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Arion Bank review

Updated September 28, 2026 · SumCue Editorial Team · Facts checked September 26, 2026

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Our verdict

Arion Bank pays a headline rate of 7.35% to 7.75% on an easy-access account with no notice period, well above the site median of 3.06%. It suits savers who want instant access to their money and weekly interest, and existing customers who want a loan paid out inside the app.

Key facts

Best for
Easy-access interest at 7.35% to 7.75% with no notice period, plus app-based borrowing for current customers.
Headline rate
7.35% to 7.75%↗
Rate type
Variable↗
Term
6 to 60 months↗
Access terms
Money always available, no notice period; interest paid weekly on the balance↗
Account kind
Easy access↗
Legal entity
Arion Banki hf.↗
Headquarters
Iceland↗
Founded
2008↗
Support channels
Email, Phone↗
Official website
arionbanki.is

Loans

Loan amount
up to ISK 5,000,000↗
Arrangement fee
2.9% origination fee (lantokugjald) on the Nul loan↗
Credit check
Soft prequal↗
Funding time
Instant: paid out immediately if the amount is within the automatic approval limit↗
Lender type
Direct lender↗
Free early repayment
Yes↗
Eligibility
Anyone can apply for a Nul loan in the Arion app; applying online requires being an Arion bank customer; couples can apply jointly and both parties must be customers↗
Origination fee (%)
2.9%↗
Loan types
Personal, Debt-consolidation, Credit-line, Car, Secured↗
Features
Same-day funding, Credit line

Mortgages

Fixed period
3 years↗
Maximum loan to value
80% to 85%↗
Product fee
ISK 0↗
Purpose
Purchase, Remortgage, First-time-buyer↗

Credit cards

Card kind
Credit↗

Debit cards

Card type
Debit↗

Facts checked September 26, 2026, 9 sources

Apps and profiles

Get the app
App Store
Elsewhere
WikidataWikipediaLinkedIn

Pros and cons

Pros

  • Headline rate of 7.35% to 7.75% against a site median of 3.06%.
  • Money stays available with no notice period, and interest is paid weekly on the balance.
  • Nul loans can be paid out immediately within the automatic approval limit, and early repayment is free.
  • Loan types cover personal, debt consolidation and credit line with amounts of up to ISK 5,000,000 and a soft prequal check.

Cons

  • The rate is variable, so the 7.35% to 7.75% headline is not fixed for a term.
  • The Nul loan adds 2.9% in origination costs.
  • Support runs on email and phone only, so there is no live chat or branch counter in the mix.
Arion Bank

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Scored 8.9 / 10 by SumCue.

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Who it suits

  • Savers who want instant access, no notice period and a headline rate of 7.35% to 7.75%.
  • Arion customers who want a Nul loan in the app with same day funding and credit line and free early repayment.
  • Homebuyers and remortgagers, with a maximum loan to value of 80% to 85% and no product fee.

Who should look elsewhere

  • Anyone unwilling to bank with Arion first: the online Nul loan route needs an existing account, so bunq is a place to start.
  • Savers who want the rate fixed: this account is variable, while Finteres advertises 0% to 36%.

Rates and card terms

The headline rate is 7.35% to 7.75% and the rate type is variable, so the return follows the bank's own pricing rather than being fixed for a set stretch. On the borrowing side, terms run 6 to 60, which leaves room for a short bridging sum or a longer repayment spread over the years.

The company behind it

Arion Bank trades as Arion Banki hf., a bank based in Iceland and founded in 2008. Support runs on email and phone, covering email and phone, so there is a direct line for account questions. A single named legal entity means the savings side and the lending side sit with the same provider.

How Arion Bank compares

Where Arion Bank is available

Available
Iceland

Countries from the brand (Source, checked September 26, 2026)

Frequently asked questions

What rate does Arion Bank pay on savings?+

The savings account pays a headline rate of 7.35% to 7.75% and its account kind is easy access. Money stays available with no notice period, and interest is paid weekly on the balance, so access is not traded against the rate.

Who is behind Arion Bank?+

Arion Bank is Arion Banki hf., a bank based in Iceland and founded in 2008. Savings, lending and cards sit under that same named entity, so the provider holding your savings is the one quoting the rate. Support runs on email and phone.

What does borrowing from Arion cost?+

The Nul loan adds 2.9% in origination costs, with amounts of up to ISK 5,000,000 and terms of 6 to 60. The credit check is soft prequal and early repayment is free, so clearing the balance ahead of schedule costs nothing extra. Loan types cover personal, debt consolidation and credit line.

How quickly is a loan paid out?+

Funding is instant when the amount sits within the automatic approval limit, and the small-loan product lists same day funding and credit line among its features. The application runs in the Arion app, so a payout can land once the automatic approval clears.

Who can apply for a Nul loan?+

A Nul loan runs through the Arion app, though an online application goes only to existing bank customers. Couples can apply together, and then both of them have to hold an account. Arion is a direct lender, so the offer comes straight from the bank.

What home loans does Arion offer?+

Home lending covers purchase, remortgage and first time buyer, with a maximum loan to value of 80% to 85%, a fixed period of 3 and a product fee of ISK 0. Buyers wanting a known term can read the cost and the period before applying, and remortgagers can do the same.

How does the rate compare with other savings accounts?+

The 7.35% to 7.75% headline sits well above the site median of 3% and above the upper quartile of 4.15%. Easy-access accounts make up 75.2% of the listings, so the rate rather than the account type is the reason to look twice.

What cards come with the account?+

Arion issues a credit card and a debit card, so you can pay on credit or on debit with one bank behind them. The savings account feeding them is easy access, with no notice period on withdrawals. Card queries run on email and phone.

Sources

Compiled from 10 source pages, checked September 26, 2026. We did not open an account.

Not confirmed yet: Minimum deposit, Deposit protection.

Arion Bank

Arion Bank

Easy-access interest at 7.35% to 7.75% with no notice period, plus app-based borrowing for current customers.

8.9/10See alternatives