2 Year Fixed Rate Bond

4.12%

gross/AER* interest (fixed)

No withdrawals before the end of your term.
Financial Services Compensation Scheme protection up to £85,000.
Save £1,000 to £250,000.
Fixed rate of interest for a set period of time.
Interest can be paid monthly or annually.

Before applying...

Have a good read through these documents:

To open an account...

You need to:

*AER stands for annual equivalent rate and illustrates the interest rate if it was paid and compounded once each year.

Protecting your money

You’re protected by the Financial Services Compensation Scheme up to a total of £85,000 across your accounts.

Account name

Vanquis Bank Savings – 2 Year Fixed Rate Bond

What is the interest rate?

Annual Gross*/AER**

4.12% (fixed for 2 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.

Monthly Gross*/AER**

4.04% or 4.12% (fixed for 2 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.

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.

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 24 months based on a £1,000 deposit?

Interest paid annually

Balance at the end of term would be £1,084.10

Based on:

an annual interest rate of 4.12% (fixed for 2 years); and
a deposit of £1,000

Interest paid monthly

Balance at the end of term would be £1,084.10

Based on:

a monthly interest rate of 4.04% (fixed for 2 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?

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)

You can contact us using Online Banking, telephone, email or by sending us a written instruction in the post.

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 circumstances 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.

If we don’t hear from you about your preference, we’ll transfer your deposit to the highest interest easy access savings account we may have available at that time. Your money will earn interest at that rate until we receive your instructions about where to transfer your money to. You will be able to make further payments into this easy access savings account if you wish, subject to any maximum deposit limits for that account.

Additional Information

Term

This account will remain open for 2 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 your individual circumstances.

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 products 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.