Vanquis Bank has reviewed its savings range and increased rates by up to 0.16%, giving a welcome boost to the market and securing its five-year bond a lucrative position in the Moneyfacts charts.
The five-year version of Vanquis Bank Savings now pays a top-10 rate of 2.31% yearly (2.29% monthly), which allows it to comfortably take a place among its competitors.
This wholly internet-operated account requires a minimum investment of £1,000, and as is common in this sector, no further additions and withdrawals will be permitted.
This straightforward bond easily deserves its place in the charts, offering a highly competitive rate to those who are willing to lock their money away for a few years. The option to receive interest monthly will also be seen as a plus, giving savers some welcome flexibility and the chance to secure an income from their savings.
Moneyfacts rating: Excellent
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