Vanquis Bank has reduced the rates of selected fixed rate bonds, but its five-year deal has kept its competitive spirit and held on to its place among the top 10 for its sector.
The five-year version of the Vanquis Bank High Yield bond now has a competitive rate of 2.80% per annum (2.76% monthly), which has retained its place in the Moneyfacts charts.
The three-year variant, meanwhile, now pays 2.20% yearly (2.18% monthly) and the four-year version has a new yearly rate of 2.61% (2.58% monthly).
These accounts can be opened and operated online only with a minimum investment of £1,000.
As with many other fixed rate deals, no early access to funds or further additions are allowed. Consequently, investors must be happy with the amount they invest and the length of their chosen term from the beginning.
Despite the decrease, the five-year account has retained its competitive edge and clung on to a place among the market-leaders of its sector. While no early access to funds or further additions are permitted, the option to have interest paid monthly gives these accounts some welcome flexibility.
Four Moneyfacts Stars have been awarded.
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