Vanquis 1 year fixed rate bond rate?

Ade99

Hi,

Just wondering if other people are having trouble getting hold of Vanquis Customer Services?  It would appear i'm not alone in this experience.

I opened a 1 yr fixed bond 10 days ago when the rate was 1.6%.  I received my confirmation letter (no rate quoted) and authentication code 4 days later. Followed that process and all was fine. No funds deposited yet. I then noticed that the rate in their product section was 1.54%.  I searched their FAQ's to try and find out which rate i'd end up getting but didn't find anything.

3 phone calls of 30 mins a time on hold in a queue and I gave up trying. I emailed them simply asking whether i'd receive the rate applicable when I opened the account or the lower rate (when I would shortly deposit some funds). No reply 6 working days later. Chased up, no reply. It doesn't inspire me with much confidence and i'm reading reviews of people who have deposited funds that haven't appeared in their accounts.

I fully appreciate that there will be people contacting them with much more serious issues than my question and i'm sure their Customer Services Team are very busy but I feel it's quite poor not to have received any email reply back.  In lieu of me being able to ask them, does anyone know which rate I would get ?  (i've checked their T's and C's as well).

Thanks,
Ade.

savingmore

interesting.   we also made a deposit at 1.6%.  got a couple,e of emails asking us to send proof of ID which we had included with our deposit cheque.  we then got a letter back returning said proof, but no mention of our cheque deposit, but saying we would here in a few days.  you should get rate on day of application. 

Albermarle

You should get the rate applicable on the day of application. It is not unusual for rates to change afterwards. These types of savings banks often have a good rate to get them at the top of the published tables, and when they have attracted enough money in they drop them again.
Your comments about the inability to contact Vanquis have been repeated  in other threads.

wiseonesomeofthetime

Noticed their 1 Year Fixed Rate Bond is now offering just 1.29% !!

I would not lock my money away for that return!

Thrugelmir

Opened a 1.6% account. Deposited the funds. Received letters containing ID's etc a week or so later. Given the current circumstances all round a perfectly acceptable service. 

wmb194

wiseonesomeofthetime said:

Noticed their 1 Year Fixed Rate Bond is now offering just 1.29% !!

I would not lock my money away for that return!

Its new sixth month bond is offering 1.45% AER.

wiseonesomeofthetime

wmb194 said:

wiseonesomeofthetime said:

Noticed their 1 Year Fixed Rate Bond is now offering just 1.29% !!

I would not lock my money away for that return!

Its new sixth month bond is offering 1.45% AER.

Now THAT may be useful to some. Six months is not a lengthy lock-in at all.

Strange marketing though, don't you think?

Thrugelmir

Not marketing. Will be a requirement for funding. 

coachman12

Personally, my main question is why use Vanquis at all ?  There are much better alternatives.
For example RCI, which I have used ,is 1.65 for 2 years, 1.8 for 4 years and 1.9 for 5 years . 

Growingold

wiseonesomeofthetime said:

wmb194 said:

wiseonesomeofthetime said:

Noticed their 1 Year Fixed Rate Bond is now offering just 1.29% !!

I would not lock my money away for that return!

Its new sixth month bond is offering 1.45% AER.

Now THAT may be useful to some. Six months is not a lengthy lock-in at all.

Strange marketing though, don't you think?

In their product summary for the 6 month bond you can opt for  monthly interest or maturity interest.  However it says maturity interest will be paid on the anniversary of opening the account.  Strange as this implies after a year though the bond is only 6 months.  I have pasted the relevant bit below from their product summary.

Account Name	Vanquis Bank Savings - 6 Month Fixed Rate Bond
What is the interest rate?	At Maturity*/AER** 1.45% (Fixed for 6 Months)	Monthly Gross*/ AER** 1.44%/ 1.45% (Fixed for 6 Months)
	Interest is paid on: the anniversary of the date you initially funded your account.	Interest is paid on: the date of the month you initially funded your account.

wmb194

Growingold said:

wiseonesomeofthetime said:

wmb194 said:

wiseonesomeofthetime said:

Noticed their 1 Year Fixed Rate Bond is now offering just 1.29% !!

I would not lock my money away for that return!

Its new sixth month bond is offering 1.45% AER.

Now THAT may be useful to some. Six months is not a lengthy lock-in at all.

Strange marketing though, don't you think?

In their product summary for the 6 month bond you can opt for  monthly interest or maturity interest.  However it says maturity interest will be paid on the anniversary of opening the account.  Strange as this implies after a year though the bond is only 6 months.  I have pasted the relevant bit below from their product summary.

Account Name	Vanquis Bank Savings - 6 Month Fixed Rate Bond
What is the interest rate?	At Maturity*/AER** 1.45% (Fixed for 6 Months)	Monthly Gross*/ AER** 1.44%/ 1.45% (Fixed for 6 Months)
	Interest is paid on: the anniversary of the date you initially funded your account.	Interest is paid on: the date of the month you initially funded your account.

It's a typo. The product summary document states, "on the date your account matures."