Tax-free interest and deposit guarantee

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This site is mainly about loans. Here you can compare private loans and other types of loans and credits from secure Swedish lenders and credit institutions, and we also present good advice and tips on how to think both before and after you have submitted a loan application and received your loan. At the same time, loans are only part of the private economy and every now and then we present interesting news and tips on savings, investments and insurance. In this blog post we will give a tip on how you can easily get the maximum savings rate with a deposit guarantee of an unlimited amount.

 

The tax account – an unused resource

tax loan

All Swedes have a tax account. It is from this account that income tax, property tax and similar taxes and fees are deducted. The account is also a liquidity account for surplus tax, that is, money that the state must repay.

What not many people know is that the Swedish Tax Agency pays interest on outstanding funds in the tax account and this interest rate is actually very competitive. In nominal terms, the interest rate is 0.5625% (correct as of February 22, 2016) and this is a figure that far exceeds what both major banks and most niche banks can offer. However, there is also an extra bonus with the interest paid by the state. It is tax-free and if we add to this advantage the current interest rate will actually be around 0.80% on an annual basis.

How was the deposit guarantee? The Swedish Tax Agency is not a bank and thus cannot be connected to the state deposit guarantee. At the same time, there are probably only microscopic risks that the Swedish Tax Agency would not be able to pay out outstanding funds, which means that there is a de facto deposit guarantee and that it should in principle be unlimited.

 

Easy to insert and remove

Easy to insert and remove

It is very easy to both deposit and withdraw money from the tax account. You make deposits in the same way as when you pay residual tax. You will find all the information you need (account number, OCR number, and more) if you log into your account on the Swedish Tax Agency’s website. Then you just make a regular payment in your internet bank. When you want to withdraw money, you request payment from your account at the Swedish Tax Agency. You can easily log in with e-identification.

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