Savings accounts in Denmark
Get to grips with interest, lock-in, terms and security before you decide where to keep your money.
Last updated 13 October 2026
The interest rate is not the whole story
Two savings accounts rarely differ in interest alone. Lock-in, amount limits and terms can matter a great deal. We do not show specific rates until we can source them with a date.
Do the sums yourself: the savings calculator shows what different interest rates, deposits and time mean for your savings, including the effect of compound interest.
Savings account
Each savings account has its own terms for interest, access to the money and any deposit limits. Clarify them before you choose.
- How to choose a savings account – criteria and a checklist: interest, lock-in, deposit limits, terms, tax, deposit guarantee and requirements for a full-customer relationship (helkundeforhold). A method and checklist, no ranking.
Deposit interest rate
The deposit interest rate (indlånsrente) is the interest on the money you keep in the bank. How the interest is calculated and credited is set out in the account terms.
- Deposit interest: how the interest on your savings is calculated – a method using days and crediting, effective interest, tax on interest and the link to Danmarks Nationalbank’s rates.
See the glossary entry: deposit interest rate.
Flexible and locked-in savings
Whether, and for how long, the money is locked in, and what it costs to withdraw it, is set out in the account terms. Ask the bank before you pay in.
- Flexible or locked-in savings – what lock-in means, how it affects access to your money and the interest, and what to ask before you commit.
Fixed and variable interest
Check the terms for whether the interest is fixed or variable, how long any fixed rate applies, and when the bank may change a variable rate.
High interest
If an account is marketed with a high interest rate, clarify whether the rate applies to the whole amount and the whole period, and whether there is a lock-in, a ceiling on the amount or a requirement to take other products. Read the terms, not just the headline.
Compound interest
Compound interest means that interest already credited earns interest itself, so savings grow faster the longer they are left. The effect is easiest to see by changing the rate and the time in the calculator.
- Savings calculator – see compound interest in practice.
Deposit guarantee
Garantiformuen (Denmark’s deposit guarantee fund) covers deposits up to an amount equivalent to EUR 100,000 per depositor per institution, and certain special deposits have higher cover. If you have deposits in two credit institutions, you are covered in each of them. The details are in the guides.
- Deposit guarantee: how much are your savings covered for? – what the Danish deposit guarantee covers, how much is protected per bank, and when special rules give higher cover, for example after selling a home.
- Bank or payment institution – the difference between a bank and a payment institution, and why a deposit guarantee and safeguarding of customer funds are not the same.
See the glossary entry: deposit guarantee.
Savings in another bank
Considerations about using several banks, the guarantee and day-to-day practice are collected in one guide.
- Can you have more than one bank? – yes, you can hold accounts at several banks. How the deposit guarantee applies per institution, what happens in a merger, and what it means for NemKonto and your salary account.
Business savings
See our business page for guides on a company’s banking: Business banking in Denmark.
Plan your finances
- The 50/30/20 budget – how to use the 50/30/20 rule of thumb, supplemented by an annual overview, a buffer and regular reviews.
- Budget account: how it works – what a budget account is and how to work out the monthly transfer.
Fact check and sources
- Applies to
- Deposits in Danish credit institutions. The page is an overview that reports what the sources say. It states no interest rates, and banks' terms are their own.
- Fact checked