Swedish full-customer discount: 0.1 points on SEK 3m, SEK 2,100 a year
Card packages and dearer funds can eat the gain. In the example with a SEK 3,000,000 mortgage, only SEK 560 a year is left once the fees are paid.
Move your salary, savings and insurance to the bank that holds your mortgage and you may get a lower rate. A 0.1-point discount on SEK 3,000,000 is worth SEK 2,100 a year after tax relief.
Konsumenternas, the consumer advice bureau, says banks often give a bigger discount to full customers ("helkund"), or to anyone with several products at the bank. The question is whether the discount outweighs what you pay for the rest.
What a tenth of a point is worth
On a SEK 3,000,000 mortgage, every tenth of a percentage point is SEK 3,000 a year in interest. After the 30% interest deduction ("ränteavdrag"), you keep SEK 2,100 of that.
A 0.20-point discount is SEK 6,000 before and SEK 4,200 after tax relief. At 0.30 points it is SEK 9,000 and SEK 6,300.
What the banks say
None of the big banks promises a fixed full-customer discount on its rates page. They do say that bringing your finances together affects your rate:
- Swedbank lists how much of your finances you have with it as a factor. It suggests gathering your savings and insurance there.
- SEB says the discount depends on, among other things, loan-to-value, loan size and how much of your finances you move to SEB.
- Handelsbanken sets the rate from your finances and loan-to-value, but says you can influence it yourself.
- Länsförsäkringar says the size of your business with it can affect your chance of a discount.
So the discount is negotiated. Ask the bank exactly how much lower your rate gets for each part you move. Our personalized rates show which banks give a salary account discount without negotiation.
What moving everything costs
Cards and payments. Konsumenternas judges that card and payment fees are small next to what a lower mortgage rate saves. Swedbank's Nyckelkund package costs SEK 45 a month, or SEK 540 a year.
It includes an account, a debit card, a credit card, a savings account and Swish. With a 0.10-point discount you keep SEK 1,560 after the fee and the tax relief.
Savings and funds. This is where it can cost more. Move SEK 200,000 in funds to one with a fee 0.5 points higher and you pay SEK 1,000 a year more. That eats almost half of a 0.10-point discount.
Insurance. Konsumenternas says it is much harder to judge whether moving insurance, funds and long-term savings pays off. Compare the premium and terms of your home insurance before you switch.
Pension. Moving pension savings can come with fees and limits. Read the terms at your current provider.
Worked example: does it pay?
Kalle has a SEK 3,000,000 mortgage. His bank offers 0.10 points off if he moves his salary, his cards and SEK 200,000 in savings.
| Per year | |
|---|---|
| Lower rate after tax relief | +SEK 2,100 |
| Package with cards | -SEK 540 |
| Dearer fund, 0.5 points on SEK 200,000 | -SEK 1,000 |
| Left over | +SEK 560 |
If Kalle keeps his savings in the cheaper fund and moves only his salary and cards, he gains SEK 1,560. It pays off, but the margin depends entirely on the fees.
Get the terms in writing
Konsumenternas advises you to get the discount in writing, including how long it lasts. Note yourself when your next negotiation is due, because the bank may not remind you.
Ask too what happens if you move your savings away later. The discount may vanish the next time your rate is set.
Sources
- Konsumenternas: Do you have the best mortgage rate you can get? (Swedish)
- Konsumenternas: Mortgages, how to negotiate (Swedish)
- Swedbank: Mortgage rates (Swedish)
- Swedbank: Nyckelkund package (Swedish)
- SEB: Mortgage rates (Swedish)
- Handelsbanken: Mortgage rates (Swedish)
- Länsförsäkringar: Mortgage rate (Swedish)
- Skatteverket: Interest deduction (Swedish)
This content is general information, not financial or legal advice. Bolån Radar collects data from banks and authorities and cannot guarantee that it is complete or free of errors. Talk to your bank or an adviser before you decide.