Vanquis Fixed Rate Savings Account - 5 Year

darren72

Does anyone have any experience of the Vanquis fixed rate savings accounts ?

I've never heard of them before, but like the idea that it can be opened online without having to send ID documents etc through the post which would delay opening an account.

eskbanker

If I was looking to tie up cash for five years, I think my main focus would be on the rate of return rather than whether or not opening was instant or within, say, a week!

darren72

Well, yes the rate of return is the most important, but if I apply online and I have to send ID through the post during which time the account is withdrawn or rate reduced I may have missed the other banks offering a same rate but instant account opening.

eg. I've spoken to Shawbrook Bank (who also offer the same rate as Vanquis on a 5 year fixed) but they say until the account is fully opened and funded the rate can be changed.

eskbanker

You'll have done more research than I have but from a quick look at the published account opening processes for Shawbrook and Vanquis, they sound pretty much identical, i.e. apply online, they both verify ID electronically if possible and only seek hardcopy ID if this electronic check fails. Have Vanquis explicitly confirmed to you that they'd guarantee the rate during such a postal verification process?

darren72

Yes Vanquis have confirmed that once the application has been submitted the rate will be held for 30 days or until the time the deposit into the account is made. Once the first deposit is made you then have a further 5 business days to make any additional deposits.

Whereas Shawbrook will not guarantee the rate at all.

Unless I have missed anything, I think 2.2% is the highest available rate at the moment for a 5 year fixed term.