A bank, such as Nordiska, is authorised by the Swedish Financial Supervisory Authority (Finansinspektionen) to conduct banking operations under the Banking and Financing Business Act (2004:297).
This means the bank has the right to offer savings, lending, and payment services, but the range of products and services varies between banks.
Customer funds are normally covered by the Swedish deposit guarantee.
Banks are supervised by Finansinspektionen and must comply with strict rules on capital, security, and consumer protection.
At Nordiska, all savings accounts are covered by the Swedish government deposit guarantee, which is administered by the Swedish National Debt Office (Riksgälden).
This means that the state guarantees your total deposits with Nordiska up to SEK 1,150,000 per customer.
More information is available on Riksgälden’s website: Bankaktiebolaget Nordiska (publ) – accounts covered by the guarantee
A neobank is not a legal banking term but refers to new, digital financial institutions that provide bank-like services entirely online, often through apps or web platforms.
Some neobanks hold a banking licence within the EU and are supervised by a national financial authority, while others operate as payment institutions or fintech companies without a full banking licence.
This means that regulation, consumer protection, and deposit guarantees may differ between neobanks.
Neobanks without a banking licence are not covered by the Swedish deposit guarantee, and for banks licensed in another EU country, the deposit guarantee in that country applies instead.