Swedish neo-bank Northmill launches fee-free savings account

Source: Northmill

The Swedish tech bank Northmill continues to broaden its banking offer by launching its fee-free savings account Rebilla Reserve.

The savings account will be covered by the state-provided deposit insurance up to SEK 950 000 and have a variable interest rate. Rebilla Reserve is intended for everyone who wants to save money in a safe, user-friendly and flexible way.

Hikmet Ego, CEO at Northmill commented:
“With our fast-growing banking offer, we prove that it is possible to combine a top-modern customer experience with comprehensive compliance and security requirements. We believe that banking products should proceed from the actual needs of the customer and be made available to everyone in a smart and user-friendly way. We aim at playing an important role in developing the banking products of tomorrow, that work for the consumers and make it easier for them to save money and handle their personal finances in a good way.”
It takes less than two minutes to open a Rebilla Reserve account and behind the strongly automated process lays long-term strategic investments in the organization and in the modern technology platform. These investments have enabled the tech bank to launch eight products and features under the new brand Rebilla in only twelve months.

Marcin Ziolkowski, Product Owner Rebilla Reserve commented:
“We have a scalable technology infrastructure that creates the pre-requisites for us to automate, tailor and integrate a vast majority of the complex processes. Our technical capacity also allows us to connect all Rebilla products into one powerful banking offering. For example, in the near future, the cashback generated from purchases made with the Rebilla Card can automatically be deposited into the user's savings account and immediately start generating interest.”
In September 2019 Northmill was granted a banking license from Swedish FSA, Finansinspektionen. That has given the tech bank new tools in the ongoing work of driving a positive change for the consumers. A good example of that is Rebilla Reduce that lowers the interest rate on consumers' existing credits, part payments and credit card bills.

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