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Vanquis Bank savings accounts review
Vanquis Bank offers a broad range of savings accounts with interest rates up to 4.51%.
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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 4.51% is available on one of its fixed-rate bond accounts.
Easy access savings accounts
Table: sorted by interest rate
Vanquis Bank's best easy access rate of 4.35% is lower than today's market-best rate of 6%.
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How we picked theseCash ISAs
Table: sorted by interest rate
Vanquis Bank's best cash ISA rate of 4.35% is lower than today's market-best rate of 5.44%.
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How we picked theseFixed-rate bonds
Table: sorted by interest rate
Vanquis Bank's best fixed-rate bond rate of 4.51% is significantly lower than today's market-best rate of 7.5%.
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How we picked theseNotice savings accounts
Table: sorted by interest rate
Vanquis Bank's best notice savings account rate of 4.17% is slightly lower than today's market-best rate of 4.84%.
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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 | Easy access, cash ISAs, fixed-rate bonds, notice accounts |
|---|---|
| Best easy access rate | 4.35% |
| Best cash ISA rate | 4.35% |
| Best fixed-rate bond rate | 4.51% |
| Best notice account rate | 4.17% |
| Fixed bond terms | 1 year - 5 years |
| Notice account periods available | 30 days |
| Opening options | Website |
| FSCS protection |
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 is provided by Defaqto. In other cases, Finder has sourced data directly from providers.
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