Most banks have raised the rates on their savings accounts this year. Current accounts have not budged. The gap is now wide enough to make it worth checking where your money earns the most. Right now, kompasbank tops Mybanker’s rankings at 2.40% p.a. on a 12-month fixed term and 2.60% p.a. on 24 months.
Danmarks Nationalbank and the ECB have raised interest rates twice since June. In response, eight of Denmark’s twelve largest banks have lifted the rate on their best savings account, several by close to a full percentage point. That is, according to an analysis Mybanker carried out for Børsen.
Current accounts are another story. At most banks, they still pay 0%, exactly as they did at the beginning of the year. And that is where most Danes keep their money.
KOMPAS FAST pays 2.60% p.a. on a two-year fixed term. Leave DKK 100,000 in a current account at 0%, and it earns you nothing. Put the same money into a KOMPAS FAST account, and it will have grown to DKK 105,267 by the end of the term.
With DKK 700,000, you would end up with DKK 736,873. That is DKK 36,873 you would not otherwise have had.
For comparison, Danmarks Nationalbank currently pays 2.10% on its certificates of deposit.
The best rates require you to tie up your money, and that puts many people off. But you do not have to pick one term for all your savings.
Instead, you can build a savings ladder: several accounts that mature at different times. Say you have DKK 500,000. You could put DKK 100,000 away for six months at 1.65% p.a., DKK 200,000 for 12 months at 2.40% and DKK 200,000 for 24 months at 2.60%. Your money then frees up in stages rather than all at once, and you still earn a high rate on the part you can spare the longest.
At kompasbank, you can hold up to DKK 3 million across several savings accounts, with a minimum deposit of DKK 100,000 per account.
How long can you do without the money? This matters more than anything else. Withdraw before the term ends, and you will pay an early withdrawal fee. So choose your term based on when you will actually need the money, not on which rate looks best.
Where is the interest paid? If it is added to the savings account itself, it earns interest of its own the following year. If the bank pays it into a different account, you lose that compounding effect unless you move it back yourself. At kompasbank, interest is added to the account once a year.
Is your money protected? The deposit guarantee scheme covers up to about DKK 750,000 per customer per bank. If you hold more than that in cash, spread it across several banks.
Rates move, and banks do not move together. Eight of the twelve largest banks have raised their rates this year, while four have not moved at all. As a result, the gaps have widened. Wherever you save, check Mybanker's savings account comparison a couple of times a year.
You do not need to switch banks to get a better rate, either. Your savings account can sit somewhere other than your NemKonto. You only move the amount you want to save.
KOMPAS FAST pays 2.40% p.a. on a 12-month term and 2.60% p.a. on 24 months. Opening an account is free and takes just a few minutes with MitID.
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Rates as of 22 September 2026. Denmark's highest rates on savings accounts with 12- and 24-month fixed terms, according to Mybanker, as of 22 September 2026. The rate is fixed for the full term. Early withdrawal incurs a fee of between 1.65% and 3.60% of the deposit. Examples are before tax and assume the full amount stays in the account for the entire term.