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Savings Clubs in Sweden

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​​​​​​​The first Savings Club in Sweden was established in 1925. Initially, most of the Savings Banks were doubtful and thought that this new service would be too expensive to provide. Even clients were suspicious to save ​money regularly.

However the savings banks got support from leading politicians and representatives of trade unions.
Clubs were started at factories and offices, but also in different associations i.e. “Young farmers”, sportsclubs, study circles, etc.

In 1950, the number of savings club members reached 235 000. By that time, the Post Savings Bank (started in 1938) had 340 000 members.

The original idea was to put the money in accounts for retirement or building new homes and the accounts were rewarded with the best interest rate. But people were more interested in savings on short term, like Christmas, travels and vacations. So, the rules changed and savings could be available at any time. 

Savings banks clubs peaked in 1967 with more than 680 000 members.

Slowly, other forms of regular saving have replaced the clubs.

 

 

 

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Financial History