Are Vanquis Banks current savings rates worth a punt?

EnquiringMind2

Vanquis Bank appear to be offering some great savings rates at the moment (eg. 5.21% for 1 Year fix) but MSE doesn't appear to be picking them up in their best rates tables. Anyone have any thoughts on the Banks viability and if they are worth going for...?

Mark_d

You've got FSCS protection, so nothing to lose. 

JGB1955

I've got £80K with them - no problems from my POV.

Having said that, I've also got money with Atom Bank and they are currently close in % terms.  I opt for monthly paid interest and will be renewing one of their Fixed Rate Bonds next week.

Blackbriar_040

Just opened the 1-Year Fix Rate Bond (5.21%) yesterday!

Application process, pretty straightforward, account opened within 10 mins, no request for further proof of I.D!
Need to wait for welcome letter, before I can transfer funds.

Worth noting:

Payments into your account need to be:

• made within 30 days of us receiving your application
• made from your nominated account

You can pay funds in using one or more payments. All payments need to be made within 5 working days of the first payment being received by us. After this, you can't make any more payments.

I believe I read on a previous Vanquis post, if they pull the account before you have funded it, they automatically close the account!

Wouldn't wait too long,

These products are a limited offer and may be withdrawn at any time. 

MSE not the fastest to update rate tables, best to always check the forum for posts about potential new accounts, did this for the recent Trading212 Cash ISA, opened & funded before it appeared on MSE/Moneyfacts tables!

mark_cycling00

Thanks for the tip. Seems like you can get interest paid monthly or annually too 

samal

Have used them for many years, no issues 

35har1old

EnquiringMind2 said:

Vanquis Bank appear to be offering some great savings rates at the moment (eg. 5.21% for 1 Year fix) but MSE doesn't appear to be picking them up in their best rates tables. Anyone have any thoughts on the Banks viability and if they are worth going for...?

MSE has highlighted their 3yr bond but not the 1yr bond

Albermarle

I think they get a lot of bad TRust Pilot reviews, but that is because one big part of their business is issuing credit cards with high % rates to people with poor credit ratings. So an area ripe for complaints I guess.

cruisetheworld

Be careful, their rates appear good but when asked to pay out......... long delays.
Recommend you look elsewhere, I don't trust them anymore .

The_Green_Hornet

I've had numerous fixed rate bonds with Vanquis over the past decade or so. Never had a problem.

n3ophyte

The_Green_Hornet said:

I've had numerous fixed rate bonds with Vanquis over the past decade or so. Never had a problem.

Good to know as I just started filling the 1yr 4.6% bond I reserved 3 weeks ago. Thanks!