Vanquis Bank savings accounts 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 5.1% is available on one of its notice accounts.

Easy access savings accounts

Vanquis Bank's best easy access rate of 4.85% is significantly lower than today's market-best rate of 7.29%. Compare more instant and easy access accounts up to 7.29%

Cash ISAs

Vanquis Bank's best cash ISA rate of 4.6% is very slightly lower than today's market-best rate of 5.1%. Compare more ISAs up to 5.1%

Fixed-rate bonds

Vanquis Bank's best fixed-rate bond rate of 4.5% is very slightly lower than today's market-best rate of 5%. Compare more fixed-rate bonds up to 5%

Notice savings accounts

Vanquis Bank's best notice savings account rate of 5.1% is very slightly lower than today's market-best rate of 5.2%. Compare more notice savings accounts up to 5.2%

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	4.85%
Best cash ISA rate	4.6%
Best fixed-rate bond rate	4.5%
Best notice account rate	5.1%
Fixed bond terms	1 year - 5 years
Notice account periods available	30 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

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

• What happens when my account matures?

  Vanquis Bank will write to you at least 3 weeks before your maturity date to remind you that your savings account is maturing. You can then log into your account and decide whether you want to reinvest your savings into another account, withdraw your funds or reinvest some and withdraw the remainder.

• How do I deposit money into my account?

  You can deposit money into your account via a bank transfer or by writing a personal cheque and sending it by post.

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.