Summary Box
Account Name
Vanquis Bank Savings - 2 Year Fixed Rate ISA
What is the interest rate?
Annual Gross*/AER**
4.42% (Fixed for 2 Years)
This rate is based on interest being paid on either:
4.42% (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.
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.
* '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.
* '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.
Monthly Gross*/ AER**
4.33% or 4.42% (Fixed for 2 Years)
This rate is based on interest being paid each month on:
4.33% or 4.42% (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.
Can Vanquis Bank change the interest rate?
No. The interest rate on this account is fixed. This means that the interest rate paid on your account won't change during the fixed term.
What would the estimated balance be after 24 months based on a £1,000 deposit?
Interest paid annually
Balance at end of term would be £1,090.35
Based on:
Balance at end of term would be £1,090.35
Based on:
- an annual interest rate of 4.42% (Fixed for 2 Years); and
- a deposit of £1,000
Interest paid monthly
Balance at end of term would be £1,090.35
Based on:
Balance at end of term would be £1,090.35
Based on:
- a monthly interest rate of 4.33% (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?
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
- not have more than £250,000 saved with us across all of your accounts
- the maximum annual deposit for this account is the ISA allowance (currently £20,000)
- you may transfer existing ISAs from other providers but any transfer of current tax year deposits will reduce your available allowance
- these limits are subject to HM Revenue & Custom (HMRC) rules
- 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 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
Can I withdraw money?
- You can only withdraw money from your account by paying it into your nominated account or transferring to another ISA provided by us or another ISA manager
- If you withdraw or transfer funds from your account you will be subject to an exit fee of 180 days of interest. This means you might get back less than you originally deposited
- This is a flexible ISA meaning if you make a withdrawal you can replace the money you've withdrawn without it counting towards your annual ISA subscription limit, providing you replace the funds in the same tax year you withdraw them. In the case of a redepositing funds withdrawn from a Fixed Rate Cash ISA, this will need to be done into a new Fixed Rate Cash ISA at interest rates prevailing at the time, another Cash ISA you already hold that allows additional deposits, or a new Cash ISA product altogether. All withdrawals will result in a loss of tax-free status on the amount withdrawn
- Before the fixed term ends we will contact you to ask what you would like to do with the money. If you don't ask us to reinvest your money into another account, we'll transfer your deposit and any interest to an Easy Access Cash ISA on the same day that your Fixed Rate Cash ISA closes
Additional Information
Tax Status
This is a Cash ISA. Interest payable is exempt from income tax. The tax treatment depends on the individual circumstances of each customer and may change in the future.
The amounts you can invest are set by HMRC and therefore may change.
The tax treatment of ISAs may change.
The amounts you can invest are set by HMRC and therefore may change.
The tax treatment of ISAs may change.
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.
This Summary Box sets out the key features of the 2 Year Fixed Rate Cash ISA. For full details, please read the General Terms and Conditions and the Fixed Rate Cash ISA Product Information document.
