Ikano Bank: market-leading savings and cheap personal loans


Updated on 06 February 2017 | 1 Comment

Ikano Bank is offering some best-buy savings accounts and cheap personal loans. Here's all you need to know about the IKEA-owned banking giant.

Ikano Bank has featured heavily in the UK savings account best buy tables lately and is offering cheap personal loans.

Here's what you need to know about the Swedish bank.

Who is Ikano Bank?

Ikano Bank is owned by the same family who owns furniture giant IKEA.

The company claims it has similar values, putting community and the environment at the forefront of what it does.

Its financial products are "simple, easy to understand and can help create possibilities for everyone".

Despite being a smaller name, Ikano Bank has been offering financial services for 20 years. During the 1970s the company managed property, financial services and insurances for IKEA. It didn’t become an independent group of companies until 1988.

In the UK it specialises in savings accounts and personal loans, but it also offers store cards through partners including New Look, Karen Millen, Oasis and Warehouse.

As of the end of January 2017, Ikano is covered by the Swedish equivalent of the Financial Services Compensation Scheme (FSCS), called the Swedish Deposit Insurance Scheme, so your first £85,000 investment will be covered should the bank go bust.

Earn up to 10% on your savings with a peer-to-peer account

How do its savings rates compare to the competition?

Ikano Bank has made quite a name for itself through its fixed-rate savings accounts market, appearing as one of the top contenders in all of the best buy tables.

One-year accounts

Account

AER

Minimum investment

Access

BLME Premier Deposit Account

1.45%

£25,000

Online

Atom Bank One-Year Fixed Saver

1.40%

£50

Online

Ikano Bank Fixed One-Year Saver

1.40%

£1,000

Online

Charter Savings Bank Fixed-Rate Bond

1.38%

£1,000

Online

Milestone Savings Fixed-Term Deposit

1.32%

£10,000

Online

Two-year accounts

Account

AER

Minimum investment

Access

Atom Bank 2 Year Saver

1.60%

£50

Online

Union Bank Term Deposit

1.60%

£1,000

Online

Paragon Bank Two Year Fixed Rate

1.60%

£1,000

Online

OakNorth Bank Fixed Term Deposit

1.56%

£1,000

Online

Ikano Bank Fixed 2 Year Saver

1.55%

£1,000

Online

Three-year accounts

Account

AER

Minimum investment

Access

Ikano Bank Fixed 3 Year Saver

1.75%

£1,000

Online

Atom Bank 3 Year Fixed Saver

1.70%

£50

Online

Masthaven 3 Year Fixed Term Bond

1.70%

£500

Online

Union Bank Term Deposit

1.70%

£1,000

Branch, post

RCI Bank Fixed Term (3 Year)

1.70%

£1,000

Online

Four-year accounts

Account

AER

Minimum investment

Access

Vanquis Bank Savings

1.96%

£1,000

Online

Ikano Bank Fixed 4 Year Saver

1.95%

£1,000

Online

BLME Premier Deposit Account

1.90%

£25,000

Online

Aldermore 4 Year Fixed Rate Account

1.85%

£1,000

Online

Masthaven 4 Year Flexible Term Saver

1.83%

£

Online

Five-year accounts

Account

AER

Minimum investment

Access

BLME Premier Deposit Account

2.10%

£25,000

Online

Atom Bank 5 Year Fixed Saver

2.05%

£50

Online

Ikano Bank Fixed 5 Year Saver

2.05%

£1,000

Online

Vanquis Bank Savings

2.02%

£1,000

Online

Skipton BS 5 Year Fixed Rate E-bond

2.00%

£500

Online

In the market for an easy access savings account? Compare rates with loveMONEY right now!

Cheap personal loans

If you're in the market for a small personal loan (£5,000-£7,499), here are the five best rates going right now.  

Loan

Representative APR

Monthly repayment

Total amount repayable

Hitachi Personal Finance

3.7%

£91.27

£5,476.20

Ratesetter

3.7%

£91.27

£5,476.20

Cahoot

3.8%

£91.49

£5,489.40

Ikano Bank

3.8%

£91.49

£5,489.40

M&S Bank

3.8%

£91.49

£5,489.40

If you’re after a larger loan, you can compare the top rates in the loveMONEY personal loan centre right now. 

 

Get more out of your savings:

Premium Bonds: February's big money winners

FSCS: which banks are connected?

Good news for savers at last

Is the taxman due a cut of your savings interest?

 

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