Vanquis Bank has increased the rates of selected fixed rate bonds by up to 0.15%, enabling its one, two and three-year deals to improve their positions on the Moneyfacts charts.
The most competitive is the two-year version of Vanquis Bank High Yield, which now pays 2.26% yearly (2.24% monthly), allowing it to sit just behind the current market-leader of its sector. Meanwhile, its one-year counterpart pays an improved yearly rate of 2.01% (1.99% monthly) and the three-year version pays 2.51% yearly (2.48% monthly), enabling both to move up the charts in their respective sectors.
These internet-operated accounts require an initial deposit of at least £1,000. Savers should note that access is via a nominated account.
As with many fixed rate deals, neither further additions nor early access is permitted. Savers must therefore be happy with the amount they invest and the length of their chosen term from the beginning.
The rate rises to these accounts has boosted their competitiveness, with the two-year deal moving up to sit just behind the market-leader. However, while the choice of a monthly interest option adds a degree of flexibility, the fact that further additions and early access will not be permitted means that these accounts will be best suited to those who are happy locking their money away.
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 Any products featured may be withdrawn by their provider or changed at any time.
Moneyfacts.co.uk will, like most other websites, place cookies onto your computer’s
hard drive. This includes tracking cookies.