Indó Banki review
Updated September 28, 2026 · VaultCue Editorial Team · Facts checked September 26, 2026
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Our verdict
Indó Banki is a digital-only Icelandic account aimed at teens and travellers, with a monthly fee of ISK 0 and a variable savings rate of 6.6%. Savings sit in easy access jars that pay interest monthly and allow withdrawals at any time, but transfers stay inside Iceland.
Key facts
- Best for
- Digital-only saving and spending in Iceland with no monthly fee.
- Monthly fee
- ISK 0↗
- Currency conversion fee
- 0.7%↗
- Transfer fee
- 0 ISK for domestic transfers; no international transfers (not in SWIFT or SEPA, no IBAN)↗
- Legal entity
- indó sparisjóður hf.↗
- Headquarters
- Iceland↗
- Support channels
- Email, Phone, Help-centre, Chat↗
- Audience
- Teens, Travelers
- Pricing model
- No monthly fee, Low FX fees
- Features
- Digital-only
- Official website
- indo.is
Savings
- Headline rate
- 6.6%↗
- Rate type
- Variable↗
- 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- Unrestricted savings jars with an account number; money can be withdrawn at any time, interest paid monthly↗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, 4 sources
Apps and profiles
- Get the app
- App StoreGoogle Play
- Elsewhere
- LinkedInfacebook.com
Pros and cons
Pros
- Monthly fee of ISK 0, and transfers inside Iceland cost nothing.
- A variable rate of 6.6% paid monthly on savings jars.
- Regulated in Iceland by the Financial Supervisory Authority.
Cons
- The service is digital only, so the account runs entirely in the app rather than at a counter.
- Transfers are free inside Iceland, and the transfer fee applies to domestic payments only.
- Currency conversion costs 0.7%, above the median 0.5% for the brands listed.
Who it suits
- Teenagers in Iceland, named in the teen and travelers audience.
- Travellers who spend and save only in the local currency.
- Savers who want a variable rate of 6.6% paid monthly.
Who should look elsewhere
- Anyone sending money abroad: transfers here are domestic only, and bunq is priced in euros at a monthly fee of €0.
- People who prefer a paid subscription account with extras, such as pixpay at a monthly fee of €3.99.
How it compares on our data
On monthly fee, Indó Banki sits at position 1 of 500 brands on the site. On currency conversion fee the rank is 164 of 312, far lower down that field. The rankings point in opposite directions, so readers who convert money often should weigh the conversion side more heavily.
How Indó Banki compares
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Where Indó Banki is available
- Available
- Iceland
- Licence in Iceland
- Financial Supervisory Authority (FSA), Iceland, checked September 26, 2026
Countries from the brand (Source, checked September 26, 2026)
Frequently asked questions
What does an Indó Banki account cost each month?+
The account carries a monthly fee of ISK 0, and transfers inside Iceland cost nothing. That makes it cheaper to hold than most fee-charging accounts, though the savings rate and any currency conversion still add to the running cost.
What interest does Indó Banki pay on savings?+
The headline rate is 6.6% and the rate type is variable, so the return moves with the base rate. Interest is paid monthly on savings jars, and money can be taken out whenever the holder wants.
Can I withdraw money whenever I want?+
Yes. Savings sit in easy access jars, each with its own account number, and withdrawals are allowed at any time. Interest is credited monthly, so the balance stays reachable while it earns, at a rate that can change.
Can I send money abroad from an Indó Banki account?+
Not directly. Domestic transfers are free, in line with the ISK 0 account model, but the payment rails stop at the border: the account sits outside SWIFT and SEPA and has no IBAN, so money stays inside Iceland.
What does Indó Banki charge to convert currency?+
The currency conversion fee is 0.7%, which is a real cost for anyone spending or saving in another currency. It sits above the median 0.5% across the brands listed, so frequent converters should weigh it carefully.
Who runs and supervises the account?+
The provider is indó sparisjóður hf., based in Iceland, and it is supervised by the Financial Supervisory Authority in Iceland. Its stated audiences are teen and travelers, so the account is built around Icelandic teens and travellers rather than cross-border users.
Does Indó Banki have a mobile app or branches?+
It is digital only, so the service runs through the app and there is no branch counter to visit. That suits users who are happy to handle money on a phone and check the savings balance the same way.
How do I get help from Indó Banki?+
Support runs on email, phone and help centre, so questions can go to a person by phone or chat as well as by email, with a help centre for detail. That mix suits users who want an answer quickly without visiting an office.
Sources
- hjalp.indo.is/hc/en-us/articles/12148037786651-Is-it-poss... checked September 26, 2026
Backs: Transfer fee
“it is not possible ... we are not part of SWIFT or SEPA ... we do not have IBAN numbers”
- indo.is checked September 26, 2026
Backs: Features
“Við erum ekki með útibú né netbanka”
- indo.is/en/documents/terms-human-speak checked September 26, 2026
Backs: Licences
- indo.is/en/pricing checked September 26, 2026
Backs: Audience, Currency conversion fee, Headquarters, Legal entity, Pricing model, Monthly fee, Support channels
“Physical card under 18: 0 ISK; Card foreign currency exchange fees: 0.70%”
- indo.is/sparibaukar checked September 26, 2026
Backs: Access terms, Account kind
- indo.is/verdskra checked September 26, 2026
Backs: Headline rate, Rate type
“Innlánsvextir á sparibaukum: 6,60% á ári, 6,80% á ársgrundvelli (sparibaukar)”
Compiled from 6 source pages, checked September 26, 2026. We did not open an account.
Not confirmed yet: Licence type, Deposit protection, Currencies.