Savings account with Qred Bank

We offer two different savings accounts: Sparkonto Fast and Sparkonto Flex. With Sparkonto Fast you get a fixed interest rate and with Sparkonto Flex you get a variable interest rate. For information on our current interest rates, see Sparkonto.

Yes, you are. Your deposits are covered by the state deposit guarantee, as decided by the Swedish National Debt Office. The deposit guarantee means that your deposits will be repaid up to SEK 1,050,000 if Qred Bank goes bankrupt. Repayment will be made within seven working days and in the manner that the National Debt Office considers appropriate. Read more about the government deposit guarantee. 

‍

‍

Your interest is calculated day by day on the amount in your savings account. The interest is calculated from the first calendar day after the deposit date until the last calendar day before the withdrawal date. 

We apply an annual interest rate to our savings accounts. This means that if you have money in your account for less than a year, you will receive the proportion of the annual interest rate that corresponds to your savings period. Interest starts to be calculated from the first calendar day after the money is deposited in your account until the last calendar day before the money is withdrawn.

‍

Example with a 6-month maturity: If you deposit 10,000 SEK in a Sparkonto Fast for 6 months, you will receive interest on this amount for 180 days. If the account has an annual interest rate of 4%, you will receive 200 SEK in interest for this period:

10 000 SEK * (4% annual interest rate / 365 days) * 180 days = 200 SEK 

‍

Example with a 12-month term: If you deposit SEK 10,000 in a Fixed Savings Account for 12 months, you will receive interest on this amount for 365 days. If the account has an annual interest rate of 4%, you will receive SEK 400 in interest for this period:

SEK 10 000 * 4% annual interest rate = SEK 400

‍

You can find information on current interest rates and current account conditions on the Qred Bank website.

‍

‍

We apply an annual interest rate to our savings accounts. Interest is calculated from the first calendar day after the money is deposited in your account until the last calendar day before the money is withdrawn. Interest is charged according to the interest rate applicable at the time for Sparkonto Flex.

You can find information on the current interest rate and account conditions on the Qred Bank website.

‍

There are no limits to the number of deposits you can make for the Sparkonto Flex.

For Sparkonto Fast you can only make one deposit on each account. If you wish to deposit more money, you can open several Sparkonto Fast accounts with the same maturity. If you try to deposit more money into the same account, your money will instead be transferred to your Flex Savings Account or to the withdrawal account you have chosen in advance.

Your first deposit must be at least SEK 5,000. After that, the minimum deposit amount is SEK 1.

The maximum deposit amount is SEK 1 000 000.

This is normally done within three (3) business days, subject to bank holidays, weekends and other public holidays. 

‍

No, you can't. You can only save in Swedish kronor (SEK). 

The maximum amount you can save with Qred Bank, including capitalized interest, is 1 000 000 SEK. 

If you accidentally enter the wrong OCR number, we will deposit the money into your savings account manually. If you do not see the money in your account within three (3) days of the deposit, you can send us a message using the message function on My Pages.

Log in to My Pages and select "Withdrawals".

‍

Yes, you can. If you want to change your pre-notified withdrawal account for any reason, you need to let us know. You can do this by sending us a message via My Pages. 

The withdrawal account must be one of your accounts with another bank and contain the clearing and account number. You cannot specify bank giro, plusgiro or accounts with foreign banks as a withdrawal account. 

It is easy! Click on open savings account. 

‍

You can access your savings account by logging in to My Pages using BankID.

Yes, you can open several savings accounts with us.

No, none of Qred Bank's savings accounts have an annual fee. 

‍

No, we currently only allow one account holder per savings account.

No. Account holders must be at least 18 years old. 

‍

No, you can't. You need to have a Swedish bank account to be able to make deposits to your savings account with us at Qred Bank. 

‍

Log in to My Pages, open the account overview and then select "Close account". 

‍

Yes, you can. Log in to My Pages and click on "View closed accounts" to see your transactions for a closed account. 

‍

‍

You can download your annual statement by logging into My Pages and clicking on "Documents". 

‍

To see how we process your personal data, please click here.

Any complaints and feedback can be left here. 

‍

Politically exposed person (PEP)

According to the Act (2017:630) on Measures against Money Laundering and Terrorist Financing, Qred Bank must be informed if you are a PEP, related to a PEP or a person with business relations to a PEP. A PEP is a person who, through his position and influence, is considered to hold a position that in itself constitutes a risk of being exploited for a particular type of influence.

A PEP is a person who holds or has held an important public function in a state or international organization. Examples of such functions are:

• Heads of state
• Minister
• Members of Parliament
• Judges of the Supreme Court and the Supreme Administrative Court
• Ambassadors
• CEO or board members of state-owned enterprises
• Leading figure in international organizations
• Board members of political parties

Related parties of PEP and persons with business relations to PEP

Related party of PEP means:

• spouse, registered partner, cohabitant
• children and their spouse, registered partner, cohabitant
• parents

Person with a business relationship with a PEP means:

• person who jointly with a PEP owns or otherwise has influence over an undertaking
• person who is or has been otherwise closely associated with the PEP
• person who solely owns or exercises influence over a company set up for the benefit of a PEP

When does a person cease to be a PEP?

Once a PEP has ceased to perform its functions, Qred Bank will continue to treat the customer as a PEP for at least 18 months thereafter. You are obliged to immediately notify Qred Bank of any changes in your status as a PEP, a PEP's relative and a person with a business relationship with the PEP.

‍

Foreign Account Tax Compliance Act (FATCA)

Under the US Foreign Account Tax Compliance Act (FATCA), financial institutions around the world are required to report information to the United States on account assets and investment income belonging to individuals and companies subject to US tax. Many countries, including Sweden, have chosen to enter into a special agreement with the US on FATCA. This means that Swedish financial institutions, including Qred Bank, must report this information to the Swedish Tax Agency, which in turn passes the information on to the US Internal Revenue Service.

Persons and companies covered by FATCA include, among others:

• Persons residing in the United States
• US citizens (including people with dual citizenship)
• Holders of a US permanent residence and work permit (Green Card)
• Companies registered in the USA

Read more about FATCA here

• Swedish Bankers' Association
• The Swedish Tax Agency
• Internal Revenue Service

Common Reporting Standard (CRS)

The Common Reporting Standard (CRS) is an international standard that enables the automatic exchange of information on financial accounts between countries. Developed by the Organization for Economic Co-operation and Development (OECD), over 80 countries have signed up to a multilateral agreement to implement the CRS in national legislation, including Sweden and all other EU countries. Under this agreement, banks must identify the tax residence of their account holders and annually report account information for customers who are taxable in other countries or jurisdictions. The CRS aims to prevent tax evasion and is based on the US tax law FATCA.

Qred Bank's legal obligations

Qred Bank is subject to the law that regulates the obligation of Swedish financial institutions to obtain information from their customers about any tax liability in other countries and annually report this information to the Swedish Tax Agency. All customers with tax liability in a country other than Sweden and the US are subject to CRS.

Reporting to the Swedish Tax Agency

Qred Bank annually reports information on relevant account assets and investment income to the Swedish Tax Agency, which in turn reports this information to the corresponding authority in the other country.

Tax liability and residence

You are responsible for notifying Qred Bank if you are subject to tax in a country other than Sweden. This also includes informing Qred Bank of any changes in your tax liability or tax residence.

For customers with tax liability in another country

If you are liable to pay tax in a country other than Sweden, you should indicate this when asked about your tax liability in other countries and provide your Taxpayer Identification Number (TIN) together with the country where you are liable to pay tax.

For non-taxable customers in other countries

If you are not liable to tax in any other country, you should confirm this when asked about tax liability in countries other than Sweden.

Read more about CSR here

• Swedish Bankers' Association
• The Swedish Tax Agency