Savings accounts

Kjörbók - regular savings account

No time limit on withdrawals

Kjörbók is a non-indexed account and ideal for persons who wish to deposit small amounts for a short time.

Main advantages of Kjörbók

  • Current account with no fixed term.
  • The balance may be withdrawn at any time.
  • No service, redemption or other fees apply.

Foreign currency savings accounts

Interest in foreign currency

Foreign currency savings accounts (FX accounts) are intended for customers who wish to receive interest on their funds in foreign currencies. The accounts are suited to customers engaged in FX business transactions and who can tolerate currency risk.

Withdrawals in foreign bills are subject to a 1.75% fee to cover the Bank’s cost of handling foreign bank notes.

There are two options

  • Unrestricted accounts, where funds are always available for withdrawal.
  • Accounts with a 3 or 6-month fixed term which generally bear higher interest than unrestricted accounts.

The control has thrown an exception.


Varðan 60 - seniors' premium rate account

High interest and easy access

The Varðan 60 seniors' premium rate account is intended for members of Landsbankinn loyalty plan (Varðan), aged 60 years and older. It is not inflation-indexed and pays a high rate of interest.

  • Easy access, no fixed term for deposits 
  • No minimum deposit
  • The interest rate paid increases in stages, with the maximum paid on a balance of ISK 60 million or more
  • Customers can decide whether they wish to have interest paid monthly or annually

Customers can have regular savings of a minimum of ISK 500 monthly made to Vaxtareikningur accounts.

Sparireikningur - savings account

Simple and secure way to save

A Sparireikningur savings account is non-indexed and always bears good interest. The account is well suited for regular savings, offering two options for savers. Firstly, a regular deposit plan, under which the entire amount deposited into the account is free for withdrawal one month after the term of the deposit has elapsed. Secondly, an individual deposit plan, where each individual deposit is locked in for the term period and free for withdrawal after that.

  • Each deposit has a fixed term of 3, 12 or 24 months.
  • Under the regular deposit plan:
    - the entire amount is free for withdrawal after 3, 12 or 24 months.
  • Under the discretionary deposit plan:
    - each individual deposit is free for withdrawal after 3, 12 or 24 months.
  • No minimum balance.

When a 24-month term is selected, withdrawals can be made before the term has elapsed, but a withdrawal charge is then calculated depending upon the interest rate, which is deducted from accrued interest. If the withdrawal charge is higher than the accrued interest the difference is deducted from the amount disbursed.


Framtíðargrunnur - savings account

Earning good interest to prepare for the future

The Framtíðargrunnur savings account is intended for persons wishing to create a fund for their children when they grow up. The balance accumulated can be withdrawn when a child turns 18 years of age. The interest rate is the highest currently paid on savings accounts, making it an excellent choice for long-term savings.

Accounts can be inflation-indexed or non-indexed. In choosing which option you prefer, bear in mind the following points:

Inflation-indexed Framtíðargrunnur account

  • Highly suitable as a savings option for children and youngsters up to 15 years of age.
  • Balance can be withdrawn when a child reaches 18 years of age.
  • A simple regular savings plan requires only a minimum of ISK 500 deposited each month.
  • No service charges, redemption charges or other commissions.

Non-indexed Framtíðargrunnur account

  • Highly suitable as a savings option for youngsters from 15-18 years of age.
  • Balance can be withdrawn when a child reaches 18 years of age.
  • A simple regular savings plan requires only a minimum of ISK 500 deposited each month.
  • No service charges, redemption charges or other commissions.

Landsbók - fixed-term deposit account

Secure, longer-term savings

Landsbók savings accounts offer a simple and secure way to earn high interest on your savings with the security of inflation-indexation.

  • Save for a fixed term of 3 or 5 years
  • Once the agreed term has elapsed, each deposit is accessible for one month, after which it is restricted once more for five months.
  • Minimum deposits for a regular savings plan of ISK 500 monthly

For interest rates, see Landsbankinn's current tariff.

 


Fastvaxtareikningur

Fastvaxtareikningur is a non-indexed savings account. The account is suited to both individuals and companies prepared to save under a term deposit of up to five years.

Non-indexed account with fixed rates

  • Term of deposit 3, 6, 12, 24, 36 or 60 months.
  • Minimum deposit of ISK 500,000.
  • Account is terminated at the end of the term.
  • Withdrawals against a withdrawal fee are possible, see Landsbankinn's tariff.
  • Interest is added to the balance at the end of each year and when an account is closed.

Fasteignagrunnur - savings account

Designed to meet the needs of customers wishing to set aside funds to purchase housing.

Fasteignagrunnur savings account is available to customers, 15 to 35 years of age, who subscribe to regular savings. The account is suited to the needs of customers wishing to set aside funds to purchase housing. Fasteignagrunnur is available both as a non-indexed 12 month term deposit and indexed 36 month term deposit savings account.

Complementary contribution against regular savings

  • Housewarming gift upon purchase of real estate.
  • One withdrawal only is possible, as of the account holder reaching 18 years of age.