for homeowners. The average variable mortgage rate among the 13 largest banks was 2.75% in June. For longer-term fixed rates, the three-year average interest rate fell to 3.30% from 3.41% in May, and the five-year average rate decreased to 3.51% from 3.55% in May.

Analysis of the data reveals significant differences between banks. Skandiabanken offers the lowest variable average interest rate at 2.59%. Conversely, Hypoteket and Ikano Bank provide the highest variable rates to their customers, at 2.95%. These differences can translate into substantial annual cost variations for borrowers. For variable rates, the difference between banks amounts to an extra 3,600 kronor per year for every million borrowed. For those with three-year fixed rates, the difference is 4,600 kronor, and for five-year rates, it approaches 5,000 kronor per million borrowed.