Overdraft

An overdraft provides you with quick access to money and can help you cover those unexpected costs. You can use the Íslandsbánki app to manage your overdraft.

Next step

Do you need to cover unexpected costs?

Why use an overdraft?

  • No fee when you apply for, extend, change or discontinue your overdraft
  • Small short-term loan
  • 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 Íslandsbánki's interest table
  • Flexible and fair short-term loan

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 Íslandsbánki'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 Íslandsbánki's interest table.