3 Year Fixed Rate Bond
up to 4.05% gross/AER*
- Invest from £1,000 (up to a total of £85,000 for FSCS protection)
- Annual or monthly interest options
- Sole or joint accounts
- Subject to your own bank's payment limits, make your deposit with as little as one simple payment by bank transfer or cheque
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Summary Box
Account Name
Vanquis Bank Savings - 3 Year Fixed Rate Bond
What is the interest rate?
Annual Gross*/AER**
4.05% (Fixed for 3 Years)
This rate is based on interest being paid on either:
- the anniversary of the date we received your first payment into your account; or
- on the day your account closes, if earlier.
Interest is calculated daily. When you open the account you will be able to choose whether you would like interest to be paid each month or annually. You will also be able to choose whether you would like interest to be paid into your account or transferred to your nominated account.
Monthly Gross*/ AER**
3.98% or 4.05% (Fixed for 3 Years)
This rate is based on interest being paid each month on:
- the monthly anniversary of us receiving your first payment into your account; and
- the date your account closes.
Can Vanquis Bank change the interest rate?
No. The interest rate for this account is fixed so we can't change it during the fixed term period.
What would the estimated balance be after 36 months based on a £1,000 deposit?
Interest paid annually
Balance at end of term would be £1,126.49
Based on:
- an annual interest rate of 4.05% (Fixed for 3 Years); and
- a deposit of £1,000
Interest paid monthly
Balance at end of term would be £1,126.49
Based on:
- a monthly interest rate of 3.98% (Fixed for 3 Years); and
- a deposit of £1,000
The amount above shows what the future balance of your account would be if:
- the interest is paid into your account rather than transferred to your nominated account; and
- you keep your money in the account until the end of the fixed term.
How do I open and manage my account?
Opening your account:
To open your account you need to:
- be aged 18 years or over
- be resident in the UK
- deposit at least £1,000
- deposit no more than £250,000
- not have more than £250,000 saved with us across all of your accounts
You can apply for an account using:
- Our website
- Online Banking (if you are an existing Vanquis Savings customer)
Giving us instructions and talking to us about your account:
You can contact us using Online Banking, telephone, email or by sending us a written instruction in the post.
Payments into your account:
All 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.
Can I withdraw money?
You can only withdraw money from your account by paying it into your nominated account:
- at the end of the fixed term; or
- in exceptional circ*mstances but you will have to withdraw all of your money and close your account.
Interest earned will be paid at the date of account closure.
At the end of the fixed term, you can either:
- put your money into another fixed term account or another account with us (if available);
- transfer your money, including interest, to your nominated account; or
- if your nominated account is no longer available, we will place your cash into an easy access savings account until we receive your instructions.
Additional Information
Term:
This account will remain open for 3 Years from the date we receive your first payment into your account.
Tax Status:
Interest will be paid gross* which means no tax is deducted. It is your responsibility to pay any tax due, based on our individual circ*mstances.
Explanation of key interest rate terms
* 'Gross' interest is the contractual rate of interest.
**'AER' stands for the Annual Equivalent Rate, a notional rate which illustrates what the interest rate would be if paid and compounded on an annual basis.
Availability
Each Fixed Rate Bond will only be available for a limited period of time and will be subject to availability.
These bonds are a limited offer and may be withdrawn at any time. The interest rates we offer will vary from time to time, so it is important to keep a regular eye on the wider market because better rates may be available elsewhere.
Information provided in the Summary Box is a summary of the key features of the fixed rate bond account and is not intended to be a substitute for reading the terms and conditions that apply to the account.
*‘Gross' interest is the contractual rate of interest.
**‘AER' stands for the Annual Equivalent Rate, a notional rate which illustrates what the interest rate would be if paid and compounded on an annual basis.
