Vanquis Bank has upped the rates on its four and five-year fixed accounts by 0.05%. This has propelled the four-year bond into a market-leading position, while the five-year version sits just below the leading heavyweights for its term.
The four-year Vanquis Bank High Yield account now pays a competitive rate of 2.96% yearly (2.92% monthly), while the five-year version boasts a yearly rate of 3.16% (3.12% monthly).
These accounts are opened and operated online, with a deposit of at least £1,000. Typically, these accounts do not allow early access to funds or further additions. Savers therefore need to be happy with the amount they have invested and the length of the term.
Thanks to the helping hand of a rate rise, the four-year account now has a market-leading rate, which is sure to tempt many investors. Despite the lack of flexibility in terms of access and further deposits, this account does have an appealing monthly option, which is likely to be seen as an added bonus by savers.
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