Lands­bank­inn changes in­terest rates

29 June 2022

Variable interest rates on non-indexed housing mortgages increase by 0.85 percentage points (pp), to 6.25%. Fixed rates on new, non-indexed housing mortgages increase by 0.20-0.35 pp. Fixed rates on new, inflation-indexed housing mortgages increase by 0.20 percentage points (pp) while variable rates on inflation-indexed housing mortgages remain unchanged.

Prime rates on non-indexed lending increase by 0.85 pp while prime rates on inflation-indexed lending remain unchanged.

Variable interest rates on green vehicle loans for electric vehicles increase by 0.25 pp. As before, borrowers pay no borrowing charges on loans for electric vehicles. Variable rates on non-indexed vehicle and equipment financing loans increase by 0.85 pp. Overdraft rates increase by 1.0 pp.

Interest on non-indexed savings accounts increase by up to 1.0 pp and interest on general current accounts increase by 0.20 pp.

This interest rate decision follows the interest rate decision of the Central Bank of Iceland on 22 June, when the CBI raised rates by 1.0 pp. Interest rate changes also have regard for market rates and other financing terms of Landsbankinn. 

The new interest rate tariff enters into effect on Thursday, 30 June 2022. Changes to interest on loans governed by the Act on Consumer Loans or the Act on Mortgage Lending to Consumers enter into effect in accordance with notifications sent to customers in online banking.

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