Lands­bank­inn changes in­terest rates

31 March 2023

In light of the recent interest rate decision of the Central Bank of Iceland, the following changes will be made to Landsbankinn’s interest rate tariff. Interest rate changes also have regard for market rates and other financing terms of Landsbankinn. The main changes are as follows:

Deposit rates

  • Variable interest rates on non-indexed savings accounts increase by 1.00 percentage point (pp).
  • Customers get 7.00% interest by saving in the app.
  • Interest on non-indexed Fasteignagrunnur accounts will be 7.65%.
  • Interest rates on Kjörbók savings accounts increase by 1.00 pp.
  • Interest rates on general current accounts increase by 0.75 pp.
  • Interest rates on inflation-indexed savings accounts increase by 0.25 pp.

Lending rates

  • Variable interest rates on non-indexed housing mortgages increase by 1.00 pp, to 9.00%.
  • Variable interest rates on inflation-indexed housing mortgages increase by 0.25 pp.
  • Fixed rates on non-indexed 36-month housing mortgages increase by 0.50 pp and fixed rates on new non-indexed 60-month housing mortgages by 0.20 pp.
  • Fixed rates on new 60-month inflation-indexed housing mortgages increase by 0.20 pp.
  • Prime interest rates on non-indexed loans and overdrafts increase by 1.00 pp.
  • Indexed prime rates increase by 0.25 pp.

The new interest rate tariff enters into effect on Wednesday, 5 April 2023; changes to fixed lending rates enter into effect as of Saturday, 1 April 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. Changes to interest on overdrafts take effect at the same time as the new interest rate tariff. Interest on loans that carry a fixed rate do not change during the fixed rate period.

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