Icelandic bank currently offering 8.25% on their indexed savings account.
Why Icelandic Banks are Offering High Interest Rates on Savings Accounts Icelandic banks have recently been offering high interest rates on savings accounts, with Landsbankinn's reaching as high as 8.25%, a recent spike from 5.25 around 4 months ago. This is a significant increase from the average interest rates seen in other countries. In this blog post, we will explore the reasons why Icelandic banks have started offering high interest rates on deposits. Economic Recovery One of the main reasons why Icelandic banks are offering high interest rates is due to the country's economic recovery. Iceland experienced a significant economic downturn in 2008, which resulted in the collapse of its banking system. However, the country has since made a remarkable recovery, with its economy growing at an average rate of 4% per year. This has resulted in increased confidence in the country's financial system, which has allowed banks to offer higher interest rates on savings accounts. ...