Ikano Bank savings rates — compare every account, plus switch offers and guides

Who they are

Ikano Bank is a consumer finance bank established in 1995 by Ingvar Kamprad, the founder of IKEA. Born in Almhult, Sweden, the bank set up its UK office back in 1994. In June 2021, Ingka Group - the largest IKEA retailer - acquired a 49% stake, and by October 2024 it completed the acquisition of the remaining 51%, making Ikano Bank a wholly-owned subsidiary. The bank now operates in Sweden, Denmark, Finland, Norway, the UK, Poland, Germany and Austria. Its UK branch is based in Nottingham and is regulated by the Financial Conduct Authority and the Prudential Regulation Authority.

Savings accounts

Ikano Bank has offered savings products to UK customers in the past - including savings accounts alongside loans and partner business financing for large retailers. However, we do not currently have any active savings products from Ikano Bank in our data. That could mean their accounts are temporarily closed to new applications, or that their rates aren't competitive enough to feature right now. It is worth checking back, as their product range can change.

FSCS protection

Your eligible deposits with Ikano Bank AB (publ) are protected up to a total of £120,000 per person (not per account) by the Financial Services Compensation Scheme. For joint accounts, each customer has a £120,000 limit - that is up to £240,000 protection in total. Ikano holds its own separate licence, so you do not need to worry about any shared-licence overlap with another brand eating into your protection.

Is it right for you?

Ikano Bank has an IKEA-rooted ethos built around straightforward, fairly priced products. If you are looking at them purely as a home for your savings right now, the honest answer is that we are not seeing any live products from them to compare. Use the live rates shown on this page to see what is available today - and check back if you have a specific loyalty to the Ikano name.