Your savings with Nordiska are covered by the state deposit guarantee. This means that the government guarantees your deposits up to a total amount of 1,050,000 SEK per customer and institution if something were to happen to your bank or savings institution. All savings accounts at Nordiska have been approved by the Swedish National Debt Office to qualify for the deposit guarantee.
The deposit guarantee has existed in Sweden since 1996 and aims to strengthen the protection of public deposits and contribute to the stability of the financial system.
How does the deposit guarantee work?
- Protection amount: Your deposited funds, including accrued interest, are protected up to 1,050,000 SEK per customer and institution.
- Extended protection: In certain life events, such as the sale of a private residence, severance payments, or insurance compensation, the protection can be extended up to a maximum of 5 million SEK. This extended protection applies for a period of 12 months from the date the funds were deposited or became available in the account.
- Payout time: The Swedish National Debt Office pays compensation within 7 business days from the time the guarantee is activated.
For full terms and additional details, visit the Swedish National Debt Office’s website.