MonthSeptember 2019

Tax-free interest and deposit guarantee

This site is mainly about loans. Here you can compare private loans and other types of loans and credits from secure Swedish lenders and credit institutions, and we also present good advice and tips on how to think both before and after you have submitted a loan application and received your loan. At the same time, loans are only part of the private economy and every now and then we present interesting news and tips on savings, investments and insurance. In this blog post we will give a tip on how you can easily get the maximum savings rate with a deposit guarantee of an unlimited amount.


The tax account – an unused resource

tax loan

All Swedes have a tax account. It is from this account that income tax, property tax and similar taxes and fees are deducted. The account is also a liquidity account for surplus tax, that is, money that the state must repay.

What not many people know is that the Swedish Tax Agency pays interest on outstanding funds in the tax account and this interest rate is actually very competitive. In nominal terms, the interest rate is 0.5625% (correct as of February 22, 2016) and this is a figure that far exceeds what both major banks and most niche banks can offer. However, there is also an extra bonus with the interest paid by the state. It is tax-free and if we add to this advantage the current interest rate will actually be around 0.80% on an annual basis.

How was the deposit guarantee? The Swedish Tax Agency is not a bank and thus cannot be connected to the state deposit guarantee. At the same time, there are probably only microscopic risks that the Swedish Tax Agency would not be able to pay out outstanding funds, which means that there is a de facto deposit guarantee and that it should in principle be unlimited.


Easy to insert and remove

Easy to insert and remove

It is very easy to both deposit and withdraw money from the tax account. You make deposits in the same way as when you pay residual tax. You will find all the information you need (account number, OCR number, and more) if you log into your account on the Swedish Tax Agency’s website. Then you just make a regular payment in your internet bank. When you want to withdraw money, you request payment from your account at the Swedish Tax Agency. You can easily log in with e-identification.

How do you take a non-bank loan without leaving your home?

The report prepared in 2017 by the Central Statistical Office shows that Poles are increasingly more and more willing to use non-bank loans granted via the Internet. Many facts speak for the fact that this is one of the most convenient forms of obtaining additional cash. How do you take a non-bank loan without leaving your home?


Start by verifying your business

business loan

The first and most important step is of course choosing an entity that is credible. The registers that we will check are available online. So you can do it without leaving your home. It is worth starting with the Register of Loan Institutions kept by the Polish Financial Supervision Authority. The register is available on the Commission website. Where else can you do that? In the electronic database of the National Court Register – the actual existence of the entity is confirmed by the KRS number assigned to it. The next source is the Register of Loan Companies kept by the Association of Loan Companies (ZFP). The list of ZFP members, which is already a reliable source of information, can be checked on this institution’s website.


Compare offers, read the contract

Compare offers, read the contract

The next step is to analyze and select the best offer. It is also a fairly simple matter if we use online comparison websites of non-bank entities.

If you have already chosen a loan company whose services you want to use, it is worth familiarizing yourself with the contract in advance, which should be made visible on its website.


Submit an application online

Submit an application online

What are the next steps? All of them should be clearly described on the company’s website. First, complete the online registration form and provide the necessary details. Then we will be asked to confirm your identity. This process also takes place online.


Online identity confirmation

Online identity confirmation

Verifying the borrower’s identity is a very important part of the loan process. Thanks to it, the company makes sure that the customer is indeed the person he claims to be. This also excludes fraud or extortion. The most commonly used tools are verification transfer or the Kontomatik application. The whole process is online again.


Cash on your account

Cash on your account

If the above steps were successful, just wait for the decision to grant the loan and transfer the cash to the indicated account. How long will we have to wait for money? In most cases, it’s actually a matter of 15 minutes. It is worth noting that having a bank account in the same bank as the lender maximizes the process. Its length also depends on how efficiently we will work.

What should you do if your bank does not handle?

Specifically, there are banks and financial institutions that send customers without a hesitation who want to apply for a home loan with another credit institution besides Family Home Discount. That is to say, pick up your support wherever your credit is.
Despite the statutory requirement, banks believe that their own internal regulations may override the law and, based on their risk assessment, may decide otherwise than required by law.

What is the reason that this statutory principle does not work in practice?


The Family Home Discount was issued on 256/2011. (XII. 6.) .
However, the fact that this cooperation between banks does not become reality may be due to the following reasons:
Both the home loan and the Family Home Discount can be disbursed according to the bank’s regulations if the client has used all other sources (self-sufficiency) other than those provided by the bank.

Thus, for example, if a customer applies for a home loan at Bank A and Family Home Discount at Bank B, then the two banks may be tempted to disburse sooner after using their own resources.

Because banks are paying off their Family Home Discount or home loan last in order to reduce their risk, according to their own rules, this is almost impossible to do due to the waiting time of the two different banks.

What are the benefits of having both Family Home Discount and home loan from the same bank?


Banks dealing with Family Home Discount disbursements may charge 1.5% of the grant, up to a maximum of 30,000 HUF, in addition to the cost of ownership, valuation, and on-the-spot inspection. However, if the client requires a home loan from the same bank, the Family Home Discount review will be free of charge.

What are the disadvantages if different banks are unable to cooperate?


This can seriously affect the client’s wallet, as if the most favorable home loan offer is provided by a bank without a Family Home Discount, the client will have to choose another bank in order to take advantage of the support. As a result, you may also be forced to take advantage of a less favorable home loan, which in the long run will result in higher costs, thus pulling more money out of your pocket. In fact, you can slowly pay interest on the money you have won with Family Home Discount support.

Fill out the form below to find out how much support you can get.