When you deposit money into a savings account, you are essentially lending your money to the bank.
The deposit becomes a liability for the bank and an asset for you as a customer.
The bank can use the deposited funds to finance loans or investments, but is always obliged to repay your money in accordance with the account terms.
As compensation for lending your money, you receive interest, which acts as payment for allowing the bank to use your funds.
This is why savings interest rates are influenced by market rates and monetary policy, such as the Riksbank’s policy rate.
At Nordiska, all savings accounts are reviewed and approved by Riksgälden and are covered by the Swedish government deposit guarantee.
This means the state guarantees your total deposits with Nordiska up to SEK 1,150,000 per customer.
Read more on Riksgälden’s website:
Bankaktiebolaget Nordiska (publ) – accounts covered by the deposit guarantee
In short:
When you deposit money, it becomes a liability for the bank and a claim for you.
The bank pays interest as compensation for using your money.
Your deposits with Nordiska are protected by the Swedish deposit guarantee up to SEK 1,150,000 per customer.