Swedish challenger Ikano Bank enters the UK savings market, launching a fixed 3-Year Saver Account at 2.55% AER (Gross)

The new fixed rate, fixed term savings account is available today through Ikano Bank's website (www.ikano.co.uk/savings).

Dan Joy, Country Manager of Ikano Bank in the UK, says:

“We’re launching with a simple, gimmick-free savings account at a competitive rate.  It really is as simple as that.

We know that simple banking on fair terms matters to customers.

Ikano Bank’s Fixed 3 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.”

Savers can apply for and manage their accounts online, supported by Ikano Bank's UK call centre (with calls charged at local rates). 

Savers can choose to have interest paid monthly or annually. Interest is paid net of income tax unless registered to receive their interest gross.

The Fixed 3 Year Saver account pays 2.55% AER (gross) fixed over the three year term, during which savers cannot close their account, make withdrawals or add to their balance. 

Key features of the product are:

*   Simple product - no fees, no bonus periods

*   Simple online application process - most applicants will be able to apply for and deposit their savings in to 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 per person through the Swedish Deposit Insurance Scheme