FAQs

Savings frequently asked questions

Opening an account

  • Who can open an account?

    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’.

  • What's the minimum deposit I need to make?

    Our Fixed Saver account has a minimum opening deposit of £1,000

    Our Easy Saver account has a minimum opening deposit of £100

  • How long have I got to pay in my opening deposit?

    For our Fixed Saver account, we need to receive your deposit within 14 days of when you apply for the account.

    For our Easy Saver account, we need to receive your deposit within 30 days of when you apply for the account.

  • How will I know my account is open?

    We'll send you an email when we've completed the name and address checks. This will either confirm that the account is now open or will ask for further proof of your identity and/or address (if needed).

    Once we have all the information we need to open your account, we'll send you a letter confirming your account details - including your account number and log in details so you can view and manage your savings online.

  • I already have an Ikano Bank Savings account, can I open a new one?

    Yes, you can open additional accounts and as an existing customer it is even easier.

    • Log in here
    • Select 'Open an Account' from the menu along the top of the screen and follow the on-screen instructions.

     

  • I need to send you some further information; what documentation should I send?
  • What's the minimum balance I can keep in my Easy Saver account?
    You must keep a balance of at least £100. If you request to take money out that would bring your balance below £100, we’ll ask if you want to withdraw less (to leave at least £100) or close your account.
  • What checks do you do?

    As a responsible bank, it's important for us to know who our customers are. We'll ask questions in the application to help us do this, and we'll try to check your address and identity using automated systems during the application process. These checks will not affect your credit rating. If we are unable to complete these checks for you, we'll let you know at the end of the application process, and we'll ask you to send us further information in the post.

  • Can I change my mind?

    Yes, you can close your account within 14 days of the date on your Welcome letter (this is the letter we send you when you open a new account with us). There is no charge if you close your account.

    If you want to do this, you can either access your account online and send the request via ‘Secure Message’, or write to us.

    We won’t accept account closure requests made over the phone or via email.

Moving money

  • What is a nominated account?

    Your nominated account is the current account that you choose to be 'linked' to your Ikano Bank savings account. It is through this account that you will be able to pay money in and take money out of your savings account. Transfers can be done simply and online, and we will never charge you.

    This 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 Bank Savings Account, your nominated account can be in either or both account holders' names. You can update your nominated account details online at any time.

  • How do I take money out of my account?

    Log in to your account here

    Choose the account you want to withdraw money from and select 'Make a transaction'.

    Any money you withdraw before 2pm will be in your 'nominated account' the following working day.

  • How do I pay money into my account?

    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.

    Use these details:

    • sort code: 40-02-50
    • account number: 61330071
    • please quote your application or account reference as the payment reference
    • Payee: Ikano Bank

    You can find your application or account reference in the Welcome letter we send you, or the confirmation email you receive at account opening.

    Cheques can only be used to make the first payment into a new account.

    We use HSBC as our clearing bank, so when you enter our bank details as the destination for your online transaction, you may see HSBC on your transaction confirmation.

Using the account

  • How do I log in to my savings account?

    You will need:

    • your User ID - this is in your Welcome letter.
    • your password and memorable information - you set this up when you opened your account.

    If you need help logging in, give our team a call on 0371 880 6182*.

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

  • What should I do if I have forgotten my password?

    If you've forgotten your password, please click 'I've forgotten my password' on the login screen.

    If you need help please give our team a call on 0371 880 6182*.

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

  • I have a question but can't find the answer here

    Give our team a call on 0371 880 6182*, we’ll be happy to help with any questions, big or small.

    If you would prefer to email us, we can answer general questions if you email us at enquiries@savings.ikano.co.uk.

    If your question relates to your account or you need to include any personal information, please log in to your savings account at www.ikano.co.uk/savings/log-in and send us a secure message.

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

  • How do I find out the interest rate on my account?

    • Please log in here
    • Choose the account you would like to check the interest rate on.
    • Go to 'Account Details'

     

  • What should I do if I have forgotten my User ID?

    If you’ve forgotten your User ID, please give our team a call on 0371 880 6182*.

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

  • What should I do if I have forgotten my memorable information?

    If you’ve forgotten your memorable information, please give our team a call on 0371 880 6182*.

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

  • How do I get an Interest Statement?

    You can print interest statements directly from your account online

    • log in here
    • choose the account you want the statement for
    • go to 'Interest statement' and either choose an 'Annual Interest Statement' for the tax year or select another date range 

    If you need any help, give one of our team a call on 0371 880 6182*.

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

  • What will happen at the end of my fixed term?

    At least 21 days before your account matures, we'll write to explain what you can do next. You'll be able to see these options and choose one or more by logging into your account up to 2 days before it matures.

    If you don't select an option, your account will become an Easy Saver account with no withdrawal restrictions. We'll tell you the interest rate and terms and conditions that would apply when we write to you before maturity.

Security

  • I think someone may know my password or security details – what should I do?

    If you think or know that someone else may have your password or security details, please call us immediately on 0371 880 6182*

    If this happens outside of our business hours, you can lock your account to prevent anyone else accessing it by using an incorrect password three times on the log in screen.

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

  • How secure is this site?

    Our website is encrypted, so your personal details are safe. Encryption is the most effective way to keep personal data secure, as the data is unreadable to unauthorised users or 'hackers'.

    You can check that a website is secure by the security certificate appearing in the navigation bar of your browser, and the web address will start with https://

  • How is Ikano Bank regulated?

    Ikano Bank as a whole, including the UK Branch, is regulated by the Swedish Financial Supervisory Authority (Finansinspektionen).  We are also regulated in the UK by the Financial Conduct Authority and the Prudential Regulation Authority. Our Firm Reference Number (FRN) is 409120.

    In simple terms, for prudential issues (i.e. the financial soundness of Ikano Bank) we are primarily regulated by the Swedish Financial Supervisory Authority, and for conduct of business issues (i.e. how customers are treated) we are primarily regulated by the UK Financial Conduct Authority.

  • Safe banking online - what do I need to do?

    • Keep your log in and security details safe. Don't select a password or memorable details that can be easily guessed and don't write them down or save them anywhere.
    • If you call us, we'll ask you to confirm some details about your account to make sure it is you - but we will never ask for your password or memorable details.
    • Always keep your details up to date, especially your address and email. You can update your details when you log in to your account. Most importantly, please make sure that your email address is valid, current, and personal to you.
    • The security of the device you use to access your account is really important, and it's your responsibility to keep it protected from attempts to gain access to your account. You shouldn't access your account from a public computer or a location you don't trust. Use strong passwords, and up-to-date virus checking and firewall software.
    • Always log off when you have finished managing your account.

     

  • Is my money safe?

    You’re covered by the Swedish Deposit Insurance Scheme, provided by Riksgälden the Swedish National Debt Office. Your deposits are protected up to £85,000 per customer (that's £170,000 for a joint account).

    For more information you can visit our Savings Protected page