Following this announcement, Saldo Bank is expected to offer an interest rate of as much as 5% for a year’s deposit, in order to increase the fairness in fixed-term deposits and to meet the needs, preferences, and demands of its customers and partners in the region.
At the same time, Saldo Bank will lift the interest rate competition of the overall fixed-term deposits to an improvement in Sweden. The financial institution is set to start operating in the country in February while remaining compliant with the laws and regulatory requirements of the local industry.
More information on the announcement
Saldo Bank represents a modern digital bank that was developed in order to provide improved borrowing rates across the country. As the focus paid on fixed-term accounts has been low for a long time, the interest rates paid to clients and users should reflect at least the market’s overall interest rates. With this situation in mind, the financial institution will continue to prioritise the procedure to increase fairness in the process of borrowing. Moreover, Saldo Bank will provide its clients with optimised scoring and analytics system, which was designed in order to ensure responsible lending, as well as its own lending system, to support international business growth.
The maximum amount of a fixed-term deposit is approximately USD 87,000 (SEK 900,000), while the funds that are reposited in the fixed-term accounts are currently subject to deposit protection. At the same time, the deposits that will take place in Sweden are expected to benefit the overall business scaling in the region, as well as to accelerate the growth and digitalisation of the financial landscape.
Saldo Bank will focus on developing into a digital international bank, aiming to provide secure and efficient digital banking solutions to clients and users, as well as to businesses and enterprises in the future. For the moment, the financial institution has no intention of establishing a branch network in the area of Sweden. In addition, the bank will focus on its growth in Sweden, while using local funds to develop its loan portfolio as well.
