On December 1st Íslandsbanki will change its interest rates following the Central Bank of Iceland's announcement on the 17th of November, raising the Bank's interest rates by 0.50 percentage points (pp). Interest rates of Ergo will change on December 3rd.
Changes to the Bank's interest rates
- Fixed interest rates on indexed mortgages decreased by 0.45 pp
- Fixed interest rates on 36 month non-indexed mortgaes increased by 0.20 pp while fixed rates on 60 month non-indexed mortgages remain unchanged
- Variable interest rates on non-indexed mortgages increased by 0.20 pp
- Non-indexed variable prime lending rates increased by 0.35 pp
- Overdraft rates (personal & business) increased by 0.50 pp
- Ergo's variable non-indexed interest rate increased by 0.35 pp
- Variable non-indexed interest rate on deposits increased by anything up to 0.50 pp or remain unchanged
When the afformentioned changes in interest rates have taken effect Íslandsbanki's fixed indexed mortgage rates and variable non-indexed rates will be the lowest offered by Icelandic banks.
Changes to loans as per the Act on Consumer Loans or the Act on Mortgage Lending to Consumers come into effect as per their Terms and Conditions and notifications to that effect