A deposit account does not have to come without a positive interest rate. For more than 10 years, our Swedish business-to-customer entity, SevenDay Bank, has proven this, and in the last two years the effort has been awarded with a prize.
“SevenDay Bank has once again shown that it is possible to get a decent interest rate on their savings when the major banks have zero interest rates. Just lift your hat”, says one of the jury members at “Bank of the Year” – an event which is organised by the magazine “Privata Affärer”.
The award was announced just before Christmas 2020, and we are proud and happy to win it again.
The recipe of an attractive deposit account
The recipe of the awarded deposit account is a plain and simple setup. Interests are added to the balance already from the day of establishment, and the customer are free to withdraw money from the account at any time and unconditionally. Swedish Country Manager, Klas Johan Claeson explains:
“We wish to offer our customers attractive products but also provide them a sense of security. Our customers should not feel obliged to shop around between banks to maintain a good deposit account – we are here to support on a long-term basis.”
To put the customer at the centre is also an argument for only altering the interest rate when necessary. In 2020 it entailed a change in interest rates at only 0,05 percentage points keeping the interest rate stable at 0,85-0,95. An interest rate level which may not be the highest offer on the market, but it is stable – and that is a competitive advantage.
“At SevenDay Bank we advocate for transparent offers and transparent communication to our customers. On the market you may find saving account offers which at first sight appear attractive, but which disappoint you in the long run by changes in terms and conditions. It is thanks to the stability of our deposit account offer we are awarded not only the prize but also the loyalty of our customers, and we have no intention of letting them down in 2021”, Klas Johan Claeson concludes.
For more information on our deposit accounts in Sweden visit: https://www.sevenday.se/spara/