How is 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 bank day after Froda has received the amount. The interest is an effective annual rate, which means that for accounts with a shorter term than 12 months, you will receive the part of the annual interest that reflects the term of your savings account.

Example 3 months: You deposit SEK 1 000 into a fixed savings account with a 3 month term and an annual interest rate of 2%. Since the account has a term of 90 days, the interest is calculated as: (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 savings account with a 6-month term and an annual interest rate of 2%. Since Froda Fixed 6 months has a term of 180 days, the interest is calculated as: (2% / 365 days) * 180 days, which gives an interest of SEK 9.86 for the period.

Current interest rate and terms for the savings account can be seen on the website or on My Pages.