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Amendments to the terms and conditions of Fasteignagrunnur, Framtíðargrunnur and Landsbók savings accounts

Amendments to the terms and conditions of Landsbankinn’s inflation-indexed payment accounts enter into effect on 1 November 2019. Specifically, this applies to changes to the covenants of the accounts Fasteignagrunnur, Framtíðargrunnur and Landsbók. These amendments reflect new rules issued by the Central Bank of Iceland No. 877/2018, on the Inflation-indexation of Savings and Loans, which enter into effect on 1 November 2019, cf. Rules No. 109/2019.

According to current terms and conditions of all indexed payment accounts, deposits are free for withdrawal following the fixed term, then fixed again for five months, then free for withdrawal for one month etc. The new terms provide that deposits are free for withdrawal for a period of one month following the fixed term. Once the month elapses, the deposit is fixed again and redeemable with three months’ notice after that.

Note that under the current terms and conditions, each deposit is fixed for a specified term, 36 months at a minimum. This means that despite subscription to regular savings, the entire balance will not be free for withdrawal following the minimum fixed term as of the commencement of regular savings; rather, the fixed term applies to each individual deposit.

Terms and Conditions of Fasteignagrunnur 1 November 2019 (icelandic)
Terms and Conditions of Framtíðargrunnur 1 November 2019 (icelandic)
Terms and Conditions of Landsbók 1 November 2019 (icelandic)