Fixed 5 Year Saver - Summary Box
| Account name | Ikano Bank Fixed 5 Year Saver Account | |
| What is the interest rate? |
Annual Gross*/AER** 2.00% / 2.00% |
Monthly Gross*/AER** 1.98% / 2.00% |
| Interest 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 paid on: the day of the month 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) | |
| Can Ikano Bank change the interest rate? | No - The interest rate will not change during the term of the account | |
| What would be the estimated balance on maturity date based on a £1,000 deposit? |
Annually £1,104.08 |
Monthly £1,104.08 |
| 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 make one payment of at least £1,000 to your account within 14 days of applying. As an existing customer you can simply open additional accounts by logging into your Ikano Bank savings account. Within 14 days of applying, you can transfer money from your nominated account using one-off electronic payments. |
|
Minimum Opening Deposit: £1,000 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? | No - You can't withdraw money from Ikano Bank Fixed Saver accounts prior to the maturity date. In exceptional circumstances we may consider waiving this but we aren't obliged to do so. | |
*Gross interest - From the 6th April, 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.
