Cash ISAs
Vanquis Bank savings accounts review
Vanquis Bank offers a broad range of savings accounts with interest rates up to 5.35%.
No reviews yet.
Write a review
Vanquis Bank was established in 2003 by Provident Financial Group to market-test its first credit card. The bank specialises in offering solutions for those who can’t access mainstream credit, but it also offers a range of fixed rate savings accounts.
Vanquis Bank's top savings rate of 5.35% is available on one of its notice accounts.
Cash ISAs
Table: sorted by interest rate
Vanquis Bank's best cash ISA rate of 4.6% is very slightly lower than today's market-best rate of 5.1%.
1 - 5 of 6
Fixed-rate bonds
Table: sorted by interest rate
Vanquis Bank's best fixed-rate bond rate of 5% is very slightly lower than today's market-best rate of 5.4%.
1 - 5 of 10
Notice savings accounts
Table: sorted by interest rate
Vanquis Bank's best notice savings account rate of 5.35% is very slightly lower than today's market-best rate of 5.37%.
1 - 5 of 14
What is Vanquis Bank's best savings account with the highest interest rate?
The best savings account depends on what you want from your savings. If you're after fast access to your money, then an easy-access account should suit you. However, if you're happy to lock your money away for a time to access a higher rate, then a fixed-rate bond is a good option.
Finally, if you're looking to maximise your returns and shield them from income tax, consider an ISA. Below, we've listed the different types of accounts Vanquis Bank offers, plus the highest interest rate currently available.
| Savings account types include | Cash isas, fixed-rate bonds, notice accounts |
|---|---|
| Best cash ISA rate | 4.6% |
| Best fixed-rate bond rate | 5% |
| Best notice account rate | 5.35% |
| Fixed bond terms | 1 year - 5 years |
| Notice account periods available | 30 days - 120 days |
| Opening options | Website |
| FSCS protection |
Sign up to get the latest savings account interest rates
Join 100,000 subscribers who are notified about better interest rates. Plus a chance to win £800!
By signing up you agree to receive emails from Finder and to the privacy policy and terms & conditions.
How do I open a Vanquis Bank savings account?
To open an account with Vanquis Bank, you must be at least 18 years old and a UK resident. You must open the account online, and you will need to provide personal details such as your name, address and National Insurance number. You will also need to provide the account number and sort code of your personal bank account to set up a nominated account for transferring funds. It should only take 10 minutes to complete your application.
The account can be managed online, by post or over the phone.
Documents needed to open an account
In certain circumstances, you may need to provide further information to confirm your identity and address.
Proof of identity can include the following:
- A certified copy of a UK passport
- A certified copy of a UK driving licence
- Letter from HMRC
- Letter from the Department of Work and Pensions
Proof of address can include the following:
- Original bank statement
- Original council tax bill
- HMRC correspondence
- Utility statement
- Pension statement
- A certified copy of a UK driving licence
Is Vanquis Bank safe?
Yes, Vanquis Bank savings accounts are covered by the Financial Services Compensation Scheme (FSCS). This means that all eligible deposits are protected up to a total of £85,000, or £170,000 for joint savings accounts, so you’ll get your money back if the bank ceases trading.
Pros and cons
Pros
- Easy to open an account. Quick to open an account online.
- FSCS protection. Money in accounts will be protected up to £85,000 per person.
- Competitive interest rates. Many accounts offer high rates of interest.
Cons
- Limited range of accounts. You can only choose from fixed rate bonds, which won’t be suitable if you want regular access to your savings or don’t have a lump sum to invest.
- No bank branches. You’ll need to be happy mostly banking online, although you can also instruct the bank by phone or post.
Our verdict: Is a savings account from Vanquis Bank worth it?
If you’ve got a lump sum to invest and you’re looking for a high-interest savings account to store it in, the fixed rate bonds on offer from Vanquis Bank are a good choice. There’s a range of terms to choose from and interest rates are competitive.
However, if you’re looking for a more flexible savings account that lets you deposit money on a regular basis and withdraw your cash if you need it, you’ll need to look elsewhere.
Frequently asked questions
We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you. Most of the data in Finder's comparison tables has the source: Moneyfacts Group PLC. In other cases, Finder has sourced data directly from providers.
More resources on Finder
More guides on Finder
-
GoHenry vs Starling Kite: Find out which app is better
Learn more about GoHenry and Starling Kite and find out which is the better prepaid card option for your child.
-
Fixed-rate ISA calculator: Should you switch to a better rate?
Our fixed-rate ISA calculator estimates whether paying the get-out penalty on your ISA is worth it to open a new one at a better rate.
-
The ‘single tax’ revealed: What’s the true cost of being single?
Recent estimates suggest that over 8 million people live alone in the UK, so we’ve crunched the numbers to find the cost of being single.
-
Monzo’s new children’s account for under-16s, launching in 2024: What we know
Monzo is getting in on the cards-for-kids action. And this one is free. Get ready to dish out the Monzos, mum-zos!
-
Bank of Scotland switch offer
Before you switch accounts to Bank of Scotland, check to see if you can grab a juicy switch bonus.
-
Halifax Building Society switch offer
Learn all about how to get the latest switching offer from Halifax.
-
Nationwide Building Society switch offer
Learn all about how to get the latest switching offer from Nationwide.
-
Volvo XC40 insurance group
Find out the cost and car insurance group of a Volvo XC40, and see how much you could pay based on age, location and model.
-
Mini Cooper S insurance group
Find out the cost and car insurance group of a Mini Cooper S and see how much you could pay based on age, location and model.
-
Smart car insurance group
Find out the cost and car insurance group of a Smart car, and see how much you could pay based on age, location and model.