Vanquis Bank has reviewed the rates on its fixed rate bonds, making some slight reductions. However, its three and five-year deals have kept the competition at bay, retaining their positions among the top 10.
The three-year Vanquis Bank High Yield bond now pays a very competitive 2.31% yearly (2.29% monthly) while the five-year version has a rival-beating rate of 3.01% per annum (2.97% per month).
Both accounts can be conveniently opened and managed online with a minimum deposit of £1,000.
Like many fixed rate accounts, no further additions can be made and early access to funds is not possible. Investors must therefore think carefully about the amount they wish to invest and the length of the term.
These bonds have seen off their rivals despite a slight reduction in rate, keeping their places in the Moneyfacts charts. As a result, these bonds are likely to appeal to investors looking to make a good return on their money. The option to have monthly payments also adds welcome flexibility. However, savers must be comfortable with the amount invested and the length of the term from the beginning, as further additions and early access are not possible.
Four Moneyfacts Stars have been awarded.
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