Vanquis Bank

meat_n2_reg

Hi All 

Never used Vanquis Bank and looking to take out 1 year fixed savings account

Any one used? 

Would appreciate your thoughts before applying 

Thanks 

Band7

They have FSCS protection so will be as safe as any other outfit offering FSCS protection

trickydicky14

meat_n2_reg said:

Hi All 

Never used Vanquis Bank and looking to take out 1 year fixed savings account

Any one used? 

Would appreciate your thoughts before applying 

Thanks 

Well, I just attempted to open an account with them, and they ask for a nominated bank account, I put in my Halifax account which I have had for 20 years, and they rejected that, so I tried my Santander account which I have had for 15 years, that also was rejected so I gave up. I don’t want to have to keep sending off original documents all the time just to prove its my bank account, it’s not as if I have just moved house or just opened the bank account so sod it, I’ve gone with Gatehouse via Raisin all instant life’s too short. That's only my view though.

jimexbox

I'm going to open a one year's fix tonight. You have 30 days to fund the account, enough time to see how one year rates are heading. 

Albermarle

trickydicky14 said:

meat_n2_reg said:

Hi All 

Never used Vanquis Bank and looking to take out 1 year fixed savings account

Any one used? 

Would appreciate your thoughts before applying 

Thanks 

Well, I just attempted to open an account with them, and they ask for a nominated bank account, I put in my Halifax account which I have had for 20 years, and they rejected that, so I tried my Santander account which I have had for 15 years, that also was rejected so I gave up. I don’t want to have to keep sending off original documents all the time just to prove its my bank account, it’s not as if I have just moved house or just opened the bank account so sod it, I’ve gone with Gatehouse via Raisin all instant life’s too short. That's only my view though.

Vanquis seem to disappear from the savings scene until recently. I remember when they were last active there were quite a few posts on here complaining about them, but I think it was in the Covid era and they were not coping very well with working from home etc 
If you read something like Trust Pilot, most of the reviews about their credit card activities ( card is for people with poor credit records)

eskbanker

jimexbox said:

I'm going to open a one year's fix tonight. You have 30 days to fund the account, enough time to see how one year rates are heading. 

....but waiting could cause you to miss out:

Each Account will be a limited issue, and will therefore be subject to availability. If the issue becomes fully subscribed between the date we receive your application and the date we receive your deposit and/or any necessary proof of identity and residency documents, we will no open an Account for you and will return the amount of your deposit without interest. We may discontinue or stop opening new accounts without telling you.

25_Years_On

I took out three fixed bonds about four years ago and had no problems.

The_Green_Hornet

I've had various fixed rate bonds with Vanquis since 2013 and I have never had a problem.

wmb194

I had a multi-year bond with it and it was fine, with interest paid on time evey month to my nominated account and I don't remember any hassles on maturity. This morning I applied for the two year bond without any issues. Just a bit weird in this day and age that I have to wait for a letter to arrive with the funding details.

It's part of Provident Financial plc, LSE:PFG, if you want to look it up. In recent years it's had some problems but in a recent trading update it says it has a loss absorbing capital CET1 ratio of 26.3% which for banks is pretty good - IIRC the BoE's minimum acceptable level is c.12%. Besides this, as Band7 says, deposits are covered by the FSCS.

https://www.londonstockexchange.com/news-article/PFG/third-quarter-2022-trading-update/15677757

Ted_01

Today I applied for Vanquis 3 year fixed bond.

trickydicky14 I had no problems submitting my nominated bank account which is a Natwest current account.

I have to wait for the paperwork to come through the post before it can be funded.

Quote : "Deposits may be made only in sterling by means of a cheque or a series of electronic payments."

It seems I can do a test payment before sending the full amount.

jak22

It has been interpreted that "Once your Account is opened, you will not be able to add any more money to it " might mean a single deposit in the 30 day window but their FAQ does say "Due to some limits imposed by banks on transferring your funds, we will accept multiple payments within a 5 business day window. This window starts on the day we receive the first deposit." probably acknowledging the daily transaction limit of some banks but also handy for making a test payment.