Vanquis Savings Fixed 1 yr account

yaddel

I have found Vanquis Bank Ltd - Savings offers 1 yr fixed rate 5.95%.  Can MSE confirm this is a legitimate bank/savings option?  I've checked the FCA website and it is registered with them.  However, after opening the online account, in order to transfer money to my online account, the details they have given me are Vanquis Bank Ltd as the beneficiary and my account number is just to be used in the reference box.  This seems a little odd to me as surely if I'm opening a new fixed account with them, it's my name that should be on this account?  As it's not listed in your top fixed rate saving options, that also makes me a bit concerned about their legitimacy.  Can anyone offer any clarity?

wmb194

yaddel said:

I have found Vanquis Bank Ltd - Savings offers 1 yr fixed rate 5.95%.  Can MSE confirm this is a legitimate bank/savings option?  I've checked the FCA website and it is registered with them.  However, after opening the online account, in order to transfer money to my online account, the details they have given me are Vanquis Bank Ltd as the beneficiary and my account number is just to be used in the reference box.  This seems a little odd to me as surely if I'm opening a new fixed account with them, it's my name that should be on this account?  As it's not listed in your top fixed rate saving options, that also makes me a bit concerned about their legitimacy.  Can anyone offer any clarity?

Yes, I have multiple savings bonds with it and have used it on and off for years. Its owner is now called Vanquis Banking Group plc (LSE:VANQ) but until recently it went by Provident Financial plc and dates from Victorian times.

It's quite usual for smaller banks and building societies to use a common collection account with the company name and then distinguish between customer accounts using a reference number.

https://www.londonstockexchange.com/stock/VANQ/vanquis-banking-group-plc/company-page

35har1old

wmb194 said:

yaddel said:

I have found Vanquis Bank Ltd - Savings offers 1 yr fixed rate 5.95%.  Can MSE confirm this is a legitimate bank/savings option?  I've checked the FCA website and it is registered with them.  However, after opening the online account, in order to transfer money to my online account, the details they have given me are Vanquis Bank Ltd as the beneficiary and my account number is just to be used in the reference box.  This seems a little odd to me as surely if I'm opening a new fixed account with them, it's my name that should be on this account?  As it's not listed in your top fixed rate saving options, that also makes me a bit concerned about their legitimacy.  Can anyone offer any clarity?

Yes, I have multiple savings bonds with it and have used it on and off for years. Its owner is now called Vanquis Banking Group plc (LSE:VANQ) but until recently it went by Provident Financial plc and dates from Victorian times.

It's quite usual for smaller banks and building societies to use a common collection account with the company name and then distinguish between customer accounts using a reference number.

https://www.londonstockexchange.com/stock/VANQ/vanquis-banking-group-plc/company-page

Oxbury bank is currently paying 6.1 on 1 & 2 year accounts but these are not visible until you are a member by opening a instant excess account but you don't have to have fully fund it you could have a £ in it and except that you will not earn interest.

Ocelot

I opened a 2 year FRB with them last week. They are legit.

Thumbs_Up

Ocelot said:

I opened a 2 year FRB with them last week. They are legit.

Phew, that's good to know, they have my fifty grand for 3 years.

jimexbox

I had large vanquis bond mature on Sunday. I expected the funds Tuesday or Wednesday, in my account Monday afternoon.

Albermarle

yaddel said:

I have found Vanquis Bank Ltd - Savings offers 1 yr fixed rate 5.95%.  Can MSE confirm this is a legitimate bank/savings option?  I've checked the FCA website and it is registered with them.  However, after opening the online account, in order to transfer money to my online account, the details they have given me are Vanquis Bank Ltd as the beneficiary and my account number is just to be used in the reference box.  This seems a little odd to me as surely if I'm opening a new fixed account with them, it's my name that should be on this account?  As it's not listed in your top fixed rate saving options, that also makes me a bit concerned about their legitimacy.  Can anyone offer any clarity?

This forum is not the same as the MSE website, it is open for anybody to post.
Anyway Vanquis are a registered deposit taker and are covered by the FSCS £85K in case of any ( unlikely) issues.

yaddel

Thank you everyone for your comments and feedback.

samal

Have used Vanquis in the past, all good

Rosie_Posey_2

Like Yaddel I have just opened up a Vanquis 1 yr Fixed Rate at 5.95%.  I always transfer a nominal £1 to a new account to ensure the account is set up correctly before transferring a larger amount. I transferred £1 this Tuesday but as at today, it is not showing in my Vanquis account (although showing its gone out of my bank account successfully).  I sent an email to Vanquis Customer Services Wednesday,  secure message today, and also tried calling them today to speak to someone. Having stayed on hold for 20 minutes I disconnected the call. This is not the level of service nor the organisation I want to entrust my hard earned money so it is very unlikely I will be depositing any further monies into this account. I'm not impressed with Vanquis. 

Albermarle

 Having stayed on hold for 20 minutes I disconnected the call. This is not the level of service nor the organisation I want to entrust my hard earned money

It is poor, but for sure they are not the only one with similar issues.