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Vanquis Bank savings accounts review
Vanquis Bank offers a broad range of savings accounts with interest rates up to 4.34%.
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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 savings accounts.
Vanquis Bank's top savings rate of 8% is available on one of its easy access accounts.
Easy access savings accounts
Table: sorted by interest rate
Vanquis Bank's top easy access rate of 8% is the best currently on the market.
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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 6%.
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How we picked theseFixed-rate bonds
Table: sorted by interest rate
Vanquis Bank's best fixed-rate bond rate of 4.34% is very slightly lower than today's market-best rate of 4.67%.
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How we picked theseNotice savings accounts
Table: sorted by interest rate
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How we picked theseRegular savings accounts
Table: sorted by interest rate
Vanquis Bank's top regular savings account rate of 7.5% is the best currently on the market.
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How we picked theseBusiness savings accounts
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Vanquis Bank's top business savings account rate of 4.55% is the best currently on the market.
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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, regular savers, business |
|---|---|
| Best easy access rate | 8% |
| Best cash ISA rate | 4.35% |
| Best fixed-rate bond rate | 4.34% |
| Best notice account rate | 4.3% |
| Best regular saver rate | 7.5% |
| Best business savings account rate | 4.55% |
| Fixed bond terms | 1 year - 5 years |
| Notice account periods available | 14 days - 180 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 £120,000, 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 £120,000 per person.
- Competitive interest rates. Many accounts offer high rates of interest.
Cons
- 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?
Vanquis Bank offers a wide variety of savings options, whether you’re looking to lock away a lump sum, you’d prefer to have easy access to your cash, or you’re looking to shelter your money from tax in a cash ISA. However, as always, it pays to check you can meet the account requirements and compare what else is out there first to be sure you’re making the right choice.
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.
Sources
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