Ikano Bank for 2 year savings?

CricketLady

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

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

CricketLady

Hi KTF,

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

CL.

Malthusian

...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

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