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Vanquis Bank savings accounts review
Vanquis Bank offers a broad range of savings accounts with interest rates up to 4.95%.
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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.
Fixed-rate bonds
Table: sorted by interest rate
Vanquis Bank's best fixed-rate bond rate of 4.95% is very slightly lower than today's market-best rate of 5.15%.
Overview of Vanquis Bank savings
| Savings account types include | Fixed-rate bonds |
|---|---|
| Best fixed-rate bond rate | 4.95% |
| Fixed bond terms | 6 months - 5 years |
| Opening options | Website |
| FSCS protection |
How to open an 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
Savings ratings
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
Our customer satisfaction scores ("Customers say") are based on a survey of 2,224 customers carried out in December 2022.
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