Auður offers savings accounts for individuals with 4% interest. Interest is paid out monthly. The savings accounts are non-term deposits and always available for withdrawal.

Auður’s banking services are entirely on the internet and very simple and easy to use. Auður uses digital certificates for ID authentication and all transactions are made in Icelandic krónur. An account can swiftly be set up at the www.audur.is website and all that is needed is a digital certificate. The minimum deposit for each account is ISK 250,000, but lower deposits are permitted for up to 180 days.

Ólöf Jónsdóttir, director of Auður:

Deposit rates in Iceland are low and, with little superstructure, we saw an opportunity to be able to offer better terms than those currently available. Kvika is in a special position as the commercial bank that has the highest returns and capital ratio, but does not run an expensive network of branches. We have looked at foreign banks that offer similar services with good results. Kvika is a company that is in continuous development and this is the newest addition to our services. We have placed an emphasis on serving savers, investors and entrepreneurs by prioritising our customers’ interests, and this new product is a natural extension of that. This is a good example of how the banking system is evolving and this evolution can improve our customers’ terms.