Overdraft
An overdraft provides you with quick access to money and can help you cover those unexpected costs. You can use the Íslandsbanki app to manage your overdraft.
Why use an overdraft?
Flexible and fair short-term loan
No fee when you apply for, extend, change or discontinue your overdraft
No loan, stamp or repayment fee
Overdraft valid for 12 months at a time with a flexible repayment plan
Interest paid on amount used and in accordance with Íslandsbanki's interest table
How does an overdraft work?
Overdraft limit
The overdraft limit depends on the individual. The bank has certain requirements that need to be fulfilled before agreeing to an overdraft.
Who can apply for an overdraft?
Anyone over the age of 18 can apply for an overdraft as long as they fulfil the set requirements. You can use Íslandsbanki's app to apply for, extend, change or discontinue your overdraft without paying any fees.
How much interest will I pay?
Interest is paid in accordance with Íslandsbanki's interest table.