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Challenger bank trumps competitors’ deals by upping fixed savings rates

Written by: Paloma Kubiak
Ikano Bank has increased the interest rates offered on two of its fixed saver accounts, pipping competitors’ deals to come top of the best buy tables.

The Swedish challenger bank today increased the interest rate paid on its three-year term Fixed Saver Account from 1.63% to 1.75% AER.

It now sits at the top of the best buy table, knocking Masthaven’s 1.67% AER offering to second place.

The bank, founded by the family behind the Ikea brand, has also increased the rate on its four-year fixed saver account from 1.80% AER to 1.95% AER.

Moneyfacts data reveals that Ikano now offers the same rate for its four-year fixed account as other providers offer for their five-year fixed deals.

Ikano accounts can be opened online and you can save between £1,000 and £1m. Savings are protected by the Swedish Deposit Insurance Scheme, up to £75,000, rather than the UK Financial Services Compensation Scheme (FSCS).

Interest rates on the other Ikano Bank savings products are unchanged.

See’s Should I entrust foreign banks with my savings? for more information about foreign FSCS-equivalent deposit protection schemes.

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