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.

Question 2

Deposits

Accepted Answer

The account is open for deposits until the account holder reaches 38 years of age and there is no minimum deposit.

Question 3

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 4

Lock-in period

Accepted Answer

The account is initially locked-in for a period of 17 months after the first deposit is made. The lock-in period continues after this period and 31 days notice must be given for any withdrawal.

Question 5

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. Deposits amounting to EUR 20,887 are guaranteed for each ID number. Further information on what is covered can be found on the fund's website

Question 6

Opening an account

Accepted Answer

You can open an account at one of our branches or through the online bank. Individuals aged between 15 and 34 can open an account. Hence, it is possible to open the account until the age of 35.  Only one account can be created for each individual.

Question 7

Terms and Conditions

Accepted Answer

The account is a non-indexed, deposit account with variable interest rates. These Term and Conditions are subject to the Bank's decision on deposits at any given time. The Terms and Conditions of the account are subject to the Bank's decision at any given time. Information on the terms of the account can be found in the Bank's interest table The Terms remain unchanged after a withdrawal request has been received and are not dependent on the account holder initiating other business or continuing existing business. If the account holder is offered special terms when taking out a mortgage with the bank, then they are irrevocable even if the account owner closes the account or stops other transactions.  Otherwise, the general terms  and conditions of deposit accounts apply.

Question 8

Withdrawals

Accepted Answer

Payment is made by bank transfer 31 days after a request has been made. Withdrawals can only be made by transferring the amount to another account owned by the account holder at Íslandsbanki. The entire amount must be transferred at once as the account closes on first withdrawal. 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.

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