Easy Saver

At a great rate of 0.80% AER Gross

Easy access at a glance

 

Account Gross Annual Interest Gross Monthly Interest AER Opening an Account
Easy Saver 0.80% 0.80% 0.80%

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Easy Saver - Summary Box

 

Account name Easy Saver Account
What is the interest rate?

Annual Gross*/AER**

0.80% / (Variable)

Monthly Gross*/AER**

0.80% / (Variable)

Interest is paid on: the anniversary of the initial deposit into your account (or if interest is to be paid to your nominated account then on the next business day if it doesn't fall on a business day) Interest is paid on: the day of the month of the initial deposit went into your account (or if interest is to be paid to your nominated account then on the next business day if it doesn't fall on a business day)
Can Ikano Bank change the interest rate?

Yes - Our Easy Saver has a variable interest rate. In the event that we need to make any changes that are not to your advantage, we'll give you at least 30 days' notice.

Please refer to point 89 of our Savings General Terms and Conditions which sets out the reasons for which Ikano Bank may change the interest rate.

What would the estimated balance be on the first anniversary of account opening based on a £1,000 deposit?

Annually

£1,008.00

Monthly

£1,008.00

Please note: This projection is provided for illustrative purposes only and does not take into account customer's individual circumstances. This projection is based on an initial £1,000 deposit with any interest added to the account and assumes no further deposits or withdrawals are made.
How do I open and manage my account?

Opening your account:

 

  

Paying money into your account:

Online only - You need to have a UK current account in your name, which you can use as your 'nominated' account. You must put at least £100 in your account within 30 days of applying.

You can transfer money from your nominated account using one-off electronic payments and regular standing orders, as well as from any existing Ikano Bank savings accounts in your name.

Minimum Opening Deposit: £100

Minimum Regular Deposit: Not applicable

Maximum Opening Deposit: £1,000,000

Maximum Regular Deposit: Not applicable

Maximum Overall Account Balance: £1,000,000

Can I withdraw money? Yes - This account allows you to have free, unlimited deposits and withdrawals without notice.

 

*Gross interest - From the 6th April 2016, no tax will be deducted by us and therefore gross is the rate of interest if interest was paid and not compounded each year.
**AER - stands for Annual Equivalent Rate and illustrates what the interest would be if the interest was paid and compounded each year.

Download Summary

Important Information

  • To open an account, you need to be over 18 and live in the UK.
  • You need to have a UK current account in your name, which you can use as your 'nominated account'. Your nominated account must be a personal account in your name containing a six digit sort code and eight digit account number. if you have a joint Ikano Savings Account, your nominated can be in either or both account holders' names. You can update your nominated account details online at any time.
  • You must put at least £100 into your account within 30 days of applying.
  • If your account balance drops below £100 we'll close your account and return any remaining money to your nominated account.
  • No charges for operating or opening your account.

Full terms and conditions

Riksgälden logo

From 30 January 2017 your savings are protected up to £85,000 per person. As we're a Swedish Bank you are protected through the Swedish Deposit Insurance Scheme (managed by Riksgälden). The UK Financial Services Compensation Scheme (FSCS) will not apply.

Find out more

From the 6th April 2016, most UK taxpayers will have a new Personal Savings Allowance (PSA). This means that up to £1,000 of savings income will be tax-free for basic rate taxpayers and up to £500 tax-free for higher rate taxpayers. Additional rate taxpayers will not be entitled to any PSA.

From 6 April we'll no longer be required to take basic rate tax from your savings interest.

There is no action for you to take. If you have savings income below your new Personal Savings Allowance you will have no tax to pay.

If your savings interest exceeds your Personal Savings Allowance, where possible HMRC will collect any tax you have to pay automatically through a change to your tax code - based on information provided by banks and building societies.

If you currently complete a self assessment tax return you should continue to do so.   For further information about these changes, go to the HM Revenue & Customs website, and / or seek further advice from your accountant or tax advisor.

Keeping your savings simple

Born in Sweden, Ikano has been in the UK for over 21 years; providing finance to millions of UK customers. Our customers tell us that it's better when things are kept simple – things like bonus rates, introductory offers and hidden charges cause mistrust, that's why we don't have any.

We think of your money like it's our own, you won't see us travelling first class, having big corporate lunches or taking massive bonuses. That's not how we do business.

We believe this helps keep things simple and on fair terms, so we can offer you good savings rates all of the time.

 

 

  • Good rates all of the time. No bonuses or introductory offers
  • No charges for opening or operating your account
  • It's easy to manage your account online or by telephone 
  • Your savings are protected – find out more

 

 

In plain English

We like to keep things simple. We try to use plain English and avoid using jargon, so our products and services are easy to understand. If you have any questions about our savings products, please visit our FAQ section.

Our UK contact centre

You can call us on 0371 880 6182

 

9am to 7pm Monday to Friday, 9am to 12.30pm on Saturday

 

Or email any questions to enquiries@savings.ikano.co.uk

Calls to this number cost the same as a call to a standard "01" or "02" landline number, even when calling from a mobile. Calls to this number are also included in any bundled minutes or free talk time that covers landline calls. Where calls are made outside of a bundle you will be charged at the national rate. Calls may be recorded for training purposes.

 

The actual cost you are charged will depend on your phone provider, please check with them if you are unsure.