Northmill Bank review
Updated September 28, 2026 · VaultCue Editorial Team · Facts checked September 26, 2026
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Our verdict
Northmill Bank suits Swedish savers who want a free easy-access account they can open with a small balance. The headline rate of 1.8% is the weak point, so it earns its place as a cash account rather than a place to grow a balance.
Key facts
- Best for
- A free easy-access savings account for everyday cash.
- Headline rate
- 1.8%↗
- Rate type
- Variable↗
- Minimum deposit
- SEK 0↗
- Deposit protection
- EU DGS up to EUR 100,000↗
- Access terms
- Free withdrawals and deposits, interest from the first krona, no minimum deposit, Swedish state deposit guarantee↗
- Monthly fee
- SEK 0↗
- Account kind
- Easy access↗
- Legal entity
- Northmill Bank AB↗
- Headquarters
- Sweden↗
- Founded
- 2006↗
- Support channels
- Chat, Phone, Help-centre↗
- Pricing model
- No monthly fee
- Official website
- northmill.com
Everyday accounts
Facts checked September 26, 2026, 4 sources
Apps and profiles
- Get the app
- App StoreGoogle Play
- Elsewhere
- LinkedInTrustpilot
Pros and cons
Pros
- Monthly fee of SEK 0 and minimum deposit of SEK 0 on the savings account
- Currency conversion fee of 0% and a free ATM allowance of SEK 0 on the bank card
- Interest applies from the first krona, with free withdrawals and deposits
- Deposits sit under EU DGS up to EUR 100,000
Cons
- The headline rate of 1.8% sits below the savings account median of 3.08%
- The rate type is variable, so the headline rate of 1.8% can move
- Support runs on chat, phone and help centre, and a community forum is not among those channels
Who it suits
- Swedish residents keeping an emergency buffer in an easy-access account
- Travellers who want fee-free spending abroad, since the card carries a currency conversion fee of 0%
- Anyone starting from a small balance, as interest applies from the first krona
Who should look elsewhere
- Savings maximisers chasing the top of the site's savings rates, who can look at a fixed term account instead of an easy-access balance
- AXI Card Tarjeta y Credito, listed at a headline rate of 21.59% against 1.8% here, so the rate is a stronger number there for anyone chasing yield
- Plazo ES, listed at a headline rate of 24.19% against 1.8% here, so a reader who tests on the headline rate alone finds a bigger number on that listing
Deposit protection
Balances held at Northmill Bank fall under EU DGS up to EUR 100,000, so eligible deposits are covered by the EU deposit guarantee scheme rather than sitting unprotected with the bank. The account terms also name the Swedish state deposit guarantee. The bank is supervised by Finansinspektionen, which is the Swedish regulator for the entity behind the account.
How Northmill Bank compares
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9.1 vs 9.0
9.1 vs 8.1
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9.1 vs 8.0
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9.1 vs 9.0
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9.1 vs 8.5
9.1 vs 8.5
9.1 vs 8.5
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9.1 vs 9.0
Where Northmill Bank is available
- Licence in Sweden
- Finansinspektionen, checked September 26, 2026
Countries from the brand (Source, checked September 26, 2026)
Frequently asked questions
What does it cost to keep money at Northmill Bank?+
There is no monthly fee of SEK 0 on the savings account, and no minimum deposit of SEK 0, so you can start small and hold the balance without a charge. Interest is paid from the first krona held. Withdrawals and deposits are also free of charge.
How much interest will I earn?+
The headline rate is 1.8% and the rate type is variable, meaning it can rise or fall. That sits below the savings account median of 3.08% on the site, so the account suits everyday cash more than long-term growth.
Is my money protected?+
Deposits are covered by EU DGS up to EUR 100,000. Northmill Bank is supervised by Finansinspektionen in SE and operates as Northmill Bank AB, so it is a licensed bank rather than an e-money wallet.
What kind of account is it?+
It is an easy-access account, so your money stays reachable without a notice period or a fixed term. The account kind is easy access, and the access terms include free withdrawals and deposits with interest from the first krona.
Will I be charged for spending abroad?+
The currency conversion fee on the bank card is 0%, and the card includes a free ATM allowance of SEK 0. The card is aimed at travellers, which makes it a practical companion to a Swedish savings account for money spent away from home.
How do I get help if something goes wrong?+
Support runs through chat, phone and help centre, so help is available by chat or by phone, and the help centre holds the account answers. A community forum is not among those channels, so direct contact comes by chat or phone.
How long has the bank been around?+
The bank was founded in 2006 and is based in Sweden, with the legal entity named as Northmill Bank AB. Its Swedish banking licence is supervised by Finansinspektionen, the country's banking regulator.
Sources
- northmill.com/se checked September 26, 2026
Backs: Deposit protection, Founded, Headquarters, Legal entity, Licences
“2006 Grundades i Stockholm, Sverige”
- northmill.com/se/kontakt checked September 26, 2026
Backs: Support channels
- northmill.com/se/kort/bankkort checked September 26, 2026
Backs: Free ATM withdrawals, Audience, Features, Currency conversion fee
“Valutaväxlingsavgift 0 kr”
- northmill.com/se/spara/sparkonto checked September 26, 2026
Backs: Access terms, Account kind, Headline rate, Minimum deposit, Pricing model, Monthly fee, Rate type
“Pengarna börjar växa direkt, utan minsta insättning. (Insättningsavgift 0 kr)”
Compiled from 4 source pages, checked September 26, 2026. We did not open an account.
Not confirmed yet: Term.