Interest Rates
This fund type saw a significant boost in January.
January proved to be a volatile month for Norwegian fund investors, with considerable swings from week to week. The shifting landscape underscores the importance of diversification in investment portfolios.
Funds heavily weighted towards the American market, such as global index funds and technology funds, experienced declines, while gold and silver prices surged.
While investors moved away from American funds in the first month of the year, they focused instead on Norwegian and European funds, topping the lists at both DNB and Nordnet.
Another fund type seeing increased demand was interest rate funds.
Tripling in January
DNB reported a tripling in purchases compared to January of the previous year. New tax regulations for interest rate funds came into effect this year, making investment more favorable, but DNB savings expert Behnaz Ganji said it’s difficult to pinpoint why interest rate funds increased so much in January.
“It’s hard to say exactly what customers are thinking, but historically, interest rate funds have been less volatile than equity funds,” she said.
Behnaz Ganji
Savings Expert at DNB
Less fluctuation may contribute to making interest rate funds more attractive to small investors. For some savers, a bit more stability may be appealing now.
“Another thing is the more favorable tax conditions from this year with deferred tax, which means more people may be moving their buffer savings to interest rate funds.”
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That said, equity funds are still by far the most popular among DNB’s fund customers.
“Yes, a tripling in purchases of interest rate funds is significant, but we are seeing higher increases in purchases of equity funds, even though there is some uncertainty. People generally save in equity funds with long-term goals, while interest rate funds can be a good shock absorber to have in the portfolio, or for savings with a medium-term savings horizon.”
Choosing High-Yield Funds
The situation is different at Nordnet, the largest trading platform for funds and stocks in the Nordics.
Mari Rindal Øyen, Country Manager of Nordnet Norway, says that only one interest rate fund is on their top ten list for January.
“Kraft Nordic Bonds is the fourth most purchased fund in January 2026. Looking at interest rate funds purchased in January 2026 in isolation, the top four most popular funds are high-yield funds. High-yield funds have been consistently popular throughout 2025,” she told DinSide.
Mari Rindal Øyen
Country Manager at Nordnet Norway
While purchases of interest rate funds tripled among DNB’s customers in January, they are down at Nordnet.
“Comparing purchases of interest rate funds in January 2026 with purchases of interest rate funds in January 2025, it is actually slightly lower,” Øyen said.
In other words, the new tax rules do not yet seem to have a major effect on purchases of interest rate funds among Nordnet’s customers.
“But I am very pleased with this change in the long run, which means that the compounding effect also works for this type of fund. For many private savers, interest rate funds are a good alternative to a bank account and with the new tax rules, they are now more attractive.”
