Question 1

Commission and taxes

Accepted Answer

The Bank does not collect any service fees, redemption fees or commission. Capital income tax is deducted from interest payments each time, once the account holder reaches 18 years of age and the lock-in period ends.

Question 2

Creating an account

Accepted Answer

You can open an account at one of our branches or through the online bank.

Question 3

Deposits and withdrawals

Accepted Answer

All deposits, including interest and indexation, are bound until the account holder's 18 birthday. You can start saving with the Future Plan Account at any time before a child's 15th birthday. The account becomes closed to deposits after that time, except for regular payments made from another Íslandsbanki account. Only the account holder or proxy holder can withdraw from the account once it becomes available. The amount becomes available for one month after the lock-in period ends. If the money is not withdrawn during this time, then a new lock-in period begins, and the bank will need 3 months’ notice of a withdrawal. The account will close after the first withdrawal, once the account holder becomes 18.  You can transfer money from the account to Íslandsbanki's online bank. A withdrawal can be made at any branch, if all conditions for withdrawal, including valid ID or the account holder's official authorisation for withdrawal. The proxy holder shall prove his/her identity in the same way as the account holder. If a power of attorney has been signed, then the proxy holder shall submit a copy of the power of attorney for safekeeping at a branch.

Question 4

General Terms and Conditions

Accepted Answer

The account is an indexed deposit account that takes into account changes in the consumer price index. The interest rate is calculated on a variable basis. These Term and Conditions are subject to the Bank's decision and the Central Bank of Iceland's general rules on indexation of deposits at any given time. Information on the terms of the account can be found in the Bank's interest table. Otherwise, the general terms  and conditions of deposit accounts apply.

Question 5

Indexation calculations

Accepted Answer

Indexation is calculated according to the consumer price index on the lowest balance of the account in the last calendar month and is added monthly to the principal at the end of each month. Deposits are calculated monthly based on the daily index within a month and are added to the principal amount at the end of the next month.

Question 6

Interest period

Accepted Answer

The interest period is from the 1st of January to the 31st of December each year. Interest is added to the principal amount at the end of each year.

Question 7

More info

Accepted Answer

The creation and handling of an account is, in addition to the afore-mentioned Act on Anti-Money Laundering and Anti-Terrorist Financing measures against money laundering, subject to the Legal Competence Act and other provisions of the law that deal with the handling of Legal Entities, as applicable at any given time. Any payment difficulties experienced by commercial banks, savings banks and securities companies are guaranteed by the Depositors' and Investors' Guarantee Fund. Further information on what is covered can be found on the fund's website.

Future Plan

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Further information and Terms

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Young People