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BIGBANK launched savings account with the best interest rate on the Swedish market
18 JULY, 2013

BIGBANK has since 2012 offered consumer credits in Sweden. Starting June 2013, the bank offers Swedish people an opportunity to save money at the highest interest rate in the category as well as longer duration of protection through deposit guarantee.

“By introducing a new service, we raise the stakes and offer the best interest rate as well as security as if you stocked your money in any of the bigger Swedish banks,” the vice VD of BIGBANK Sverige Vilma Kesküla said.

Savings account will continue to have a higher interest rate compared to relevant competitors on the market, such as Sweden-based vendors offering a deposit guarantee.

“Swedes have always been very loyal to larger banks and according to numbers, almost 140 thousand euros are currently stored in lossaccounts,” said Kesküla. “We want to change this by educating and inspiring Swedes to become more active in their savings. The new product is also an attractive alternative to the shakier stock market, as it gives a high return without risk.”

10-year savings option

In addition, BIGBANK introduces a new 10-year perspective savings option. As the first on the market with such a long savings duration, BIGBANK hopes to compete with pension vendors.

“The 10-year savings opportunity could be an interesting option for people approaching pension age - those tired of high pension fees and seeking a guaranteed return,” Kesküla said.

“In today’s society, 10 years is a very long time. However, the chosen duration represents BIGABNK’s long term goal and describes its operations,” stated Kesküla.

Opening a savings account is quick and simple

In addition to attractive terms, BIGBANK wants to make saving simpler by using E-certificates, which make it possible to open a high interest savings account within 24 hours. The goal is to make Swedes discover how simple it is to set high interest rate on their money.”

“Based on our knowledge, Swedish people in general know quite a lot about savings as they are active on the stock market. Paradoxically, many of them still keep their money in major banks at a low interest rate,” stated Kesküla.

“A lot of Swedish people have become more skilled in negotiating profitable interest rates for mortgage, which gives us a reason to believe they will keep seeking higher interest rates on their savings,” said Kesküla.

BIGBANK is registered at Finansinspektionen as a ”filial till utländsk bank”. The company is also supervised by the Estonian Financial Supervision Authority. The Estonian deposit guarantee, that includes Swedish customers shares the same European framework as the Swedish deposit guarantee. Similarly to the Swedish deposit guarantee, BIGBANK’s saving deposits in Sweden are guaranteed up to 100 000 Euros.