Swedish challenger bank launches in UK

A Swedish challenger bank has entered the UK savings market by launching a fixed three-year saver account at 2.55%.

Ikano Bank UK was established in 1994 and has more than 200 co-workers based in Nottingham.

It delivers sales finance and customer insight services to retail partners including BHS, DFS, Harveys, IKEA, New Look and Tesco.

“We’re launching with a simple, gimmick-free savings account at a competitive rate. It really is as simple as that,” said Dan Joy, Country Manager of Ikano Bank in the UK.

“Ikano Bank’s Fixed Three Year Saver account is just the beginning. In 2016, we’ll be increasing the number of savings products that we offer and introducing a simple, great value personal loan.”

Key features of the product include:

· Simple product - no fees, no bonus periods

· Simple online application process - most applicants will be able to apply for and deposit their savings into their new account in around 5 minutes

· Simple terms and conditions - commitment to plain English and minimal jargon

· Tried and tested provider - Ikano Bank has been trading in the UK for 21 years

· Depositors’ savings are protected up to EUR 100,000 (£72,5240) per person through the Swedish Deposit Insurance Scheme

To find out more visit Ikano Bank’s website by clicking here.