Amendments to the terms and conditions for savings accounts
New General Terms and Conditions for Savings Accounts take effect on 13 November 2017. The General Terms and Conditions apply to all savings accounts with Landsbankinn and provide for the rights and obligations of the Bank and account holders. When the amendment becomes effective, previous terms and conditions for current accounts, payment accounts and savings accounts cease to apply.
The changes are first and foremost designed to reconcile and clarify terms and conditions, such as provisions that govern the calculation of interest, when interest is added to the principal during interest calculation, on the rights of savings owners who are minors, etc. The changes will have negligible effect on account holders and in a vast majority of cases, customers will not be affected by or will benefit from the amendments.
Fees that apply to savings accounts will continue to be in accordance with the Bank's tariff; following the amendments, fees will be expensed monthly rather than when statements are generated, as has hitherto been the case. Customers will not incur higher fees because of this change.
Special terms and conditions apply to individual deposit accounts and the provisions of such special terms take precedence over general terms. Amendments to special terms for the following account types take effect as of 13 November 2017:
- Changes to provisions on when interest is added to the principal in relation to interest calculations and provisions on withdrawal from accounts before the end of a fixed term.
- A fixed term will also apply to accrued interest and capital income tax will not be calculated until the term expires on the 18th birthday of the account holder.
- A fixed term will apply to accrued interest, as well as other deposits.
The names of FX accounts will change on 13 November 2017.
- The name of the account will change to FX current account.
- The name of the account will change to FX savings account.