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Investment Account Comparison: ISK vs KF vs AF (2026)

Compare ISK, Kapitalförsäkring, and Aktie- & Fondkonto to choose the optimal account for your situation.

Account Balances and Expectations

Enter balances for ISK, KF, and AF along with expected annual return to compare tax effects.

Your details
SEK

Total capital you have invested today. Applied to ISK, KF and AF alike.

SEK

Amount you add each month across all accounts.

%

Expected annual return as a percentage (e.g., 7%).

years

Number of years you plan to save/invest the money.

Results update instantly

Results

Example using default values

Comparison of total tax at withdrawal, average yearly tax, and after-tax end balance for each account type.

Results

Comparison of total tax at withdrawal, average yearly tax, and after-tax end balance for each account type.

ISKSEK 282,725

What you keep after all flat-rate tax has been paid on the ISK.

KFSEK 282,725

What you keep after all flat-rate tax has been paid on the insurance account.

AFSEK 245,907

What you keep after paying capital gains tax at withdrawal.

ISK

Total Tax (ISK)
SEK 0

Sum of all flat-rate (schablon) tax paid on the ISK up to withdrawal.

Average yearly tax
SEK 0

Average yearly flat-rate tax based on the mean balance.

Gross profit
SEK 122,725

Total pre-tax return generated in the ISK.

Profit after tax
SEK 122,725

Total return after flat-rate tax.

Effective tax rate
0.00%

Tax as a percentage of the gain.

KF

Total Tax (KF)
SEK 0

Sum of all flat-rate (schablon) tax paid on the insurance account up to withdrawal.

Average yearly tax
SEK 0

Average yearly flat-rate tax for the insurance account.

Gross profit
SEK 122,725

Total pre-tax return generated in the insurance account.

Profit after tax
SEK 122,725

Total return after flat-rate tax for the insurance account.

Effective tax rate
0.00%

Tax as a percentage of the gain.

AF

Total Tax (AF)
SEK 36,817

Capital gains tax due when you sell and withdraw (uses the AF tax rate above).

Average yearly tax
SEK 3,682

Total capital gains tax spread across the saving horizon.

Gross profit
SEK 122,725

Total pre-tax return generated in the AF account.

Profit after tax
SEK 85,907

Total return after capital gains tax.

Effective tax rate
30.00%

Tax as a percentage of the gain.

Estimate, not a legal decision

Read methodology

Use the result as decision support and planning help. For high-stakes choices, confirm the details with the relevant authority, lender, employer, or adviser.

Analysis & guidance

  • ISK and KF: flat-rate tax

    ISK and Capital Insurance are taxed equally with a flat-rate model, regardless of actual returns.

  • AF: realization-based taxation

    Stock & Fund Account is taxed only when you sell (30% on gains), which can be advantageous for long holding periods.

  • Tax-free allowance for ISK and KF

    For 2026, a 300,000 SEK tax-free allowance can reduce the taxable base for ISK and KF.

About this calculator

ISK vs KF vs AF: how to compare

In Sweden, three common ways to invest in funds and shares are:

  • ISK (Investeringssparkonto)
  • KF (Kapitalförsäkring)
  • AF (Aktie- och fondkonto)

They can all hold similar investments, but the tax rules differ, which can affect your net result over time.

The key idea

  • ISK and KF are usually taxed via an annual standard income (often described as a “flat-rate tax”), based on the account value.
  • AF is typically taxed when you sell at a profit (capital gains tax).

Which one is “best” depends on your time horizon, expected return, how much you trade, and which tax rules apply for the year.

How to use this calculator

  1. Enter your starting balance and monthly savings.
  2. Choose an expected annual return and the saving period.
  3. Select the year the comparison should use.
  4. (Optional) Open advanced settings to adjust assumptions.

The calculator estimates:

  • End value after estimated tax for ISK, KF, and AF
  • Total tax over the period
  • Average annual tax

Things to keep in mind

  • Rules can change. Always verify important decisions with current information.
  • Fees and spreads matter. A slightly “better” tax outcome can be offset by higher product fees.
  • Risk is separate from account type. A higher expected return often implies higher risk.

This comparison is meant as a planning tool, not as legal or tax advice.

How the calculation works

Choose the Right Investment Account for 2026

There are three main types of investment accounts in Sweden: ISK (Investment Savings Account), Kapitalförsäkring (Capital Insurance), and Aktie- & Fondkonto (Stock & Fund Account). Each account type has different tax rules that affect your net returns. With our comparison calculator, you can easily see which account type suits you best based on your circumstances and expected returns.

2026 Tax Rules

ISK and KF are taxed with a flat-rate model based on the capital base and the government bond rate + 1 percentage point (minimum 1.25%). The tax is 30% of the calculated flat-rate income, and a tax-free allowance can reduce the taxable base. AF is instead taxed with 30% capital gains tax on realized gains. For long-term investors, ISK/KF may be advantageous since the tax is independent of actual returns, while AF may be better if you rarely realize gains or have low returns.

Compare and Optimize

Use our calculator to compare different scenarios. Enter the balance for each account type, expected annual return, and tax year. The calculator shows annual tax, net return, and effective tax rate for each account type, so you can make informed decisions about where to place your savings capital.

Frequently asked questions

What is the difference between ISK, KF, and AF?

ISK and KF are taxed yearly with a flat-rate model. AF is taxed when you realize gains (sell). KF is an insurance wrapper, which can also affect practical details like beneficiaries and provider terms.

How is the ISK/KF flat-rate tax calculated?

It is based on your capital base and the average government bond rate (statslåneränta) plus one percentage point, with a minimum level. The calculated flat-rate income is then taxed at 30%.

What is the 2026 tax-free allowance (300,000 SEK)?

In 2026, the allowance reduces the taxable base of your combined ISK, KF and PEPP savings by up to 300,000 SEK. The comparison assumes you do not use the allowance for other such savings.

When can AF be the better choice?

AF can be favorable if you expect low returns, plan to sell rarely, or want to offset gains with losses. Since tax is paid on realized profit, timing matters more than for ISK/KF.

Is KF always the same as ISK from a tax perspective?

The flat-rate tax model is similar, but KF can differ in practical terms (such as beneficiaries and handling of foreign withholding tax). Fees and provider terms can also affect net results.

How to read this calculator

These results are meant as guidance. They are based on rules, assumptions, and simplified models that can differ from your exact real-world situation.

Estimate, not a legal decision

Use the result as decision support and planning help. For high-stakes choices, confirm the details with the relevant authority, lender, employer, or adviser.

Methodology

Each calculator uses defined inputs, assumptions, and logic. We explain the broader approach on the methodology page.

Read methodology

Sources and updates

Important calculators should be traceable back to official rules, public guidance, or other clearly stated references.

Read about sources

Official source

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