Transaction fees: Absolutely nothing

Why on earth would we charge you to use your money? After all, if a cup of coffee costs, let's say 495 ISK, you would only pay that much for the cup and not a krona more!

Foreign currency exchange fees: Zero

If we were a typical bank, we would charge you approximately 2.5% on top of the market exchange rate when you use your card abroad (or in the comfort of your home when you shop at foreign online stores). And, to be honest, we probably wouldn't tell you outright; instead, we might provide you with a worse exchange rate and hope you won't notice. But, thankfully, we are not a typical bank – we are indó. We do not charge anything on top of the currency exchange rate that we receive from VISA, because transparency and fairness are core values for us!

Other fees: None!

There are simply no fees with indó! No annual fees, no initial fees, no nonsense!

Interest on debit accounts: 3.75%* annually

An indó debit account is essentially a traditional current account. Currently, the interest on indó current accounts is 3.75%, and it is paid out monthly. We are extremely pleased to provide our customers with this interest rate.

*Interest rates on debit accounts will be 2.75% on January 21st, 2025.

Interest on savings jars: 7.60% annually

Our savings accounts are all unrestricted non-inflation indexed savings accounts. We think it's important to always offer a fair and competitive interest rate on your savings account, and we also think it's just as important to help you start saving effortlessly. We pay interest on a monthly basis, not annually, so you can benefit from interest on your interest!

Our overdraft interest: 15.50% - but 13.50% with a repayment plan

You pay no interest on the overdraft facility you do not use - so if you do not use the overdraft facility, you pay no interest. There are no other costs associated with the overdraft. However, if the overdraft is not paid or renewed in a timely manner, it will enter the collection process, which includes penalty interest and collection fees.

Our Pay and Split interests: 15.50%*

The only cost on Pay and Split is the interest. There are no other fees. No loan fee, no transaction fee, no payment fee.

The timing of the loan and the loan amount affect the APR (Annual Percentage Rate). When you apply for a Pay and Split, you will see the APR for each loan individually.

Collection fees

Cell charge   650 ISK Interim collection for the principal of a claim up to and including ISK 2,999.   1,000 ISK Principal claim 3,000 ISK. up to and including ISK 10,499   1,800 ISK Principal claim 10,500 ISK. up to and including ISK 84,999   3,400 ISK Principal claim 85,000 ISK. and over   5,600 ISK

How does indó decide what interest rate you get?

We are dedicated to providing fair and competitive interest rates. But what exactly is fair? To us, fairness means you should get a better rate when we get a better rate. That's why we aim to change our interest rates within just 2 days of any changes made by the Central Bank of Iceland. After all, there is no reason to wait.

We also know that interest on a savings account is more important than interest on a current account. That's why we always focus on offering the best terms on a savings account as possible - while offering a fair interest rate on a current account at the same time. We want to motivate you to set aside money and save, rather than keeping excessive funds in your debit account.

We don't constantly compete to offer the highest interest rate in the market, but rather the highest interest rate that we are able to offer. Several factors influence the interest rate we can offer at any given moment, with the interest rate that indó itself receives being the most significant. We put a lot of emphasis on being very careful in how we store your deposits, so we may not always receive rates as good as our competitors.

Where does indó keep your money?

Banks and savings institutions work in such a way that when you entrust them with your money, they invest it to generate returns, which can involve various degrees of risk. Sometimes the funds are stored in the form of loans to other customers, sometimes as loans to other banks or the Central Bank, and even as loans to the government.

indó is taking its first steps in the financial market and, therefore, chooses to proceed cautiously and not take excessive risks with your money, as trust and security are of utmost importance to us, and we take them to heart. As we grow, we will have more diverse ways of managing your funds. Currently, we do not offer loans to our customers (although that may change soon). Therefore, we invest your money in safer assets, such as government bonds, loans to other banks, and the Central Bank.

We choose to take calculated and small risks, as it is beneficial for everyone.