After yesterday’s announcement from the Riksbank, several banks are lowering interest rates.
Now economists are warning that there may soon be zero interest on the savings.
– When the key interest rate was two percent, you didn’t get any interest by and large from the big banks. So if the interest rate goes down to that, we will probably lose all the interest we have, says Christina Sahlberg, economist.
Yesterday, the Riksbank lowered the key interest rate by 0.25 percentage points to 3.5 percent. They also opened up for further reductions before the turn of the year. This is because inflation has begun to stabilize around the Riksbank’s target of two percent.
– If the plans come to fruition, and I press the word “if” because it may change, at the turn of the year we will have a key interest rate of 2.75 or 3 percent, said Riksbank governor Erik Thedéen at a press conference.
In recent years, interest on savings accounts and at some niche banks has been over four percent.
“Savings bank interest rates will be lowered”
But now experts are warning that that time will soon be over.
– Now inflation is going down, interest rates are being lowered and then savings bank interest rates will also be lowered, says Christina Sahlberg, economist.
Swedbank and SBAB are some of the banks that have already lowered interest rates. As there may be another two to three interest rate cuts before Christmas, Sahlberg believes that next year we will have to get used to savings accounts completely without interest – above all at the big banks.
– When the key interest rate was two percent, you didn’t get any interest by and large from the big banks. So if the interest rate goes down to that, we will probably lose all the interest we have, she says.
“Tip: Compare the banks”
Sahlberg’s tip is to compare the banks’ savings rates and not deposit more than you can imagine needing in the near term.
– I intend to save as much as possible and let it lie in mutual funds and some shares, says Stockholm resident Rebecka Norman.
Is a regular bank account an option?
– No, it’s more like a “safe up”, but I have quite a lot invested. I’m not worried, says Rikard Borneroth.