How much am I paying for using my money?
Most of us use debit or credit cards to pay for products and services in our daily lives. Those cards are most likely issued by our bank. What I would like to know is just how much it costs me, at the end of the day, to use a card to pay for every day things, such as food, entertainment and travel. In other words, how much am I charged for using my money?
May 18, 2022 — Haukur Skúlason
What is a neobank?
Neobank. When most people hear this word, they think “new bank” which is a decent understanding of what a neobank is. Nonetheless, this word hasn’t been used much in Iceland, maybe because no new bank has been started in Iceland the last 50 years or so.
May 18, 2022 — Einar Björgvin Eiðsson
Why are the interest rates on my salary account so low?
The interest rates the banks pay us usually don’t get as much attention as the interest rates we have to pay the banks. When we put our money into a salary account, or a savings account, we are effectively lending the bank our money, and the banks should of course pay us fair and normal rates for those loans, just as they expect us to pay them fair and normal interest rates on the loans they have extended to us.
May 17, 2022 — Haukur Skúlason