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Vidabank fixed cash ISA
bucksman
Posts: 79 Forumite
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
Too good to be true? Can anyone see the catch? TIA
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Comments
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The interest rate isn't fixed, it's variable.0
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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..."1 -
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 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..."0 -
It doesn't say 'fixed' in the big print... is a clue
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The same as Santanderbucksman said:
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 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..."
If you transfer a ISA of £10000 to Santander you receive a gift card of £50 which equals 0.5%1
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