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  • The balance may be withdrawn at any time.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.

Vaxtareikningur - premium rate account

High interest on short fixed-term deposits

The Vaxtareikningur premium rate account is not inflation-indexed, deposit for a shorter or longer period without a long-term commitment.

  • The Vaxtareikingur account returns a high rate of risk-free interest and is only restricted for a short term.
  • A Vaxtareikningur account can be opened and deposits and withdrawals made through online banking, or at any Landsbankinn outlet.
  • Customers can decide whether they wish to have interest paid monthly or annually.

The interest paid on Vaxtareikningur accounts increases depending upon the balance:

 
Level Amount
Basic 0 - 199.999
Level one 200.000 - 999.999
Level two 1.000.000 - 4.999.999
Level three 5.000.000 - 19.999.999
Level four Over ISK 20.000.000

Vaxtareikningur 30 savings account

Higher interest with increasing balance

Vaxtareikningur 30 is a non-indexed savings account where the interest rate rises in increments, depending on the account balance.

The entire balance on the account is locked-in with no fixed final date. Withdrawals may be made 31 days after submitting a withdrawal request, i.e. 30 days must elapse between the date the request is made and the date the funds will be available. When requesting a withdrawal the customer states the account to which the funds are to be paid.

Vaxtareikningur 30 is suitable for persons who can wait 30 days for funds to be available after a request for withdrawal is made.

Vaxtareikingur 30 accounts can be opened at any Landsbankinn branch and requests for withdrawals made by phone to Landsbankinn's Customer Service Centre, tel. 410 4000.

Vaxtareikningur 30 savings account bears interest depending on the account balance:

 
Level Amount Int. paid annually
Level one 0 - 999,999 2.50%
Level two
1,000,000 - 4,999,999 2.90%
Level three
5,000,000 - 19,999,999 3.10%
Level four
20,000,000 - 59,999,999 3.30%
Level five
Over 60,000,000 3.50%

Main advantages of Vaxtareikningur 30

  • Interest rate increases with increasing balance (see table above).
  • No minimum balance.
  • No service, redemption or other fees apply.
  • Suitable for persons who can determine their intended use of funds with 31 days notice.

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.

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 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.

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.