Norwegian households are losing out on nearly 1,000 kroner annually by leaving their everyday funds in transaction accounts that offer a zero percent interest rate, according to consumer authorities. While rising mortgage rates have made borrowers more attentive to loan costs, daily spending accounts remain largely overlooked.
The Hidden Milk Cow of Norwegian Banks
A review of Finansportalen conducted by the Consumer Council (Forbrukerrådet) examined 148 everyday bank account products and found that 112 kontotyper offer 0 percent interest. A smaller number of institutions offer between 0.05 and 0.10 percent interest, while most charge additional fees for bank cards and certain withdrawals.
“The salary accounts are a slightly invisible milk cow for the banks,” Guro Sollien Eriksrud, fagsjef forbrukerøkonomi at the Consumer Council, said.
Official figures from Statistics Norway show that an average Norwegian household receives just over 60,000 kroner per month after tax. Stashing those funds in a transaction account offering a 3 percent interest rate rather than zero yields roughly 900 kroner over the course of a year, factoring in the gradual drawdown of the monthly sum. By maintaining low or zero interest on these everyday accounts, banks secure cheap funding from the combined salaries, pensions, and welfare payments of personal customers.
Billions in Margins Spark Regulatory Scrutiny
Consumer organizations argue that the current financial setup heavily favors lending institutions at the expense of everyday depositors. Fawsi Adem, who has responsibility for consumer policy at LO, pointed out that the net interest income of Norwegian banks reached 138 milliarder kroner in 2025, a significant jump from 84 milliarder kroner when the recent rate hikes began.
“At the same time, Norwegian banks have higher interest margins than banks in comparable countries. There are strong signs that competition is not working well enough. The bill ends up with the customers,” Adem said.
A report published in February by the Financial Supervisory Authority of Norway (Finanstilsynet) reviewed ten banks and found that 170 milliarder norske kroner sits idle in salary accounts. The authority concluded that consumer interests are not adequately safeguarded in the deposit market, citing regulatory weaknesses and a lack of compliance by financial institutions.
Regulatory Changes Aim to Curb Product Packages
Both LO and the Consumer Council are pushing for stricter oversight of banking practices, specifically targeting product bundles that tie savings accounts and mortgages together. Eriksrud noted that these packages weaken competition and make it difficult for consumers to compare offers or switch a single service.
Consumer advocates have proposed amending financial enterprise regulations to ban product bundling unless banks can prove it creates direct cost savings for the customer. Tom Stavi, communications director at Finance Norway (Finans Norge), counters that everyday transaction accounts are not intended to function as savings vehicles and that institutions set individual prices through market competition.
“My call to consumers is to utilize the competition in the market. For deposit products, it is very simple,” Stavi said, noting that banks offer separate savings accounts with higher rates, both with and without lock-in periods.
Norwegian Households Park Billions in Zero Percent Accounts While Facing Fees
How much money do Norwegian households typically leave in transaction accounts?
According to a Financial Supervisory Authority report reviewing ten banks, a total of 170 milliarder norske kroner is currently parked in everyday salary accounts.
What do banks charge in addition to offering zero percent interest?
Most banks levy separate fees for holding a debit card and making specific types of withdrawals from everyday transaction accounts, according to data from Finansportalen.
What was the total net interest income for Norwegian banks in 2025?
The net interest income for banks reached 138 milliarder kroner in 2025, compared to 84 milliarder kroner at the start of the central bank’s rate-hiking cycle, according to figures cited by LO.
Worth a look