Vanquis bank fixed rate bonds feature:
- Choices to invest for 1,2,3,4 or 5 years
- Minimum investment of £1,000
- Maximum investment of £250,000
- You can choose to be paid interest monthly or annually
- Account can be served online or via telephone
- To apply you need to be a UK resident and at least 18 years old
Although Vanquis bank to offer an array of different fixed rate bonds you might also want to consider ones from other providers to try and make sure you find the best plan for what you need from an investment, as well as looking at other fixed rate bonds it might also be wise to consider different kinds of saving plans before you lock your savings away.
Other types of savings plan include:
Tracker bonds are similar to fixed rate bonds however your interest rate will fluctuate over its term in response to changes made to the base rate by the bank of England. Due to the fact that the interest rate you receive can change it is not possible to predict how much you will receive at the end of the term like you can with.
With structured deposits you risk only getting back your original investment with no interest paid, however they generally offer a better potential interest rate than fixed rate bonds or easy access savings accounts. Getting an interest payment is dependent on the performance of a share index or indices, to receive an interest payment the index has to perform a certain way over the structured deposit’s term as set down by its terms and conditions.
Instant access savings account
If you want to earn interest on your savings and maintain easy access to your funds, in case you should ever need them, then an instant access savings account might suit you. Although instant access savings accounts tend to offer lower rates of interest than bonds or structured deposits, they generally permit unlimited free withdrawals.