New Savings Deals Launched by Vanquis Bank

On December, 1st one of the UK banks, Vanquis Bank, announced an increase in the savings rate on one of its best-buy savings accounts, High Yield.

Those planning to invest 1,000 pounds or more for five years can now take advantage of a 0.1% increase in the savings rate, which took it to 4.65% from 4.55%.

Also, the bank has launched a 3-year savings account paying as much as 4.15% a year and a 2-year fixed rate bond paying 4.05%.

Both savings accounts can be operated online. They do not allow for early access or additions.

Commenting on the new deals, money exparts of the Telegraph said that even though the bank is little known, it is covered by the Financial Services Compensation Scheme. The deals offered are by the bank were called "the best fixed-rate bonds on the market, and things are looking up for savers."

Andrew Hagger, a money expert at Moneynet, also was positive about the new deals. He said: "The one and two-year fixed-rate savings market is really starting to pick up – we're seeing some of the best rates for nearly 20 months."