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In January, unsecured savings accounts will be a thing of the past. Consumer protection must be strengthened in the deposit market, so that this type of business in the future will be in charge of the banks.
Among the largest depository companies are 4spar and Akelius Spar, which together have tens of thousands of clients. Companies that offer savings accounts without deposit guarantee will be able to continue with these for the next year, but no later than the turn of the year until 2022, the companies must be dissolved.
The background of the decision is based on the fact that there is no guarantee of deposit if the company goes bankrupt. This means that individuals can lose their savings.
– The money you have in your savings account is there to make sure you can use it for unexpected events, like when your car breaks down. If you don’t have a deposit guarantee, you risk losing everything if the company fails, says Christina Sahlberg, a savings economist at Compricer.
If you’ve had money in these accounts, Christina Sahlberg thinks you should now look for deposit-guaranteed savings accounts with a good interest rate.
– No major bank today offers interest on their variable savings accounts, so it is the niche banks that request. And because they have a deposit guarantee, they are as safe as the big banks, he says.
Further away An alternative is to look for linked savings accounts if you are sure you don’t need the money for a while. Then you can get a slightly higher interest rate, he says.
– If you’ve had money in these high-risk accounts that you want to risk a little bit for the chance for better returns, I think you should invest in global index funds on the stock market. Historically, seven to eight percent per year have come back on average, but you have to be prepared for them to go down sometimes, as they should, he says.
– But if it is only in the long term, it will rise again.
The money you may need within three years, on the other hand, should be in an interest-bearing savings account, she says.
– Today you can earn 0.9 percent interest on a variable savings account with free withdrawals. Even if it doesn’t seem like much, it is much better than saving money in the big bank where the value of money will fall due to inflation.
