indó

indó is a savings bank and a new place for your money!

You shouldn’t have to pay to use your own money, and we don’t need to build glass palaces from your interest.

* Free transactions
* Better exchange rates
* No nonsense

It takes about one minute to sign up for indó. You’ll get a debit account and a debit card, which you can add to your digital wallet right away and start using indó.

In indó you can also:
* Pay bills and make transfers
* Save with savings jars
* Manage shared finances in “duet”
* See where your salary goes in your Spending overview
* Get loans

At indó, the following three loans are available:

A) Overdraft

A personal line of credit that is attached to your current account.

* Term: 12 months
* Interest rate: 12.25% with scheduled loan limit decreases
* Interest rate: 14.25% without scheduled loan limit decreases
* Maximum APR: 15.45% ACT/365
* Loan setup fee: 0 ISK
* Other loan fees: 0 ISK

Example of loan and total cost:
You take an overdraft of 100,000 ISK for 12 months at 14.25% interest. There are no setup or additional fees. The APR is 15.45%. (Interest vs APR difference driven by ACT/360 vs ACT/365 calculation). You repay 100,000 ISK in principal and 14,250 ISK in interest.

B) Pay & Split

A retroactive Buy Now, Pay Later product. Find a transaction you made in the past and split it into three equal payments. Buy something today, and then split it afterwards and pay it back later in three monthly installments.

* Loan term: 12 months. You can carry on splitting payments into three monthly payments for the things you bought during this 12 month period.
* Interest rate: 14.25%
* Maximum APR: 15.6% (Interest vs APR difference driven by ACT/360 vs ACT/365 calculation
* Loan setup fee: 0 ISK
* Other loan fees: 0 ISK

Example of loan and total cost:

You take a loan of 61,353 ISK for 3 months. The interest rate is 14.25% according to ACT/360, and the legally defined Icelandic Annual Percentage Rate (APR) is 15.45% using ACT/365 calculation. The loan is repaid as follows:

* Month 1: 21,082 ISK (20,451 ISK principal, 631 ISK interest)
* Month 2: 20,969 ISK (20,451 ISK principal, 518 ISK interest)
* Month 3: 20,702 ISK (20,451 ISK principal, 251 ISK interest)

Total repayment is 62,753 ISK: 61,353 ISK principal + 1,400 ISK interest + 0 ISK fees.

C) The Last Grocery Basket

A small personal loan because some months are just tougher than others.

* Amount: 25,000 ISK
* Term: 61 days
* Interest rate: 0%
* Collection fee: 500 ISK. Fee issued on the 6th day of the coming month. Fee waived if paid prior to the 6th business day.
* Maximum APR: 12.6% ACT/365

Example of loan and total cost:
You take the loan of 25,000 ISK for 61 days at 0% interest. If the loan is not repaid by the 6th day of the coming month, a collection fee of ISK 500 is issued. The APR given the collection fee is 12.6%. You repay in 61 days 25,000 ISK in principal and a 500 ISK collection fee for a total repayment of 25,500.

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indó sparisjóður hf. is a savings bank, licensed entity, supervised by the Central Bank of Iceland (https://cb.is/financial-supervision/regulated-activities/supervised-entities/) and a Visa card issuer