Framtíðargrunnur
Framtíðargrunnur
The Framtíðargrunnur savings account is a good fit for guardians who want to create a solid foundation for their children’s savings. The account bears the highest interest rates offered among general deposit programmes at each time and is an attractive choice for long-term investment.
- Restricted until 18 years of age
- Inflation-indexation or non-indexed
- Interest paid annually
- Terms and conditions (PDF)
Inflation-indexation or non-indexed account?
On a non-indexed Framtíðargrunnur, the balance is free for withdrawal at 18 years of age. No new deposits can be made after the account holder turns 18.
On an inflation-indexed Framtíðargrunnur, deposits made after the account holder turns 15 are restricted for 36 months, with each deposit carrying a fixed term. After 18 years of age, the balance of the account that has been restricted for a minimum of 36 months, is free for withdrawal for 1 month. After that, withdrawals must be made by order. Withdrawals are paid out 31 days following orders.
No further deposits can be made to inflation-indexed Framtíðargrunnur accounts after age 22, not can new accounts be opened.
Interest, indexation and financial income tax
Interest and indexation is restricted until the account holder reaches 18 years of age. Capital income tax is not withdrawn from the account at the end of each year; rather, it is calculated with the applicable tax rate at each time and deducted from the balance as at the account holder’s 18th birthday. Interest is calculated on the account holder’s 18th birthday and added to the principal. After the account holder turns 18, interest and indexation is calculated at the end of each year and financial income tax deducted simultaneously.
Interest
| Type | Annual interest |
|---|---|
| Inflation-indexed | %interest40% |
| Non-indexed | %interest26% |
Calculate savings
Calculate the amount you need to set aside each month, for how long, or how much your savings will amount to at the end of a period. The calculations are based on monthly interest payments.
It’s simple to start saving
With regular savings in online banking, you don’t need to remember to put funds aside. The amount doesn’t need to be large - small contributions quickly accumulate to large savings.
Automatic transfers
You decide on an amount, when to make transfers and select a savings account. Transfers will take place automatically each month.
Card savings
How about contributing to savings every time you use your debit or credit card? Each transaction can be rounded up to a pre-determined amount or to the next hundred or thousand.
Join our group of satisfied customers
Applying for access to online banking and the app, creating an account and getting a debit card is a matter of minutes.