The Swedish Tax Agency pays 1.12 percent interest on funds deposited in tax accounts, this interest is tax-exempt.
This poses a significant challenge to banks, whose taxable interest rate is approximately 1.6 percent before taxes.
Deposits in Swedish Tax Agency accounts have reached tens of billions.
The Swedish Financial Management Agency show that the total amount deposited in tax accounts is around 140 billion kronor from individuals and companies.
The agency also indicated that about 50 billion kronor are considered actual savings deposits.
When the Swedish central bank implemented a negative interest rate policy, the government reinstated interest payments on tax accounts in 2022, making returns on tax accounts higher than bank interest rates.
Interest on tax accounts is determined based on the “base interest rate,” which is calculated using the average interest rate on six-month government treasury bills.
In contrast, some Swedish banks offer zero percent interest rates:
Salary accounts at major banks: 0 percent interest.
Savings accounts at major banks: 0% interest.
Frozen savings accounts (when funds are held for at least three months): approximately 1.5% to 1.8% before tax.
Savings account at SBAB: approximately 1.25% before tax.
Skandiabanken salary and savings account: approximately 0.20% before tax.
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