5 Year Fixed Rate Bond
up to 2.21 % gross/AER*
- Choose to invest from £1,000 to £250,000
- Annual or monthly interest options
- Sole or joint accounts
- One payment by bank transfer or cheque
|Account Name||Vanquis Bank Savings - 5 Year Fixed Rate Bond|
|What is the interest rate?||Annual Gross*/AER**
2.21% (Fixed for 5 Year)
|Monthly Gross*/ AER**|
2.19%/ 2.21% (Fixed for 5 Year)
|Interest is paid on: the anniversary of the date you initially funded your account.||Interest is paid on: the date of the month you initially funded your account.|
|Can Vanquis Bank Savings change the interest rate?||The interest rate for this account is fixed and will not change until the maturity date. Please refer to point 2 of the Product Special Conditions for further details.|
|What would the estimated balance be on the maturity date (60 months from the date you initially funded your account), based on a £1,000 deposit?||Annually (Fixed)
|Please note: This projection is provided for illustrative purposes only and does not take into account customer's individual circumstances. This projection is based on an initial £1,000 deposit and no further deposits or withdrawals are made.|
|How do I open and manage my account?||Opening your account:
Giving us instructions for your account:
|Online application. For existing customers you can also log in to your Vanquis Bank Savings account online.
Online, by post, by telephone or by secure message (for accounts opened and operated online)
|Minimum Opening Deposit: £1,000
Minimum Regular Deposit: Not applicable
|Maximum Opening Deposit: £250,000
Maximum Regular Deposit: Not applicable
Maximum Total Balance Per Customer: £250,000
|Can I withdraw money?||No withdrawals can be made during the term. When your account matures you can choose to: Reinvest in another Vanquis Bank Savings product, withdraw your funds, or reinvest part of your funds and withdraw the remainder.|
|Additional Information||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.|
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.
Special Conditions - Vanquis Bank Savings Account (Issue 1)
These Special Conditions must be read in conjunction with Vanquis Bank's General Terms and Conditions for Fixed Term Saving Accounts ('the General Conditions'). In the case of a conflict between these Special Conditions and the General Conditions, these Special Conditions apply.
- The Account may only be opened by online application and is only available: to personal investors aged 18 years and over who are UK residents. Accounts may be applied for in joint names by two individuals both of whom must be aged 18 years or over and UK residents.
- The Account is for a fixed term and pays a fixed rate of interest. The length of the term and the rate of interest will be stated on our website www.vanquissavings.co.uk at the time of your application and will be stated in a Confirmation Funding Letter containing details of your deposit, account number and maturity date, which we will send to you once we have received your deposit and opened your Account.
- For both sole and joint Accounts, the minimum deposit is £1,000 and the maximum is £250,000. In accordance with General Condition 2.1, your deposit must be made in sterling by a single cheque or a single electronic payment:
(a) In the case of a sole Account, from a bank or building society account in your name or in the case of a joint bank or building society account from an account on which you are named; and (b) in the case of a joint Account from a bank or building society on which at least one of the joint Account holders is named. Your deposit must be made within 30 days of the date of your application. Deposits may not be made by persons other than the Account holder(s). Deposits may only be made from a UK personal bank or building society account. Deposits sought to be made by persons other than the Account holder(s) and/or from a non-UK bank or building society account will be returned without interest.
- There is no limit to the number of Fixed Rate Savings accounts you can hold with Vanquis Bank Savings. However the total balances held across all of your Fixed Rate Savings accounts cannot exceed £250,000 plus any interest paid. Electronic payments which do not comply with the minimum and maximum deposit limits will be returned to their source automatically.
- Each Account will be a limited issue, and will therefore be subject to availability. If the issue becomes fully subscribed between the date we receive your application and the date we receive your deposit and/or any necessary proof of identity and residency documents, we will not open an Account for you and will return the amount of your deposit without interest. We may discontinue or stop opening new accounts without telling you.
- Once your Account is opened, you will not be able to add any more money to it and (except as permitted under Special Condition 7 below) you will not be able to withdraw any money from it until your Account matures at the end of the Account term. If, when your Account matures, we automatically re-invest the money in it in a follow-on account under Special Condition 6, similar restrictions on additions and withdrawals will apply to the follow-on account.
- Your Account will mature at the end of the Account term on the specified maturity date. Prior to maturity of the Account, we will write to you at least 3 weeks before the specified maturity date, telling you that your Account is about to mature and giving you the option either to withdraw the money from your Account or to re-invest it in another Fixed Term Saving Account with us.
If we do not receive instructions from you at least two days prior to the maturity date, we will automatically return all the funds to your nominated bank account. If you don't have a nominated account the funds will be re-invested in a follow-on account. The follow-on account will be an instant access account.
- Until your Account matures, withdrawals will only be permitted:
(a) On your death, if you are a sole Account Holder; or (b) on your bankruptcy; or (c) in other exceptional circumstances at our discretion. We may request such evidence of death, bankruptcy or exceptional circumstances as we may reasonably require before permitting any such withdrawal prior to maturity of your Account.
- If upon maturity you wish to close your Account, the money in the Account will only be paid in sterling by electronic means to a nominated account held in the same name or names as the matured Account. The nominated account must be a UK personal bank or building society account.
- You may instruct us in your application whether you wish to have interest on your Account paid annually or monthly, and whether you wish the interest to be added to the money in your Account, paid into a separate UK bank or building society account held in your name or (for a joint Account) names, or paid into a UK bank or building society account held in the name of a third party. By writing to us or amending online the details we hold for you, you may at any time: (a) change the frequency of your interest payments from monthly to annually and vice versa; or (b) change the UK bank or building society account to which interest payments are made.
- You must tell us immediately if you become resident outside the UK during the life of your Account and provide us with such evidence of this as we may reasonably require. Should you do so your Account will be closed forthwith and we will repay the money in it to you, via Faster Payment - with interest.
- Details are correct as at February 2017.
Protecting your money
Your eligible deposits with Vanquis Bank Limited are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK's deposit protection scheme. Any deposits you hold above the £85,000 limit are not covered. Please click here for further information or visit www.fscs.org.uk.
These bonds are a limited offer and may be withdrawn at any time.