The Bank supports various causes with grants from its Community Fund, through direct support from branches to local ventures and mutually beneficial partnership arrangements. Landsbankinn endeavours to increase direct participation in the community by employees, including by providing expert advice on finance and innovation.

Emphasis is placed on ensuring varied support and that the Bank's contributions benefit many people. Through the diverse projects, Landsbankinn’s support reaches rescue service and accident prevention efforts, art and culture, sports, education and the campaign for LGBTQI+ rights.

Landsbankinn sponsors Gulleggið, an annual innovation competition hosted by Icelandic Startups. The key goal of the competition is to create a platform for young entrepreneurs to practice and gain experience of shaping new business ideas and operating a company. As part of the competition, participants are offered courses, advice and specialist assistance with everything from shaping a business idea to budgeting to communication with investors.

The department Business Solutions in Private Banking handles financial instruction to private individuals and supports efforts to increase financial literacy. Extensive coverage and education of economic and financial issues also takes place through Umræðan, Landsbankinn’s content and news site.

Over a span of several years, Landsbankinn has emphasised providing financial instructions to young people in upper secondary school, both younger students just embarking on their course of study and those about to finish school. This instruction is intended to contribute to increased financial literacy and prepare students for the future. The programme is available to all upper secondary schools and is carried out in collaboration with the schools' representatives.

In 2019, 48 visits were made to 13 schools throughout Iceland. A total of 1300 students received financial instruction. The Bank does not promote its products or services in financial instruction visits to school, only providing general financial advice.

Landsbankinn is one of the founding members of the Fintech Cluster along with 62 other companies, universities, organisations and other entities. The aim of the Fintech Cluster is to promote innovation in finance and work to improve and facilitate business transactions of all kinds. The Cluster is a community of actors in finance who wish to encourage increased value creation, competition and improve daily life.

The Fintech Cluster will host events, such as meetings about the various aspects of financial technology (fintech), promote start-ups, fintech meet-ups and more. The Cluster will further the interests of fintech in other ways, such as by fostering connections between foreign enterprises and clusters, possible partners and various specialised projects.

Landsbankinn is the main sponsor of Skólahreysti, a sports tournament for elementary schools, and an active supporter of the tournament. The aim of Skólahreysti is to encourage children to participate in a comprehensive sports experience based on the tenets of physical education. The popularity of Skólahreysti increases every year.

Landsbankinn has participated in a tourism cluster initiative since the project was launched in 2012. The key goal is to increase competitiveness and value creation in the travel industry and the project is guided by the cluster methodology espoused by Michael Porter. Key companies in the travel industry, public entities and companies in tourism support branches or collaborative sectors all join forces in the cluster.

Landsbankinn is a partner of the Iceland Ocean Cluster, which aims to boost the competitiveness and value creation of Icelandic companies who utilise marine resources, directly or indirectly. Since its establishment, the Iceland Ocean Cluster has contributed to development and innovation in the sectors in the Cluster in cooperation with corporates and educational institutions and published various research and analysis papers. Around 60 companies and institutions in varied marine-related operations in Iceland are formally a part of the Cluster.