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Saturday, July 2, 2022

Banks in Norway are updating their interest rates

After the latest interest rate meeting, Norges Bank, the central bank of Norway, has announced that it is raising the key interest rate by 0.25 percentage points. As the latest key interest rate announced by Norges Bank has gone up to 0.5 percent, Norwegian banks quickly followed up.

Following the latest interest rate changes in Norway this month, Fana Sparebank quickly reported its interest rate changes. First of the larger banks to announce interest rate changes, however, was DNB. Then, all banks have declared that they are raising mortgage rates by up to 0.25 percentage points.

While existing mortgage customers will be making their payments at increased rates by the end of January or the beginning of February, the new interest rate will apply immediately to new mortgage customers.

Although the banks have quickly announced the changes in the lending rates, many banks haven’t declared their deposit rates yet. Some banks such as Nordea, Sparebanken Vest, Sparebank 1 SMN and others announced that they will raise deposit rates by up to 0.25 percentage points. Many of the other banks, however, are holding back on deposit rates.

More interest rate changes are expected according to Norges Bank

Source: Renteradar

You might want to keep an eye on the most recent interest rate changes and the reaction of Norwegian Banks if you are doing business with them. Renteradar, a FinTech company that provides financial services, makes this easier for you.

Since Norges Bank has warned there may be three more interest rate increases of a total of 0.75 percentage points during 2022, following the latest changes in Norwegian Banks’ interest rates may be especially important. The change that Norges Bank is warning about equals to 1.25 percentage point higher interest rate compared with the previous autumn.

Sena Konakci
Sena Konakci
A true free spirit, Sena (she/her) spent a substantial part of her life travelling the world and was working for successful startups in many different fields along with writing for local newspapers and magazines for over two decades. With a knack for detecting promising businesses and years of experience under her belt, Sena has decided to focus her attention on writing about startups. Aside from following the newest developments in the startup scene of the Nordic countries, she loves volunteering and camping in her spare time.

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