Simple Save

Simple Save is an indexed savings account where a longer lock-in period means higher interest.

Next steps

You can use Íslandsbanki Online Banking to apply for a Simple Save account.

Main benefits

  • No fees or royalties

  • The interest rate rises with a longer lock-in period

  • Interest paid monthly

  • Indexed savings account

You choose the lock-in period


We offer three different lock-in periods and the lock-in period dictates the interest rate. A longer lock-in period means higher interest.

Step

Lock-in period

Interest rate

Simple save 36

3 years

0.45%

Simple save 48

4 years

0.50%

Simple save 60

5 years

0.55%

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 Deposits, locked in for the chosen period stipulated by the Terms and Conditions of the account, can only be withdrawn for a period of one month after the lock-in period is over i.e. money can be withdrawn for one month, from the date that the account opens, after the lock-in period. The money becomes locked-in once again after the one month, open withdrawal period and can then be withdrawn with three months’ notice.

Why choose Simple Save?


The longer the lock-in period, the higher the interest. Deposits are locked in for a chosen period and can be withdrawn for a period of one month after the lock-in period is over. The money becomes locked-in once again after the one month open withdrawal period and can then be withdrawn with three months’ notice.