The first bank out this time is KLP Banken, after Nordea has been the fastest following the two previous rate hikes from Norges Bank. KLP Banken states that their interest rates on mortgages and deposits are raised by up to 0.6 percentage points.
The mortgage interest is raised by up to 0.5 percentage points, the deposit interest by up to 0.6 percentage points.
The interest rate increase comes after Norges Bank’s interest rate decision on Thursday. The key interest rate was raised by 50 basis points to 2.25 per cent, following similar increases in the two previous interest rate decisions.
The central bank has also announced a total of 75 basis points more interest rate increases by March 2023, and perhaps a final increase towards the end of next year.
– This means that we have to increase
– The fact that Norges Bank raised the policy rate this week for the fourth time this year affects the market rate at which the banks borrow money. This means that we have to increase the interest rate on mortgages and deposits, explains Jorunn Ygre Storjohann, director of personal markets at KLP Banken.
The best mortgage and deposit interest rates at KLP Banken are now 3.45 and 2.30 per cent respectively nominally.
The mortgage interest rate will apply to the product Grønt Boliglån Young for members with a pension in KLP, while their best deposit rate will apply to the product Toprentekonto member. The interest rate increase applies from 8 November for existing customers.
Nordea was the first bank to respond to Norges Bank interest rate hikes in June and August. Both times the central bank raised the key interest rate by 0.50 per cent, to 1.25 and 1.75 per cent respectively.