Indó Banki review
Updated September 28, 2026 · SumCue Editorial Team · Facts checked September 26, 2026
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Our verdict
Indó Banki keeps everyday banking at a monthly fee of ISK 0 and pays 6.6% on savings jars you can open without a fixed term. It suits Icelandic earners who want one app holding a debit card, savings and a personal loan, and who will live with a 0.7% conversion charge on spending abroad.
Key facts
Loans
- Arrangement fee
- 1.00% of loan principal↗
- Credit check
- Hard↗
- Rate type
- Variable↗
- Lender type
- Direct lender↗
- Free early repayment
- Yes↗
- Eligibility
- 21 or older, legal domicile in Iceland, Icelandic national ID at least 36 months old, employed with at least 170,000 ISK after tax, Creditinfo credit score A1, used indo for 3 months (at least 10 card transactions per month); applicants under 25 capped at 500,000 ISK↗
- Origination fee (%)
- 1%↗
- Loan types
- Personal, Debt-consolidation, Car↗
- Credit needed
- Excellent↗
- Use cases
- Home-improvement↗
- Pricing model
- No monthly fee
Savings
- Headline rate
- 6.6%↗
- Access terms
- Unrestricted savings jars with an account number; money can be withdrawn at any time, interest paid monthly↗
- Account kind
- Easy access↗
Facts checked September 26, 2026, 8 sources
Apps and profiles
- Get the app
- App Store
- Elsewhere
- Xfacebook.complay.google.com
Pros and cons
Pros
- The monthly fee is ISK 0 and the account model is no monthly fee
- Savings jars are easy access, with withdrawals allowed at any time and interest paid monthly
- A debit card on the visa network, with currency conversion at 0.7%
- Free early repayment on loans, with an origination fee of 1.00% of loan principal
Cons
- Support runs on help centre only
- Loan applicants face a hard credit check and need excellent credit, so a thinner credit file rules it out
- A currency conversion fee of 0.7% applies to spending in other currencies
Who it suits
- Icelandic residents with a steady salary who want a card account and a savings pot in one place
- People who save small amounts and want interest paid monthly with no lock up
- Borrowers with excellent credit after a working history with the app, looking for personal, debt consolidation or car loans from a direct lender
Who should look elsewhere
- Frequent travellers who want cheaper currency spending, since Wise handles that side more cheaply
- Anyone who wants to phone a person, because support runs on help centre only
- Applicants with a weaker credit history, given the hard credit check and excellent credit requirement
Rates and terms
The headline rate is 6.6% and the rate type is variable, so the return on savings can move rather than staying fixed for a term. The account kind is easy access: each jar carries its own account number, money can be withdrawn at any time, and interest is paid monthly, which suits anyone building a buffer without locking the balance away.
How Indó Banki compares
8.8 vs 9.4
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8.8 vs 9.0
8.8 vs 9.0
8.8 vs 8.9
8.8 vs 8.8
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8.8 vs 8.4
8.8 vs 8.0- 8.8 vs 8.0
Where Indó Banki is available
- Available
- Iceland
Countries from the brand (Source, checked September 26, 2026)
Frequently asked questions
What does Indó Banki cost to run?+
The monthly fee is ISK 0 and the account model is no monthly fee, so holding the account and the card costs nothing in fees. The card is a debit card on the visa network. The only routine charge appears when you spend or withdraw in another currency, at 0.7%.
How do the savings jars work?+
Each jar is an easy-access account, which is how the terms describe the easy access setup. Every jar gets its own account number, money can be taken out whenever you want, and interest is paid monthly. The headline rate is 6.6% and the rate type is variable, so the figure can move.
What happens if I need my money quickly?+
Withdrawals are unrestricted on the savings jars, so there is no notice period and no penalty for taking the balance out early. Interest is still paid monthly on the jars you keep open. The account kind is easy access, which is the easiest of the savings shapes to dip into.
What does borrowing cost?+
Loans are a direct lender arrangement covering personal, debt consolidation and car, and the origination fee is 1.00% of loan principal. Early repayment is free, so clearing the balance early costs nothing extra. The published use case is home improvement.
Who can get a loan?+
You need to be an adult living legally in Iceland, employed, and already using the account with a regular card habit before you apply. The credit check is hard and the credit needed is excellent.
Where can I use the card?+
The card runs on the visa network, so it is accepted widely, but the home market is Iceland and the currency conversion fee is 0.7% when you spend elsewhere. The head office sits in Iceland, and the account is built around Icelandic savings and salary payments.
How do I get help if something goes wrong?+
Support runs on help centre, so questions go through written help rather than a phone line. There is no live chat or phone channel listed for the account. Plan for that before you hold a large balance.
Sources
- apps.apple.com/app/ind%C3%B3/id1482604767 checked September 26, 2026
Backs: Legal entity
“Developer Indo sparisjodur hf.”
- hjalp.indo.is/hc/is checked September 26, 2026
Backs: Support channels
- indo.is/indolan checked September 26, 2026
Backs: Loan types, Use cases
“fyrir ... eldhusframkvaemdum”
- indo.is/launareikningur checked September 26, 2026
Backs: Card type, Card network
“Faerdu indó debetkort - default personal debit account card”
- indo.is/loan-terms checked September 26, 2026
Backs: Credit check, Credit needed, Eligibility
- indo.is/skjol/skilm%C3%A1lar-bankam%C3%A1l checked September 26, 2026
Backs: Lender type
- indo.is/sparibaukar checked September 26, 2026
Backs: Access terms, Account kind
- indo.is/verdskra checked September 26, 2026
Backs: Free early repayment, Currency conversion fee, Headline rate, Headquarters, Pricing model, Monthly fee, Arrangement fee, Origination fee (%), Rate type
“ThaD er alltaf haegt aD greiDa aukalega inn a laninu i appinu an nokkurs kostnaDar”
Compiled from 8 source pages, checked September 26, 2026. We did not open an account.
Not confirmed yet: Free ATM withdrawals, Protection.
Indó Banki
Free everyday banking in Iceland with savings that pays a variable rate and money available on demand.