Most of us are looking for ways to maximize our returns, and if you want something simple and easy, an online savings account might be a good idea. In Sweden, you can actually find services that are registered with Swedish Financial Supervisory Authority and offer both savings and capital accounts that can be opened online. It only takes a few minutes to open something like Viaspar savings account, and the benefits are for real. The interest on basic savings account can be as high as 4.5%, and in this post, we are discussing some of the relevant aspects that matter.

Decoding online savings and capital accounts

An online savings account is exactly what it sounds like. You can open an account and deposit an amount, which can be withdrawn when required. Since such services offer a higher interest rate, there is usually a limit to how much you can deposit in a savings account. The money can be withdrawn easily to your bank account that has been pre-registered with the service. In case you deposit more than what is allowed, the rest will be withdrawn automatically. On the other hand, an online capital account does have a binding time, which means that you have to deposit your money for a specific period, much like a fixed deposit. Expectedly, the interest on such accounts are higher, often as much as 8% for a 3-year binding period. Financial services in Sweden only accept capital accounts for 3 years at the maximum, which is great because you don’t have to wait for long to get your interest income.

How to apply?

The whole process of applying for a savings or capital account can be done online, as long as you are a resident of Sweden and have a valid e-ID. The registration number will be retrieved automatically, and you can deposit money right away, which will reflect in your account within two working days. This can be done through Bankgirot. Withdrawals are equally easy and will be transferred to your bank account.

Other things to know

Online savings and capital accounts do have a limit for deposit, both minimum and maximum. We would recommend that you check all the relevant details before applying and ensure that your money is in safe hands. You should be able to check your account at all times. Check online now to find more on online saving accounts in Sweden.