Following Norges Bank’s decision in September to raise the policy rate by 0.25 percentage points to 4.50 percent, Norway’s largest commercial banks lifted mortgage rates while increasing savings accounts by significantly smaller margins, e24.no reported. According to a rate check conducted by Renteradar for DinSide, several major financial institutions increased deposit rates by as little as 0.10 to 0.25 percentage points, widening the gap between what banks charge borrowers and what they pay savers.
How DNB and Other Major Banks Adjusted Savings Rates
In Norway’s largest bank, DNB, standard savings accounts received hikes ranging from 0.25 percentage points for amounts up to 100,000 kroner down to 0.10 percentage points for amounts exceeding that threshold, e24.no reported.
Other institutions implemented similarly modest adjustments across their product lines. DinSide’s reported figures show that Sparebank 1 Sør-Norge raised rates by 0.10 percentage points, Nordea and Storebrand by 0.15 percentage points, Sbanken by 0.19 percentage points, Bulder by 0.20 percentage points, DNB by 0.20 percentage points, KLP Banken by 0.20 percentage points, and Penni by 0.25 percentage points.
Customer Backlash and Political Condemnation
The asymmetric rate adjustments sparked strong reactions from retail customers and politicians alike. DNB customer Kristian Susnic criticized the bank’s customer service and deposit terms in an interview with e24.no, stating that he plans to move his excess liquidity to a competitor offering up to 0.5 percentage points higher savings rates.
Politicians also weighed in on the findings. Rødt leader Marie Sneve Martinussen criticized the banking sector in comments to DinSide, pointing out that banks’ after-tax profits have doubled over the past decade. Meanwhile, Guro Sollien Eriksrud, consumer economist at Forbrukerrådet, urged bank customers to demand better terms, telling DinSide that individuals should react just as strongly to poor savings rates as they do to rising mortgage costs.
Bank Defenses and Strong Financial Results
Ina Helen Østby, head of external communication for the personal market at DNB, stated that the bank performs a comprehensive evaluation of multiple factors when adjusting rates.
Craig Russell Lundervik Bøthun, communication manager at Sparebank 1 Sør-Norge, told e24.no that market margins are at their lowest levels in a long time and that isolating the financial effect of deposits alone is not appropriate. Despite these margin explanations, public financial reports show substantial earnings across the sector. DNB reported a pre-tax profit of 54 billion kroner in 2025 and distributed 26.6 billion kroner in dividends, with the Norwegian state holding roughly a one-third stake. Nordea posted a pre-tax profit, Sparebanken Norge earned 8.1 billion kroner, and Sparebank 1 Sør-Norge recorded an 8.3 billion kroner pre-tax profit.
Frequently Asked Questions About Norwegian Bank Rate Adjustments
How much did Norges Bank raise the policy rate in September?
Norges Bank raised the key policy rate by 0.25 percentage points to 4.50 percent during its September meeting, as reported by DinSide.
What was the smallest deposit rate increase recorded among major banks?
Sparebank 1 Sør-Norge raised certain savings rates by just 0.10 percentage points, according to the Renteradar data cited by DinSide.
What pre-tax profit did DNB post for 2025?
DNB reported a pre-tax profit of 54 billion kroner for 2025 and paid out 26.6 billion kroner in dividends to shareholders, as detailed by e24.no.
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