Finnish neobank Saldo Bank has launched its services in Sweden, offering interest rates of up to 5% for one-year deposits.
Although Saldo Bank originates from Finland, its primary banking operations are based in Lithuania, where they are regulated by the Bank of Lithuania. The bank’s technology development center is also located in Vilnius.
Founded in Lithuania in 2021, Saldo Bank entered the Finnish market in October 2023, positioning itself against established banks with competitive interest rates. In Sweden, the bank aims to attract customers with rates of up to 5% on one-year fixed-term accounts, surpassing the next highest competitor rate of 4.4%.
Jarkko Mäensivu, CEO of Saldo Bank, commented, "We believe that the interest paid on fixed-term accounts has been very low for a long time. The rates offered to customers should reflect at least the current market rates. We want to enhance fairness in borrowing."
The maximum limit for a fixed-term deposit is SEK 900,000, and deposits in these accounts are backed by deposit protection. The funds collected will support the bank’s lending operations in Sweden. Mäensivu stated, "We want to grow in Sweden. We utilize local funds to expand our loan portfolio in the country."
For those interested in the evolving financial landscape in the Nordic countries, the Finextra NextGen Nordics conference will be held in Stockholm on 23 April, featuring in-depth panel discussions. You can register for the event here.