Swedish neo-bank Northmill has introduced a new savings account with zero charges and deposit insurance.

Named Rebilla Reserve, the account will offer a variable interest rate.

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Rebilla Reserve product owner Marcin Ziolkowski said: “We have a scalable technology infrastructure that creates the pre-requisites for us to automate, tailor and integrate a vast majority of the complex processes.

“Our technical capacity also allows us to connect all Rebilla products into one powerful banking offering.

“For example, in the near future, the cashback generated from purchases made with the Rebilla Card can automatically be deposited into the user’s savings account and immediately start generating interest.”

Customers can open the account in less than two minutes, Northmill noted.

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Account-holders will get insurance for having deposits of up to SEK950,000 ($100,457.75).

Northmill CEO Hikmet Ego said: “With our fast-growing banking offer, we prove that it is possible to combine a top-modern customer experience with comprehensive compliance and security requirements.

“We believe that banking products should proceed from the actual needs of the customer and be made available to everyone in a smart and user-friendly way.”

Northmill received a banking licence from Finansinspektionen (SFSA), the local financial regulator last September, two years after it submitted its application.