Vanquis Bank has given its fixed rate bonds a helping hand by increasing select rates by up to 0.35%. As a result, four of its deals have made their presence known on the Moneyfacts charts, moving into the top 10 in their respective sectors.
The basics… The most competitive offer is the five-year version of Vanquis Bank High Yield. This account now pays a yearly rate of 3.02% (2.98% monthly), which allows it to sit just behind the current market-leader of its sector.
The one-year version, meanwhile, now pays a competitive yearly rate of 1.86% (1.84% monthly) while its two-year counterpart pays 2.11% yearly (2.09% monthly). The three-year variant pays 2.46% per annum (2.43% monthly). All three have subsequently moved into the top 10 of the charts.
The finer details… All of these accounts must be opened and operated online with a minimum investment of £1,000. Savers should note that access is via a nominated account.
Like many other fixed rate deals, none of these accounts allow further additions or early access to funds. Savers must therefore be comfortable with the amount they invest and the length of their chosen term from the beginning.
Why we like them…
The rate boost to these accounts has made them a force to be reckoned with, with all four achieving coveted places on the Moneyfacts charts. The option of monthly interest adds some welcome flexibility that will appeal to those looking to secure a regular income, but savers must bear in mind that none of these accounts will allow access prior to maturity.
Moneyfacts rating: Excellent
Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.
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