How is the interest calculated on a fixed-rate savings account?

Interest for the money in the account is calculated for all calendar days of the year, taking leap years into account. For deposits, interest is calculated from the first banking day after Froda has received the amount. The interest is an effective annual interest rate, which means that for accounts with a term of less than 12 months, you will receive the portion of the annual interest rate that reflects the term of your savings account.

Example 3 months: You deposit SEK 1,000 into a fixed-term savings account with a 3-month term and an annual interest rate of 2%. Since the savings account has a term of 90 days, the interest is calculated as follows: (2% / 365 days) * 90 days, which gives an interest of SEK 4.93 for the period.

Example 6 months: You deposit SEK 1,000 into a fixed-term savings account with a 6-month term and an annual interest rate of 2%. Since Froda Fixed Savings Account 6 months has a term of 180 days, the interest is calculated as follows: (2% / 365 days) * 180 days, which gives an interest of SEK 9.86 for the period.

The current interest rate and terms for the savings account can be found on the website or on My Pages.