Lands­bankinn changes in­terest rates

17 February 2023 - Landsbankinn

Following the interest rate decision, variable interest rates on non-indexed housing mortgages increase by 0.50 percentage points (pp), to 8.00%. Interest on savings accounts created in the app (Save in App) increase by 0.50 pp, to 6.00%.

Lending rates

  • Variable interest rates on non-indexed housing mortgages increase by 0.50 percentage points (pp), to 8.00%.
  • Fixed rates on new, non-indexed housing mortgages increase by 0.25-0.30 pp.
  • Interest rates on inflation-indexed housing mortgages are unchanged.
  • Prime interest rates on non-indexed loans and overdrafts increase by 0.50 pp.
  • Inflation-indexed prime rates remain unchanged.

Deposit rates

  • Variable interest rates on non-indexed savings accounts increase by 0.50 pp
  • Customers get 6.00% interest by saving in the app
  • Interest on Fasteignagrunnur account will be 6.65%.
  • Interest on Kjörbók and interest on general savings accounts increase by 0.25 pp.
  • Interest rates on inflation-indexed savings accounts are unchanged.

This interest rate decision follows the policy rate decision of the Central Bank of Iceland on 8 February, when the CBI raised rates by 0.50 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 Monday, 20 February 2023. 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.

How will this affect my loan?

If a loan (consumer loan or real estate loan to consumers) carries a variable interest rate, the change enters into effect 30 days after the interest rate notification. Interest on loans that carry a fixed rate do not change during the fixed rate period.

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