Indó raises interest rates

Sparisjóðurinn Indó has announced an increase in its interest rates for both loans and deposits, mirroring the Central Bank of Iceland's recent decision to raise its key policy rates. This move by Indó aims to align its lending and savings offerings with the broader monetary policy adjustments in the country.

The rate hike implemented by Indó amounts to 0.25 percentage points, directly corresponding to the Central Bank's adjustment. This change will affect various accounts, including current accounts, savings accounts, Indó loans, overdrafts, and transaction splits. The institution emphasized that these adjustments are a direct reflection of the Central Bank's policy changes and are effective immediately.

Following the adjustments, Indó's interest rates will be as follows: Current accounts will bear interest at 2.20%. Savings accounts (sparibaukar) will yield 6.60% (6.80% annually). Indó loans will have an interest rate of 12.00%, while overdrafts and transaction splits will be charged at 14.50%. The article also notes that the "last food basket" loan option will remain available as an interest-free loan, unaffected by these rate changes.