31 August 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 rates. Interest rate changes also have regard for market rates and other funding terms of Landsbankinn.
The main changes are as follows:
Deposit rates
- Variable interest rates on non-indexed savings accounts increase by 0.50 percentage points (pp).
- Interest on savings in the app increase from 8.25% to 8.75%.
- Interest on Fasteignagrunnur savings account increase from 8.90% to 9.40%.
- Interest rates on general current accounts increase by 0.20 pp.
- Interest rates on inflation-indexed savings account increase by 0.30 pp.
Lending rates
- Variable interest rates on non-indexed housing mortgages increase by 0.50 pp, to 10.75%.
- Variable interest rates on non-indexed housing mortgages increase by 0.30 pp, to 3.15%.
- Fixed rates on new, non-indexed 36-month housing mortgages increase by 0.30 pp and fixed rates on new 60-month housing mortgages by 0.30 pp.
- Fixed rates on new 60-month inflation-indexed housing mortgages increase by 0.40 pp.
- Prime interest rates on non-indexed loans and overdrafts increase by 0.50 pp.
The new interest rate tariff enters into effect on Friday, 1 September 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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