Summary Box
Account Name
Vanquis Bank Savings - Triple Access Cash ISA (Issue 1)
What is the interest rate?
Annual Gross*/AER**
4.35% (Variable) if 3 or less withdrawals are made in the 12 months after opening the account.
2.00% (Variable) if 4 or more withdrawals are made in the 12 months after opening the account
This rate is based on interest being paid on either:
4.35% (Variable) if 3 or less withdrawals are made in the 12 months after opening the account.
2.00% (Variable) if 4 or more withdrawals are made in the 12 months after opening the account
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.
If 4 or more withdrawals are made in the 12 months after opening the account or the account anniversary, the interest rate will drop. The lower interest rate will apply from the day of the 4th withdrawal until the day before the anniversary of your account opening. The rate of interest and withdrawal count will reset on the anniversary of your account opening.
* '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.
If 4 or more withdrawals are made in the 12 months after opening the account or the account anniversary, the interest rate will drop. The lower interest rate will apply from the day of the 4th withdrawal until the day before the anniversary of your account opening. The rate of interest and withdrawal count will reset on the anniversary of your account opening.
* '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**
4.27% or 4.35% (Variable) if 3 or less withdrawals are made in the 12 months after opening the account.
1.98% or 2.00% (Variable) if 4 or more withdrawals are made in the 12 months after opening the account
This rate is based on interest being paid each month on:
4.27% or 4.35% (Variable) if 3 or less withdrawals are made in the 12 months after opening the account.
1.98% or 2.00% (Variable) if 4 or more withdrawals are made in the 12 months after opening the account
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 Savings change the interest rate?
Yes, the interest rate is variable, so it can go up or down. This might be due to changes in market conditions (e.g. change in the Bank of England base rate, changes in competitors' rates), costs of running our business or for ensuring consistency with new customers' rates.
- If the rate increases, we'll make the change immediately and then let you know
- If the rate decreases, we'll let you know at least 14 days before the change takes effect
What would the estimated balance be on the maturity date (12 months from when you funded your account), based on a £1,000 deposit?
No withdrawals
Balance after 12 months would be £1,043.50
Based on:
Balance after 12 months would be £1,043.50
Based on:
- a deposit of £1,000
- an annual interest rate of 4.35%; and
- No further deposits or withdrawals are made
Four withdrawals
Balance at end of term would be £986.97
Based on:
Balance at end of term would be £986.97
Based on:
- a deposit of £1,000
- Individual withdrawals of £10 made 30 days, 60 days, 90 days and 120 days after the account is opened; and
- An annual interest rate of 4.35%; reducing to an annual interest rate of 2.00% from the day of the 4th withdrawal.
The above examples show what the future balance of your account would be if:
These projections are provided for illustrative purposes only and do not take individual circumstances into account.
- One lump sum of £1,000 is deposited on the day the account is opened;
- The higher and lower interest rates for the account remain the same for the full 12 months;
- Interest is paid annually and into your account rather than transferred to your nominated account; and
- No further payments are made in or out of the account other than those stated in the examples above
These projections are provided for illustrative purposes only and do not take individual circumstances into account.
How do I open and manage my account?
Opening your account:
To open your account you need to:
Deposit limits:
You can apply for an account using:
- be aged 18 years or over
- be tax resident in the UK
- deposit at least £1,000
- not have more than £250,000 saved with us across all of your accounts
Deposit limits:
- 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 & Customs (HMRC) rules
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 post.
Minimum balance
You need to keep at least £1,000 in your account at all times.
If the balance of the account falls below £1,000 we will ask you to add more money to your account within the next 30 days. If you don't do this, we'll write to you again to give you two months' notice that we're closing the account.
If the balance of the account falls below £1,000 we will ask you to add more money to your account within the next 30 days. If you don't do this, we'll write to you again to give you two months' notice that we're closing the account.
Can I withdraw money?
- You can withdraw money from your account at any time and without notice
- If you make 4 or more withdrawals from your account, the interest rate will drop, for more details see "What is the interest rate?" above. Any money you withdraw will be transferred to your nominated account to another account held with us or to another ISA
- You must request a withdrawal using Online Banking
- 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. All withdrawals will result in a loss of tax-free status on the amount withdrawn
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.
Number of accounts
You can only have one Triple Access Cash ISA (Issue 1).
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 Triple Access Cash ISA (Issue 1). For full details, please read the General Terms and Conditions and the Triple Access Cash ISA Product Information document.
*‘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.
