Protection for your savings

Provided by the Swedish Deposit Insurance Scheme

You are covered up to£85,000

As a Swedish Bank, we’re a member of the Swedish Deposit Insurance Scheme, managed by Riksgälden.

All Ikano Bank savings customers are protected to the limit of £85,000 (per person, not per account). So for joint accounts, each customer has a £85,000 limit - that's up to £170,000 protection in total. The amount repaid would be divided equally between account holders. Deposits over £85,000 are unlikely to be covered.

In the event of a bank failing, any communication about compensation under this scheme would be in English and would come from the Financial Services Compensation Scheme (FSCS) based in the UK, also any money paid back to you would be in pounds sterling.

Basic information about the Swedish Deposit Insurance Scheme

Riksgalden savings guarantee

  • How will my money be reimbursed?

    Reimbursements will be made without any request being necessary.  In the unlikely event Ikano Bank should fail, details of all savers and balances will be passed to Riksgälden who will then instruct the Financial Services Compensation Scheme in the UK to contact savers and make reimbursements.

    All reimbursements will be made in pounds sterling and within a maximum period of 7 working days from the time the failure of Ikano Bank is confirmed.

  • Why is Ikano Bank not covered by the Financial Services Compensation Scheme (FSCS) in the UK?

    As we're a Swedish Bank, your savings with Ikano Bank are covered by the Swedish Deposit Insurance Scheme managed by Riksgälden (the Swedish National Debt Office). This is because under European Directive savings are protected by the deposit guarantee scheme of the country where the bank has it's banking licence. Similar rules apply to all deposit guarantee schemes in the European Union.

    From 30 January 2017, your savings are protected up to £85,000 per person, which is the same protection as the FSCS offers.

  • Who are Riksgälden?

    Riksgälden is the name of the Swedish National Debt Office who are the public authority responsible for the administration of the scheme. Riksgälden is part of the Ministry of Finance in Sweden and their role includes the responsibility for promoting consumer protection and ensuring the stability of the Swedish financial system.

    Riksgälden contact details

    Phone: +46 8 613 52 00

    e-mail: ig@riksgalden.se

    Address:  Riksgälden, SE-103 74 Stockholm, Sweden

    For more information visit https://www.riksgalden.se/en/Deposit_insurance

  • How is the Swedish Deposit Insurance Scheme funded?

    All Swedish banks are members of this scheme and make regular contractual contributions.  If it should become necessary, banks will make additional payments to ensure the Swedish Deposit Insurance Scheme has sufficient funds to repay savings covered by the scheme. The Swedish government is responsible for ensuring that the Swedish Deposit Insurance Scheme has adequate funding arrangements in place.

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.

Frequently asked questions

 

You can call us on

0371 880 6182

 

Open hours

Monday to Friday  9am to 7pm

Saturday 9am to 12.30pm

 

Or email any questions to

enquiries@savings.ikano.co.uk

Our UK contact centre

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're unsure.