Arion Rewards are for our best people

Your Rewards Account

We are always looking for ways to improve our service so it’s easier for you to do what you enjoy most. It’s really simple – basically, the more you use our services, the more rewards you receive.

Now we are introducing, for the first time in Iceland, the Rewards Account – instant access savings with weekly interest.

If you've already joined Arion Rewards, you can activate the account right away. Otherwise, start by signing up for Arion Rewards and then activate your Rewards Account.

How does it work?

It’s a savings account where your money is always available for withdrawal.

Additionally, it earns weekly interest, meaning you receive interest on your principal every single week.

The interest you earn depends on your level within Arion Rewards and increases in tiers as your balance grows.

Activating the account takes no time at all

To activate the Rewards Account, you first need to sign up for Arion Rewards.

Once you’ve done that, a banner will appear at the top of the Arion app guiding you through a few simple steps.

Then you are ready to start saving.

What do weekly interest rates mean?


Weekly interest

Interest is added to the principal every week. This means you earn interest on both the original amount and the interest added each week. Your savings grow faster than ever.

Monthly Interest

Interest is added to the principal once a month, meaning you earn interest on interest less frequently, which slows long-term returns.

Annual interest

Interest is added to the principal once a year, meaning your savings grow the slowest with this method.

Q&A


  • What is the Rewards Account (Fríðindareikningur)?

    The Rewards Account is an instant access, non-indexed savings account in Icelandic krónur with variable interest rates.

    The account is part of Arion Rewards, and you must meet at least the requirements for Level 1 to activate it.

  • What do I need to do to activate the account?

    To activate the Rewards Account, you must be registered for Arion Rewards. After registering, you should see a banner at the top of the Arion app guiding you through a few simple steps.

    If you are a new customer, you must first register for Arion Rewards. Then, ensure you meet at least the requirements for Level 1 to activate the account.

    See more about the different requirements here.

  • I’m in Arion Rewards but don’t see the banner to activate the account

    If you don’t see the banner in the Arion app to activate the Rewards Account, you can do the following:

    1. Tap “More” at the bottom right corner of the app.
    2. Choose “Accounts”.
    3. Choose “Savings Account”.
    4. Finally, choose to activate the Rewards Account.

  • What interest rate do I get?

    The interest rate you receive depends on your level in Arion Rewards and increases in steps as your balance grows.

  • When is interest paid?

    Interest is paid weekly. It is calculated on Thursdays and paid on Fridays for the interest period, which is generally a 7-day week from Friday to Thursday.

    Exceptions include the first and last week of the year, when interest is paid on 31 December, and weeks when Thursday is not a banking day.

    If Thursday is not a banking day, interest is calculated on the last banking day before it and paid the following day.

  • When is the first interest payment date?

    The first interest payment date is Thursday 6 November 2025.

  • Do I pay capital gains tax on the weekly amount?

    Yes, capital gains tax is deducted from the amount each week, i.e., at the time of the interest payment.

  • Is the account available to everyone?

    The account is available to anyone who has signed up for Arion Rewards and meets at least the requirements for Level 1.

  • Can the account be opened as a debit account?

    No, the account cannot be opened as a debit account. You can only transfer funds from it to your designated Arion Rewards account.

  • How do I change my designated account?

    To change your designated account:

    • Tap the circle at the top right corner of the app and then “Default Accounts”.
    • Then select which account should be registered as your designated account for deposits and transfers from the Rewards Account.

  • How are compound interest and weekly interest rates connected?

    Compound interest means you also earn interest on the interest you've already received – helping your savings grow even faster.

  • How do I transfer money from the account?

    Start by opening your Rewards Account in the Arion app.

    Then tap “Transfer” and choose the amount you want to move to your designated account.

    Please note that you can only transfer money to the account registered as your designated Arion Rewards account.

  • Can I transfer from the account to a third party?

    No, you can only transfer from the account to your designated account for deposits in the Arion app.

    To change your designated account:

    • Tap the circle at the top right corner of the app and then “Default Accounts”.
    • Then select which account should be registered as your designated account for transfers from the Rewards Account.

  • Is the account available for all levels in Arion Rewards?

    The account is available for the following levels in Arion Rewards:

    • Level 1
    • Level 2
    • Level 3
    • Premia

    Note:
    Interest rates depend on your level in Arion Rewards and increase in steps as your balance grows.

  • What happens if I no longer meet the requirements for a specific level in Arion Rewards?

    If you move between levels in Arion Rewards or if your account balance shifts between interest rate brackets, the interest rate on your Rewards Account will adjust up or down according to the Bank’s interest rate table.

    You can view the interest rate table here.

  • What happens if I no longer meet the requirements for Level 1 in Arion Rewards?

    If you no longer meet the requirements for Level 1 in Arion Rewards, the special terms of the Rewards Account will no longer apply. Then, the lowest interest rate for non-indexed accounts according to Arion’s interest rate table at the time will apply to the account.

  • Can the account be activated in Online Banking or a branch?

    The account can only be activated in the app and Online Banking.

  • Can other people be granted access to the account?

    Only viewing access can be granted to other people – not transfer access.