SBAB - From zero to SEK 100 billion in ten yearsSource: RNS
Press release, 12 April 2017
SEK 100 billion in savings - growth record for SBAB
Swedish households have up to SEK 1650 billion deposits in savings accounts. More and more customers abandons larger banks' interest-free accounts for niche banks that offer better interest terms. Today, on the day, 10 years after the savings account was launched, SBAB announces that more than SEK 100 billion in deposits in savings accounts has been reached. No other institution has gained more market shares from the big banks in the Swedish market, which have benefited conscious customers.
Today SBAB's savings account turns 10 years and our customers' total deposits in savings accounts have also reached SEK 100 billion. The tenth anniversary of the savings account and that SBAB reached this amount of total deposits, was celebrated already last week by raising the interest rate on deposits from 0.55 percent to 0.65 percent.
- SBAB challenges the banking industry and no other bank has gained more market shares in such a short time. Having reached SEK 100 billion in total deposits at the inflexible deposit market is a great achievement. Simple savings accounts with good interest and fair terms is a major reason for the success. We are incredibly proud that we gain more and more customers' trust, says Klas Danielsson, CEO of SBAB.
Unlike many of the larger banks in the Swedish market providing zero percent interest on customer savings, SBAB has always offered customers interest on their savings accounts. This means for example that SBAB's customers received SEK 450 million in interest on their deposits in savings accounts during 2016. Since the launch in 2007, SBAB's customers have received more than SEK 3.5 billion in interest on their deposits.
- Statistics show that three out of four bank customers are unhappy with interest rate received on their deposits in savings accounts, but few change bank. Today is still two-thirds of the Swedish people's deposits in savings accounts for SEK 1650 billion in banks' interest-free accounts. We will continue to invest in our savings offering and provide information about how easy it is to switch bank. No one should have deposits in savings accounts with zero percent interest, says Klas Danielsson.
Quick facts: SBAB's savings account turns 10 years
• SBAB's savings account was launched in April 2007, with an interest rate of 3.00% and 3.75% (for customers with residential mortgage)
• The maximum interest rate was 6.00% and 5.50% during the turbulence of the financial crisis in October 2008
• In February 2008, SEK 1 billion in deposits was reached
• In June 2009, savings accounts for companies and associations was launched
• In April 2012, SEK 10 billion in deposits was reached
• In May 2013, SBAB had a 2% market share of Swedish household deposits in savings accounts
• In January 2014, SEK 50 billion in deposits was reached
• In November 2016, SBAB had a 4% market share of Swedish household deposits in savings accounts
• In April 2017, SBAB's savings account celebrates 10 years and SEK 100 billion deposits in savings accounts was reached. The spread between SBAB's savings account and the average for other bank accounts have been 1.0% on average during the last ten years.
• Overall, in the last ten years SBAB's customers have obtained nearly SEK 2.5 billion more in interest, than if they had obtained the average bank interest.
• Currently, SBAB customers obtain SEK 440 million per year in interest.
For further information, please contact:
Karin Hellgren, Head of Communications SBAB Bank AB (publ)
Phone: +46 706 68 38 24, email@example.com
SBAB Bank AB (publ) ("SBAB")’s business idea is to apply innovation and consideration to offer loans and savings products to private individuals, tenant-owner associations and property companies in Sweden. SBAB was founded in 1985 and is owned by the Swedish state. SBAB has about 335,000 customers and 500 employees. SBAB had Sweden’s most satisfied residential mortgage customers in 2014, 2015 and 2016, according to Svenskt Kvalitetsindex (SKI, Swedish Quality Index). Read more at sbab.se, twitter.com/sbabbank, facebook.com/sbabbank.
This information is provided by RNS