Live offers across tracked providers in Norway — updated daily from the Giraffy database.
20 live offers compared from 18 providers, from 4.40% AER. Updated daily.
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A savings account (sparekonto) holds money you want to keep safe and accessible while earning interest. Unlike a fixed-rate deposit, the interest rate is variable and can change, but you can usually withdraw whenever you like. Norwegians use savings accounts for emergency funds and short-term goals, and challenger banks compete hard on rates to attract deposits, often paying far more than the account attached to your everyday bank.
Savings rates track the Norges Bank policy rate, so they rise and fall with monetary policy. Big banks often pay modest rates on their standard savings accounts, while online challenger banks offer notably higher variable rates to win deposits. Some accounts limit the number of free withdrawals per year or require notice for large sums. Opening an account is a fast BankID process, and moving money between banks is free and quick, so many savers keep their buffer where the rate is highest.
Accessible savings — Withdraw when you need to, unlike a locked fixed deposit.
Competitive rates — Challenger banks pay well above typical high-street savings rates.
No market risk — Capital is secure and the return is interest, not investment gains.
Deposit protection — Covered by Norway's NOK 2 million guarantee per bank.
Compare the variable interest rate, but also check the conditions: some top rates apply only up to a balance cap or limit free withdrawals. Read whether the rate is introductory or ongoing, and whether large withdrawals need notice. Because switching is easy, keep your emergency fund where the rate is best, and spread very large balances across banks to stay within the NOK 2 million guarantee per institution.
Bank Norwegian, Lea Bank, Morrow Bank and BRAbank are challenger banks that frequently top the rate tables. Landkreditt Bank, Storebrand Bank, Bluestep Bank and Collector Bank also compete for savers. Rates change with the market and between providers, so it is worth comparing current offers rather than relying on your main bank's default account.
Savings accounts are free to hold, and the return is the variable interest rate, which recently ranged from around 4.4 percent to just over 5 percent at the most competitive banks. The rate can change with the Norges Bank policy rate. Watch for balance caps that limit the top rate to a certain sum and any withdrawal restrictions. Interest earned is taxable as capital income.
Banks are authorised and supervised by Finanstilsynet, and deposits are protected by the Norwegian Banks' Guarantee Fund up to NOK 2 million per depositor per bank, one of the highest limits in Europe. Splitting large balances across banks keeps everything guaranteed. Account terms and rate-change rules must be clearly disclosed.
Can the interest rate change? Yes, savings rates are variable and move with the Norges Bank policy rate.
How much is protected? Up to NOK 2 million per depositor per bank under the deposit-guarantee scheme.
Are there withdrawal limits? Some accounts cap free withdrawals per year or require notice for large sums; check the terms.
Giraffy tracks 5 savings accounts across Storebrand Bank,Morrow Bank,Lea Bank,BRAbank,Instabank providers in Norway. Sort by highest rate and filter by account type (easy access vs. fixed) to find the best deal for your timeline.
Yes — the Norwegian Banks' Guarantee Fund covers up to NOK 2,000,000 per bank. Always confirm your institution is Finanstilsynet-regulated before depositing. If your balance exceeds the protection limit, spread funds across multiple separately-licensed banks.
p.a. (per annum) is the standardised rate that accounts for how often interest is compounded over a year. It's the fairest number to compare across accounts — always compare like-for-like using p.a. rather than the gross or monthly rate.
Easy access accounts let you withdraw your money at any time — rates are variable and may change. Fixed-rate bonds or term deposits lock your money away for a set period (usually 1–5 years) at a guaranteed rate, which is typically higher. Choose fixed if you don't need the funds before the term ends.
Tax on savings interest varies by country and income level. Check your country's tax authority guidance or speak to a financial adviser if your interest income is significant.
Yes — and it can be a smart strategy. Spreading savings across banks maximises your deposit protection (up to NOK 2,000,000 via the Norwegian Banks' Guarantee Fund per institution) and lets you earn the best rate at each bank. Just keep track of all accounts to avoid losing money to dormancy fees.
Most easy access accounts transfer funds to a linked current account within one working day, and many process withdrawals the same day. Some accounts restrict the number of free withdrawals per month — check the terms before you open one if flexibility matters to you.