Future Plan (CD account)

Future Plan is an indexed savings account for children and young people who want to lock in their savings until the age of 18. The perfect gift from loved ones who want to help create a future nest egg for the child or young person in question.

Next step

You can use Íslandsbanki Online Banking to apply for a Future Plan Account
Interest rates
product type="deposits" id="10075" value="min" format="%"] interest
When can you withdraw?
18th birthday
Interest payout
Annual
Type of account
Indexed

Locked period changed 1st of November


The Central Bank of Iceland introduced new regulations regarding index deposit accounts on the 1st of November 2019. Deposits, locked in for the chosen period stipulated by the Terms and Conditions of the account, can only be withdrawn for a period of one month after the lock-in period is over i.e. money can be withdrawn for one month, from the date that the account opens, after the lock-in period. The money becomes locked-in once again after the one month, open withdrawal period and can then be withdrawn with three months’ notice.

Main benefits

  • Balance is available for withdrawal on eighteenth birthday

  • The interest rate is the highest on offer

  • No minimum deposit

  • No fees or royalties

Regular Savings

Before the 15th birthday

You can start automatic transfers at any time before the child's 15th birthday After that time, the account will be closed for deposits, other than those made with automatic transfers from an account with Íslandsbanki.. The account closes automatically once a withdrawal is made.

A coming of age present from Íslandsbanki


Coming of age is an exciting moment in any young person’s life and the future is in their hands. A nest egg is the first step in learning about money management and saving for the things that matter.

Íslandsbanki contributes ISK 6,000 if a child or young person decides to deposit their coming of age money in a Future Plan Account. The minimum deposit in this case would be ISK 30,000.