Fixed rates get a welcome boost | Product News - Moneyfacts

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Fixed rates get a welcome boost

Fixed rates get a welcome boost

Category: Savings
Date: 02/07/2015

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

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 basics…

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.

The finer details…

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.

Why we like them…

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 Any products featured may be withdrawn by their provider or changed at any time.

 

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 Any products featured may be withdrawn by their provider or changed at any time.

 
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