Daily Mirror (Northern Ireland)
GRAHAM HISCOTT Meet the new kids on the (banking) block...
THE best buy savings tables are topped with names of banks you might not recognise.
These new challenger banks are providing a lifeline to savers, helping to push up rates in an otherwise dire market.
But people are wary as they are not trusted high street names.
Charlotte Nelson, finance expert at data firm Moneyfacts, said: “One of the biggest hurdles challenger banks face is getting savers to trust their brand.
“But there really isn’t any reason to fear the unfamiliar for the majority of these new banks have a UK banking licence.”
We take a look at eight of the new savings banks to find out who they are and how safe your cash is.
Birmingham
Covered by the Financial Services Compensation Scheme which protects up to £85,000 per person per banking group.
Islamic bank offering Shariacompliant financial products which just means they have to follow certain rules with your money such as not investing it in, say, gambling, alcohol, pornography and tobacco firms. Available to savers of any faith.
alrayanbank.co.uk/0845 5912009 Durham FSCS Hi-tech bank offering app-based savings accounts, accessible via smartphone or tablet. atombank.co.uk/0333 3990050 2004 2016 2007
Watford Not covered by our FSCS but is part of the European deposit guarantee scheme which protects the first 100,000 Euros of savings.
Part of the Renault group. It joined forces with RCI Financial Services, which has a 60-year history in the loans world, to offer savings products in 2015.
rcibank.co.uk/0330 2000300
Nottingham Not covered by our FSCS but comes under the Swedish Deposit Insurance Scheme, offering protection on up to 100,000 Euros.
Swedish bank founded by the family behind Ikea. Has offered loans and finance in the UK since 1994 – entered savings market in 2015. ikano.co.uk/ 0371 7813080
Oil = $57.27 2015
London FSCS
Part of investment bank Gatehouse Bank, offering Sharia-compliant savings bonds.
milestonesavings. co.uk/0345 600 3350
FSCS
Part of Paragon Banking Group which was founded in 1985. Offers online-only savings products. paragonbank.co.uk/0800 0522222 2011 Brentwood
FSCS
Specialist UK bank offering full range of savings accounts that can be opened mainly online and some by post. shawbrook.co.uk/0345 2666611. Solihull 2008
Wolverhampton
FSCS
Part of Charter Court Financial Services which was founded in the UK in 2008. Launched the savings brand in 2015. chartersavingsbank.co. uk/0800 0329999