Ikano Bank: market-leading savings and cheap personal loans
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 |
|
1.70% |
£1,000 |
Online |
Four-year accounts
|
Account |
AER |
Minimum investment |
Access |
|
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 |
|
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 |
|
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?
Is the taxman due a cut of your savings interest?
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