Ikano Bank for 2 year savings?

CricketLady · 23 March 2018 at 11:47AM

Good morning everyone,

Has anyone any experience of Ikano Bank? I've already maxed out my ISA allowance but have some money I want to keep safe for a couple of years and their 2.1% rate seems to be the best there is, but it doesn't appear to feature in the best Two Year Accounts box on Guru Martin's Top Savings Account page. I learned of this from the Times Financial supplement but only feel confident if it's on Martin's pages!

Hope you are all having a lovely day, even if you don't reply.

CricketLady. :beer:

KTF · 23 March 2018 at 12:37PM

They are not protected by the UK scheme which is probably why it doesnt feature on this site.

CricketLady · 23 March 2018 at 12:40PM

Hi KTF,

Many thanks for your reply (I was getting lonely!)

CL.

Malthusian · 23 March 2018 at 1:11PM

...although it should be noted that Ikano Bank is protected by the Swedish compensation scheme instead, which provides equivalent cover - in the sense that you are still covered up to £85,000.

Whether the Swedish compensation scheme is equivalently likely to pay out is impossible to predict.

CricketLady · 23 March 2018 at 2:56PM

Hi Malthusian, thank you for your reply, my thoughts entirely after reading up about this. Think I'll go for the 2.09% with Paragon instead, it's £2.50 less per year on 25k so not worth it really!

Thank you for taking the time to reply.

CL

Ikano Bank for 2 year savings?

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