What does financial independence mean?

Now you make all the decisions about your money

Turning 18 is an important milestone. From this point on, you're financially independent and responsible for managing your own finances, with the same rights and responsibilities as any other adult.

As you take this next step, it's a good time to explore the financial products and services available to you and choose the ones that best suit your needs. Whether you're thinking about starting a savings account, applying for a card or simply learning more about your options, we're here to help. You can also take a look at our price list to see how our transaction and service fees work.

Savings

Saving for your future is essential. Regular savings and automatically transferring money to a savings account each month are the most efficient ways to save money.

Regular savings

With regular savings, you choose a fixed amount that is automatically deposited into your savings account each month or a fund that you have chosen. You choose which method is better for you and your savings goals.

    More on regular savings

    Saving accounts

    We offer a variety of savings options to suit everyone. Have a look at your options.

      Look at our saving accounts

      Good advice

      • Are you 18?

        Future Plan Account

        The lock-in period for your Future Plan Account ends when you turn 18. Money can be withdrawn from the account for one month after the lock-in period is over, i.e., you can withdraw money for one month from the date of your 18th birthday. A new lock-in period then begins, and you will need to give us 90-day notice of any withdrawals. You will need to contact us by email or visit one of our branches to arrange the withdrawal. You cannot withdraw only part of the savings because the account automatically closes when a withdrawal is made. You can transfer the amount to any other account in your name. The amount is automatically transferred three months after your request.

      • Savings

        Reserve fund

        A reserve fund can help bridge the gap if something comes up. You should try to set ISK 100,000 aside so that you won't need to borrow or suffer financially if something unexpected happens.

        Regular savings

        With regular savings, you choose a fixed amount that is automatically deposited into your savings account each month or a fund that you have chosen. You choose which method is better for you and your savings goals.

      • 2% salary increase

        Private Pension

        Apply for private pension

        A private pension plan is one of the easiest ways to secure a better future. In fact, you might be miss­ing out on a 2% salary raise and the chance to use your private pension towards the purchase of a new home. You can apply for a private pension, even if you are just working part-time.

      • Costs

        Loans

        Borrowing money costs money. Have a look at the different interest rates and fees for each loan before making any decisions.

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        Falling behind on your payments can have an effect on your credit history. You should only consider taking a loan if you can afford the repayments and are able to pay on time.