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Amendments to the terms and conditions of Fasteignagrunnur, Framtíðargrunnur and Landsbók savings accounts

Amendments to the terms and conditions of Landsbankinn’s inflation-indexed payment accounts enter into effect on 1 November 2019. Specifically, this applies to changes to the covenants of the accounts Fasteignagrunnur, Framtíðargrunnur and Landsbók. These amendments reflect new rules issued by the Central Bank of Iceland No. 877/2018, on the Inflation-indexation of Savings and Loans, which enter into effect on 1 November 2019, cf. Rules No. 109/2019.

According to current terms and conditions of all indexed payment accounts, deposits are free for withdrawal following the fixed term, then fixed again for five months, then free for withdrawal for one month etc. The new terms provide that deposits are free for withdrawal for a period of one month following the fixed term. Once the month elapses, the deposit is fixed again and redeemable with three months’ notice after that.

Note that under the current terms and conditions, each deposit is fixed for a specified term, 36 months at a minimum. This means that despite subscription to regular savings, the entire balance will not be free for withdrawal following the minimum fixed term as of the commencement of regular savings; rather, the fixed term applies to each individual deposit.

Terms and Conditions of Fasteignagrunnur 1 November 2019 (icelandic)
Terms and Conditions of Framtíðargrunnur 1 November 2019 (icelandic)
Terms and Conditions of Landsbók 1 November 2019 (icelandic)

Weekly bulletin - 02 June 2020 10:03 AM

Icelandic Economic Weekly: Tuesday 2 June 2020

The Icelandic economy contracted by 1.2% year-on-year in Q1. The CPI based on prices in May increased by 0.54% MoM, bringing the headline number to 2.6%. The trade balance and the current account balance were both slightly positive in Q1. The Treasury issued bonds in euros.


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Forsíða - 28 May 2020 04:41 PM

Landsbankinn lowers interest rates

Landsbankinn has recently established itself as the financial undertaking that offers the most competitive lending rates in Iceland. Since the Central Bank of Iceland embarked on the current rate-cutting programme, Landsbankinn has generally lowered lending rates more than deposit rates.


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Forsíða - 27 May 2020 12:10 PM

Bolungarvík outlet merges into Ísafjörður branch

Landsbankinn’s outlet in Bolungarvík will merge into the Ísafjörður branch on 1 July.


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