For several years, there has been zero interest on several of the major banks' savings accounts.

And they are only slowly moving upwards: interest rates on accounts with free withdrawals are currently between 0.30 and 0.55 percent at the four major banks.

Despite the low yield, households have large sums deposited in these accounts.

- As bank customers, we are a bit sluggish and the big banks know that we have our money there anyway, says Christina Sahlberg, savings economist at the comparison site Compricer.

We have spoken to the four major banks about their low savings rates.

A recurring request from the banks is not to place their money in a savings account if the savings are long-term.

- It can be a good idea if it's about money to have a short-term buffer for unexpected costs.

But our general advice is to invest in mutual funds instead if the money is to constitute long-term savings, says Niklas Magnusson, press officer at SEB.

Alternatives can give higher interest

Christina Sahlberg at Compricer explains the banks' low interest rates by saying that it would be too much uncertainty for the banks if they had to pay out high savings rates while we can deposit and withdraw money however we like.

She thinks that small savers should instead look for other options. 

- I think that small savers should have their buffer in a savings account with one of the niche banks so that you still get an interest rate of at least 1-1.5 percent, says Christina Sahlberg.

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Arturo Arques, savings economist at Swedbank.

Photo: SVT

See the Economic Agency's latest episode "The Savings Crisis".