Vidabank fixed cash ISA

bucksman

Does anyone know about this bank? It is FCS covered, and is currently offering a good interst rate of 4.63% APR for a one year fix. https://www.vidabank.co.uk/savings/products/product-finder/
Too good to be true? Can anyone see the catch? TIA

la531983

The interest rate isn't fixed, it's variable.

soulsaver

bucksman said:

Does anyone know about this bank? It is FCS covered, and is currently offering a good interst rate of 4.63% APR for a one year fix. https://www.vidabank.co.uk/savings/products/product-finder/
Too good to be true? Can anyone see the catch? TIA

The catch is... it isn't fixed.  

"The interest rate is variable and can be increased or decreased by Vida Savings at any time. If we increase the interest rate on your account, we’ll let you know as soon as possible. This can be after the new rate is effective. If we decrease the interest rate, we’ll notify you at least 14 days ahead of the change. See the Savings T&Cs..."

bucksman

soulsaver said:

bucksman said:

Does anyone know about this bank? It is FCS covered, and is currently offering a good interst rate of 4.63% APR for a one year fix. https://www.vidabank.co.uk/savings/products/product-finder/
Too good to be true? Can anyone see the catch? TIA

The catch is... it isn't fixed.  

"The interest rate is variable and can be increased or decreased by Vida Savings at any time. If we increase the interest rate on your account, we’ll let you know as soon as possible. This can be after the new rate is effective. If we decrease the interest rate, we’ll notify you at least 14 days ahead of the change. See the Savings T&Cs..."

Thank you for spotting this, note to self ...'read the small print'! I thought it was too good to be accurate.  I see they do have a fixed one at 4.25% 

soulsaver

It doesn't say 'fixed' in the big print... is a clue  

35har1old

bucksman said:

soulsaver said:

bucksman said:

Does anyone know about this bank? It is FCS covered, and is currently offering a good interst rate of 4.63% APR for a one year fix. https://www.vidabank.co.uk/savings/products/product-finder/
Too good to be true? Can anyone see the catch? TIA

The catch is... it isn't fixed.  

"The interest rate is variable and can be increased or decreased by Vida Savings at any time. If we increase the interest rate on your account, we’ll let you know as soon as possible. This can be after the new rate is effective. If we decrease the interest rate, we’ll notify you at least 14 days ahead of the change. See the Savings T&Cs..."

Thank you for spotting this, note to self ...'read the small print'! I thought it was too good to be accurate.  I see they do have a fixed one at 4.25% 

The same as Santander 
If you transfer a ISA of £10000 to Santander  you receive a gift card of £50 which equals 0.5%