Swedish challenger bank Northmill launches fee-free savings account

Northmill is taking strides towards becoming a Nordic digital bank. Having been given a banking licence by the Swedish financial Supervisory Authority in September, the startup up has now unveiled a new savings account.

Named Rebilla Reserve, the new fee-free savings account will be covered by a state-provided deposit insurance up to SEK950,000 (£76,000) and boast only requiring two minutes of the customers’ time to open.

“With our fast-growing banking offer, we prove that it is possible to combine a top-modern customer experience with comprehensive compliance and security requirements,” said Hikmet Ego, CEO at Northmill.

“We believe that banking products should proceed from the actual needs of the customer and be made available to everyone in a smart and user-friendly way. We aim at playing an important role in developing the banking products of tomorrow, that work for the consumers and make it easier for them to save money and handle their personal finances in a good way.”

The news follows from Northmill rolling out it Rebilla Card in December, which customers were told could be linked to the savings accounts still in the pipeline at the time.

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