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Ikano Bank

General Information

Overview

Ikano Bank is owned by the family that founded Ikea and has operated in the UK since 1994. It entered the savings market in December 2015 and has offered a range of fixed rate bonds since.

Banking Licence

Ikano in the UK is a branch of Ikano Bank, which is regulated by the Swedish Financial Supervisory Authority (Finansinspektionen). Ikano is regulated in the UK by the Financial Conduct Authority and the Prudential Regulation Authority

Registration Numbers

Swedish Company Registration Number: 011153

Financial Conduct Authority: 409120

Based: Head Office is in Nottingham but its savings business is based in Newcastle

Date Launched: December 2015

FSCS Protected? Not currently - savers are protected by the Swedish Deposit Insurance Scheme until the end of the transition period on 31 December 2020. From 1 January 2021, savers will be protected by the UK Financial Services Compensation Scheme.

Branches: None

People of Interest

Head of Savings

Anita Necipor

Chief Executive

Paul O'Leary is Country Manager

Saving Information

No. of Savers

234,000 (UK proportion unknown) as at 31st December 2019

Amount of Deposits

£2.2bn (UK proportion unknown) as at 31st December 2019

Loan Book

£3.2bn as at 31st December 2019

Account Opening and Management

How Do I Open a Savings Account

Internet

How Do I Manage a Savings Account

Internet, Telephone

 

Lending Activities

Ikano have three principle areas of lending:

* Ikea store cards 

* Personal loans

* Retail finance - providing finance to other retailers to enable them to offer finance to their own customers

Reviews

Savings Guru Verdict

Ikano has often figured in our best buy tables with some competitive fixed rate bonds, particularly on 3, 4 and 5 Year terms.  In 2020, it has also featured prominently for its 1 and 2 Year bonds too.  It does offer an easy access account, but this is currently unavailable for new applications.  It is often overlooked by savers, as it relies on the Swedish compensation scheme, but we think this may change when it joins the FSCS in January 2021.

Contact Information for Ikano Bank

Contact Details

 

Savings:

Ikano Bank,

Savings Department,

PO Box 1328,

Newcastle Upon Tyne

NE99 5EA

 

Head Office:

Waterfront House,

Waterfront Plaza,

Station Street,

Nottingham

NG2 3DQ

 

Telephone: 0371 880 6182

Website: www.ikano.co.uk

Email: No email address

Opening Hours: Monday - Friday 9am - 5pm

About The Savings Guru

We help savers get the best deal for their money by providing unique insight in to the savings market.  We help prospective banks apply for a banking licence and we help build customer services, products and marketing for them.  We also work with existing banks and building societies to improve their savings propositions.  This  insider view of savings means we are uniquely placed to help savers.

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