Skandia's 2.58% beat Sweden's big banks on variable rates in July 2026
The gap between the highest and lowest average rate was 0.19 points, or SEK 5,700 a year on SEK 3m. Who owns the lender decides whether you must negotiate.
The lowest average variable mortgage rate in July 2026 did not come from a big bank. Skandia, which is owned by a mutual insurer, averaged 2.58% on three-month loans. Nordea was highest of the ten lenders in the table below at 2.77%. Who owns a lender and how it sets its rates affects what you pay.
Average rates in July 2026, three-month fixed term
| Lender | Type | July average |
|---|---|---|
 Skandia |
Owned by a mutual insurer | 2.58% |
 Danske Bank |
Big bank | 2.67% |
 Swedbank |
Big bank | 2.68% |
 SEB |
Big bank | 2.69% |
 Länsförsäkringar |
Customer-owned insurance group | 2.71% |
 Stabelo |
Mortgage lender | 2.72% |
 Sparbanken Skåne |
Savings bank | 2.72% |
 Handelsbanken |
Big bank | 2.73% |
 SBAB |
State-owned mortgage bank | 2.74% |
 Nordea |
Big bank | 2.77% |
The gap between highest and lowest is 0.19 percentage points. On a SEK 3,000,000 mortgage, that is SEK 5,700 a year before tax relief.
The big banks
Swedbank, Handelsbanken, SEB, Nordea and Danske Bank offer everything from salary accounts to pensions. You usually negotiate your rate. The banks weigh in your loan-to-value ratio, the loan size and how much of your banking you do with them. So your rate can sit far from both the list rate ("listränta") and the average rate ("snittränta").
The savings banks
A savings bank ("sparbank") has no shareholders demanding dividends. Its surplus goes to local causes.
Savings banks are governed by the Savings Banks Act ("sparbankslagen"). Half of their principals ("huvudmän") are appointed by the municipal or regional council. The principals themselves choose the other half from among the bank's depositors. A savings bank can also convert into a limited company owned by a foundation.
The Swedish Savings Banks Association has 55 member banks. They work with Swedbank under an agreement that covers IT and products, among other things. Together, the savings banks and their foundations are Swedbank's largest owner. That is why a savings bank's mortgages often look like Swedbank's, though the rate is set locally.
State-owned SBAB
SBAB is owned by the Swedish state and focuses on mortgages. It says it sets your rate from how much you borrow compared with the home's value. You can see your rate in advance instead of negotiating.
Insurance-owned lenders
Länsförsäkringar is made up of 23 customer-owned regional companies that together own Länsförsäkringar AB. The group offers both banking and insurance. Skandia is owned by Livförsäkringsbolaget Skandia, a mutual life insurer. That means it is owned by its customers, not by shareholders.
Mortgage lenders
A mortgage lender ("bolåneinstitut") lends money for homes but takes no deposits. These lenders hold a licence under the Act on Mortgage Credit Business ("lagen om verksamhet med bostadskrediter"), and Finansinspektionen, the financial supervisor, oversees them.
Stabelo has no bank accounts and no cards, only mortgages. Your rate depends on the loan amount, loan-to-value and fixed term. If your figures match someone else's, you get the same rate. Stabelo lends up to 90% when you buy and up to 80% when you top up a loan. Swedbank owns Stabelo.
Does the deposit guarantee matter?
The deposit guarantee ("insättningsgaranti") protects money in your accounts if a bank fails. It does not protect you as a borrower. If your lender fails, your mortgage does not go away. The Swedish National Debt Office says your compensation for deposits is not affected by any debts you have with the bank.
How to choose
- If you want all your banking in one place and are happy to negotiate, a big bank or a savings bank fits.
- If you want to see your rate straight away with no haggling, SBAB or a mortgage lender such as Stabelo fits.
- Always compare your own rate with the average rates for the same fixed term.
The choosing-a-lender chapter of our mortgage crash course covers more of what to weigh.
Sources
- Sparbankerna: What is a savings bank? (Swedish)
- Sparbankerna: The savings banks and Swedbank (Swedish)
- Sparbankerna: Home page (Swedish)
- SBAB: Ownership governance (Swedish)
- SBAB: Our rates (Swedish)
- Länsförsäkringar: About the group (Swedish)
- Skandia: Home page (Swedish)
- Stabelo: About Stabelo (Swedish)
- Stabelo: Rates (Swedish)
- Riksdagen: Act 2016:1024 on mortgage credit business (Swedish)
- Swedish National Debt Office: How the deposit guarantee works (Swedish)
- Bolån Radar: Average rates
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.