Vanquis Bank

Vanquis Bank savings accounts review

Vanquis Bank offers a broad range of savings accounts with interest rates up to 5.2%.

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.

Cash ISAs

Table: sorted by interest rate
Vanquis Bank's best cash ISA rate of 4.25% is slightly lower than today's market-best rate of 5.16%.
Name Product Interest rate Minimum investment Interest paid Withdrawals Deposit protection Open via Incentive Table product description Apply link
Vanquis Bank – 90 Day Notice Cash ISA (Issue 1)
4.25% AER variable
£1,000
Monthly
90 days notice needed (charge applies )
FSCS logo
protected
Open via: website
Go to site
View details
Vanquis Bank – 90 Day Notice Cash ISA (Issue 1)
4.25% AER variable
£1,000
Anniversary of account opening
90 days notice needed (charge applies )
FSCS logo
protected
Open via: website
Go to site
View details
loading
Compare more ISAs up to 5.16%

Fixed-rate bonds

Table: sorted by interest rate
Vanquis Bank's best fixed-rate bond rate of 4.5% is slightly lower than today's market-best rate of 5.25%.
Name Product Interest rate Invest Interest paid Withdrawals Open via Deposit protection Open via Incentive Table product description Apply link
Vanquis Bank – Vanquis Bank Savings
4.5% AER fixed for 1 year
£1,000 - £250,000
Anniversary of account opening
Withdrawals not permitted
Website
FSCS logo
protected
Open via: website
Go to site
View details
Vanquis Bank – Vanquis Bank Savings
4.5% AER fixed for 1 year
£1,000 - £250,000
Monthly
Withdrawals not permitted
Website
FSCS logo
protected
Open via: website
Go to site
View details
Vanquis Bank – Vanquis Bank Savings
4.25% AER fixed for 2 years
£1,000 - £250,000
Monthly
Withdrawals not permitted
Website
FSCS logo
protected
Open via: website
Go to site
View details
Vanquis Bank – Vanquis Bank Savings
4.25% AER fixed for 2 years
£1,000 - £250,000
Anniversary of account opening
Withdrawals not permitted
Website
FSCS logo
protected
Open via: website
Go to site
View details
Vanquis Bank – Vanquis Bank Savings
4.05% AER fixed for 3 years
£1,000 - £250,000
Monthly
Withdrawals not permitted
Website
FSCS logo
protected
Open via: website
Go to site
View details
loading
Compare more fixed-rate bonds up to 5.25%

Notice savings accounts

Table: sorted by interest rate
Vanquis Bank's best notice savings account rate of 5.2% is very slightly lower than today's market-best rate of 5.45%.
Name Product Account type Withdrawals Open with Deposit protection Interest rate Open via Incentive Table product description Apply link
Vanquis Bank – 120 Day Notice Account (Issue 4)
Variable
120 days notice needed
£1,000 - £250,000
FSCS logo
protected
5.2% AER variable
Open via: website
Go to site
View details
Vanquis Bank – 120 Day Notice Account (Issue 4)
Variable
120 days notice needed
£1,000 - £250,000
FSCS logo
protected
5.2% AER variable
Open via: website
Go to site
View details
Vanquis Bank – 90 Day Notice Account (Issue 4)
Variable
90 days notice needed
£1,000 - £250,000
FSCS logo
protected
5.15% AER variable
Open via: website
Go to site
View details
Vanquis Bank – 90 Day Notice Account (Issue 4)
Variable
90 days notice needed
£1,000 - £250,000
FSCS logo
protected
5.15% AER variable
Open via: website
Go to site
View details
Vanquis Bank – 90 Day Notice Cash ISA (Issue 1)
Cash ISA
90 days notice needed (charge applies )
£1,000
FSCS logo
protected
4.25% AER variable
Open via: website
Go to site
View details
loading
Compare more notice savings accounts up to 5.45%

What is Vanquis Bank's best savings account with the highest interest rate?

Remember that the best savings account will depend on what you want from your savings. If you're after fast access to your money then an easy access account should suit. However, if you're looking to happy to lock your money away for a period of time to unlock 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 4.25%
Best fixed-rate bond rate 4.5%
Best notice account rate 5.2%
Fixed bond terms 1 year - 5 years
Notice account periods available 90 days - 120 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 has the source: Moneyfacts Group PLC. In other cases, Finder has sourced data directly from providers.

More guides on Finder

Go to site