Ikano Bank was established in 1995 by Ingvar Kamprad, the founder of IKEA. Headquartered in Malmo, it has offices in Nottingham, Helsinki, Sundbyberg, Almhult, Asker and Glostrup. The bank has additional operations in Germany, Austria, Poland, Finland and Russia, via separate companies.
The company was originally named Ikanobanken, being renamed Ikano Bank after it was merged with other Ikano Group companies in 2009.
In the 1970s, the Ikano Group was concerned with managing retail estate, insurance and financial services for IKEA. It became an independent group of companies in 1998.
Ikano Bank provides loans, savings accounts as well as sales finance to big retail companies. Clients include Skoda, Shell, IKEA, Volkswagen and Audi.
In the UK, Ikano’s Nottingham base was established in 1994.
Ikano Bank Products and Services
In the UK, Ikano provides personal loans. Customers can apply in less than ten minutes, and money is paid the next working day after a loan has been approved. Customers can, if they choose, make early repayments with no additional fees.
Home improvement and car loans of between £1,000 – 15,000 can be repaid over 12-60 months. 316,000 customers were approved for these loans in 2016.
Ikano also manages store card operations for Karen Millen, Warehouse, IKEA, New Look and Oasis. Customers who have one of these store cards can make payments, view transactions and manage their accounts via the Ikano website.
Ikano savings accounts are designed to be simple; there are no introductory offers, bonus rates or hidden charges. Instead, Ikano works based on good rates all the time; there are also no charges for opening or managing your account.
Ikano Bank Security
As of 2017, deposits made with Ikano are protected up to the value of £85,000. The UK Financial Compensation Services Scheme (FSCS) does not apply as Ikano is a Swedish bank, but deposits are covered by the Swedish Deposit Insurance Scheme.