Vanquis Bank Savings

Frequently Asked Questions

Opening a Vanquis Bank Savings account

Am I eligible to open an account?

If you're a UK resident and at least 18 years old you're eligible to open an account with us.

How do I open a Vanquis Bank Savings account?

You can only open a Vanquis Bank Savings account online. You'll need the account number and sort code of your personal UK bank or building society account (which must be in the same name(s) as the Vanquis Bank Savings account you're opening) to set up a nominated account. If you're a non-taxpayer you'll also need to have your National Insurance number to hand.

How do I open an account under a Power of Attorney?

You need to complete the Power of Attorney Application Form. To obtain a form please call us on 0191 505 0033**. Instead of the person for whom you have Power of Attorney signing the documentation, you and any other person with whom you hold the Power of Attorney will need to sign the documentation and provide evidence of the Power of Attorney.

Can I open more than one account?

Yes, you can open more than one account. If you already have a Vanquis Bank Savings account you can apply quickly and easily for an additional account by clicking here to log in to your account and open another account.

Can I open a joint account?

Two people can have an account together. We assume that each account holder owns an equal share of the money in the account and you're both jointly liable for the account. We will act on sole instructions (i.e. instructions from either but not both of you).

You will each receive an individual User ID and password to access your joint account online.

Personal Savings Allowance

Until 5 April 2016, savings interest had tax deducted at 20% before you received it. If you're a higher-rate or additional-rate taxpayer, you will have had further tax to pay. Customers who are UK residents can complete and register an R85 to receive interest without deduction of tax providing they meet the eligibility criteria set out within the R85 Helpsheet.

From 6 April 2016, you will receive your savings interest without tax deducted.

If you're a UK taxpayer, you will have a tax-free Personal Savings Allowance (PSA) of £1,000 (or £500 for higher rate taxpayers and £0 for additional-rate taxpayers) on the interest that you earn on your savings.

Any interest you earn above your PSA will be subject to tax. It will be your responsibility to ensure that any tax due on interest payments received is paid to HM Revenue & Customs (HMRC).

Please note your PSA applies to the total interest you earn from all banks/building societies, not just interest from Vanquis Savings, with the exception of ISAs, which continue to be free from UK tax for eligible customers.

Please also note that tax liability on interest applies in the tax year it is paid, which may be different to the tax year(s) in which interest has accrued.

If you've paid tax on your savings in a previous tax year and you think you shouldn't have, you'll need to complete an R40 claim form.

Go to gov.uk/hmrc or download the PSA leaflet for more information

When do I pay tax on savings interest?

From 6 April 2016, all banks and building societies will stop deducting tax from interest paid on savings accounts. All UK taxpayers will have a Personal Savings Allowance which will allow most UK taxpayers to earn tax-free interest on their savings. For basic rate taxpayers this allowance will be £1,000 and for higher rate taxpayers £500. If you earn interest above your Personal Savings Allowance in any one year you may need to make arrangements with HMRC to pay tax on this interest.
Should you need more information on this please visit www.gov.uk/hmrc/savingsallowance.

What account opening checks do you carry out?

Before you open an account with us we must check your identity and address. We start this by checking a number of electronic databases. The process involves matching your personal details against a range of publicly available records and credit records. Details of credit histories will not be made available to us. Although the data provider may log the search it will not be used for future credit assessment purposes. In some cases we may not be able to obtain a match, for example if you've recently moved house or have little or no credit history. In these situations we will ask you to provide documentary proof of your identity and/or address.

Anti-money laundering rules and guidelines require us to understand the origin of the funds for an investment prior to completing any transactions. We will ask you to provide sufficient information to allow us to understand how you have obtained the funds for your investment. This should detail the origin of the funds which may not necessarily be the last place they were invested. You may be asked to provide documentary proof of the source of the funds. We will let you know what we need from you.

What proof of identity do I need to supply?

In some circumstances, in order to open your account, we will need some further information to confirm your identity. If we have asked you to provide this information a list of acceptable identification documents is shown below

Please send us one of the listed documents, ensuring that the forename(s), surname(s) date(s) of birth and address on these documents match those given in your application for you and any other applicant.

Original HM Revenue & Customs correspondenceMust be less than 12 months old
Original of The Pension Service State Pension StatementMust be less than 12 months old
Certified copy of passport Must be current and valid (signed)
Original Department for Work & Pensions letterMust be less than 3 months old
Original Power of Attorney document or Court of Protection OrderStamped by a court
Certified copy of current UK photo-card driving licence (Full or Provisional)
Certified copy of current Full UK Paper driving licence
Certified copy of current firearms certificate or shotgun licence
Certified copy of current Biometric Residence permit
Certified copy of Electoral Identity Card issued by the Electoral Office for Northern Ireland

Unless we've indicated you should send us originals, to avoid the risk of loss of any original documents in the postal system, we would recommend that you send us certified photocopies of documents as opposed to originals. Any original documents you send will be returned to you.

What proof of address do I need to supply?

In some circumstances, in order to open your account, we will need some further information to confirm your address. If we have asked you to provide this information a list of acceptable documents is shown below

Please send us one of the documents listed below, ensuring that the documents are addressed to you and any other applicant individually showing surname(s), initial(s) and full address(es) (including the postcode) and match the address(es) given in your application.

Original of Bank/Building Society statement Must be less than 3 months old (excluding statements printed from the internet)
Original of Council tax bill Must relate to the current year
Original of HM Revenue & Customs correspondenceMust be less than 12 months old
Original of water utility statement Must be less than 12 months old and not an internet bill
Original of recent utility bill/statement Must be less than 3 months old (excluding mobile phone and bills printed from the internet)
Original of Pension statement Must be less than 12 months old
Original of benefits notification letter from a Service of the Department for Work & Pensions Must be less than 3 months old
Original of Solicitor's Conveyancing letter on headed paperMust confirm a house purchase within the last 3 months
Certified copy of current UK photo-card driving licence
(Full or Provisional)
Certified copy of current Full UK Paper driving licence
Certified copy of current residency permit issued by the Home Office
Certified copy of current Local Authority rent card, rent book or tenancy
Original of Power of Attorney document or Court of Protection OrderStamped by a Court
Original of TV licenceMust be less than 3 months old
Original of Household or contents insurance policyMust be less than 12 months old
Original of Mortgage statementMust be less than 12 months old
Original of Student Loan statement Must be less than 6 months old
Original of written reference from a serving Commanding Officer of the Armed ForcesMust be less than 3 months old

Unless we've indicated you should send us originals, to avoid the risk of loss of any original documents in the postal system, we would recommend that you send us certified photocopies of documents as opposed to originals. Any original documents you send will be returned to you.

What proof of the source of the funds do I need to supply?

In some circumstances, in order to open your account, we will need some further information to confirm origin of the funds for an investment. If we have asked you to provide this information a list of acceptable documents is shown below

Please send us one of the documents listed below, ensuring that the forename(s) and surname(s) on these documents match those given in your application for you and any other applicant.

If savings from salary is the source of the funds
  • Payslips from the last three months or payslip showing bonus payment
  • A signed letter from your employer confirming salary and bonuses on letter-headed paper
  • Bank statements clearly showing receipt of either 3 most recent regular salary payments or bonus payment from named employer
  • Latest set of accounts if self-employed
If savings from other income is the source of funds
  • Appropriate supporting documentation showing the nature of the income, the amount received, the date received, and detail from whom it was received
  • A signed letter from an Accountant on letter-headed paper detailing source of funds
If proceeds from sold or maturing investments is the source of the funds
  • Investment/savings certificates, contract notes, or surrender statements
  • A bank statement clearly showing receipt of funds and investment company name
  • A signed letter from an Accountant on letter-headed paper detailing source of funds
If proceeds from a share sale is the source of the funds
  • A legal sale document(s) e.g. contract notes ensuring that forename(s) and surname(s) are shown
If proceeds from property sale is the source of the funds
  • A signed letter from your Solicitor or Conveyancer on letter-headed paper, detailing the address of the sold property, the date of sale, and the total sale amount
  • A certified copy of the sale contract, plus a bank statement showing proceeds
If proceeds from sale of a company (or part of a company) is the source of the funds
  • Signed letter from your Solicitor or an Accountant on letter-headed paper, detailing the name and address of the company, date of sale, total amount, and your share
  • A certified copy of contract of sale, plus a bank statement showing proceeds
If your pension is the source of the funds
  • Pension statement
    • A signed letter from an Accountant on letter-headed paper detailing the pension income source
    • A signed letter on letter-headed paper from your Annuity provider detailing the pension income
  • A bank statement showing receipt of latest pension income and name of provider
If a family gift is the source of the funds
  • A letter from your family member confirming details of the gift stating the date the funds were given, total amount, their relationship to you, and acknowledging the source of the funds.
  • A bank statement showing receipt of the gift.
If your redundancy payment is the source of the funds
  • A signed letter on letter-headed paper from your employer detailing redundancy and payment involved
  • A final payslip showing redundancy payment
If an inheritance is the source of the funds
  • Grant of Probate (with a certified copy of the Will), which must include the value of the estate
  • Signed letter from your Solicitor or estate trustees on letter-headed paper
  • Letter of administration (with a Will attached)
  • Letter of administration or certified copy* of the estate accounts (signed by the individual with Grant of Representation and the main beneficiaries) where the donor died intestate
The document (or a covering letter) must show the name of the deceased, date of death, your relationship, date received, total amount, and Solicitor's details (if you have one acting on your behalf).
If a loan is the source of the funds
  • Loan agreement detailing the total amount of the loan, the purpose of the loan, the name and address of the loan provider, and the date of loan
  • A recent loan statement dated within the last 3 months
If a compensation payment is the source of the funds
  • Appropriate supporting documentation detailing the nature of the compensation, the amount received, the date received, and from whom the compensation was received
  • A signed letter from an Accountant detailing funds on letter-headed paper
If cash accumulated from trading proceeds is the source of the funds
  • Certified copy of latest audited company accounts
  • A signed letter from an Accountant confirming the of nature of business activity and turnover on letter-headed paper
If winnings from competition or gambling is the source of funds
  • A statement from gambling company detailing the total amount of your winnings
  • A letter detailing competition or gambling win
  • A bank statement showing receipt of the winnings and the paying organisation's name
If your donor's source of funds is from something not listed above
  • Appropriate supporting documentation detailing the nature of income, amount received, date received and from whom
  • A signed letter from an Accountant detailing the funds on letter-headed paper

Certification of Identity, Address and Source of the funds documents

Acceptable persons to certify evidence of identify and/or address and/or source of the funds are a solicitor (or a firm of solicitors), an Accountant (with a recognised qualification), bank official, post office official, and police officer. Certifiers are required to provide their name, contact details, signature, date, and professional registration number and/or business stamp on the copies of the documents.

You can use the Document Certification Service from the Post Office, available in selected branches. You can find out more about this service on the Post Office's website at www.postoffice.co.uk

Recognised UK Professional Accountancy Qualifications and Bodies:
ACA/FCAAssociate/Fellow of the Institute of Chartered Accountants in England and Wales
CAChartered Accountant (Scotland/Ireland)
ACCA/FCCAAssociate/Fellow of the Association of Chartered Certified Accountants
ACMA/FCMAAssociate/Fellow of the Chartered Institute of Management Accountants
CPFAChartered Public Finance Accountant
MAAT/FMAATMember/Fellow of the Association of Accounting Technicians
AAPA/FAPAAssociate/Fellow of the Authorised Public Accountants
AAIA/FAIAAssociate/Fellow of the Association of International Accountants
AFA/FFAAssociate/Fellow of the Institute of Financial Accountants

What happens after I submit my application online?

  • You'll receive an e-mail to confirm we've safely received your application with details of what to expect next.
  • Once your account is opened, we'll write to you by post within 5 working days to confirm the details of your account and to let you know your account number and User ID to access your account online.
  • We need to receive a deposit into your Vanquis Bank Savings account within 30 days of your application. You can make a deposit by:

A BACS, CHAPS or Faster payment
You can pay us from any UK bank or building society account in your name(s). Simply tell your bank or building society the following:

Our Account Number 53299686
Our sort code 201181
Beneficiary Vanquis Bank Savings
Clearing Bank (if required) Barclays Bank Plc

  • You will also need to quote your application reference number e.g. 987654321. Your application reference will be found on the email we sent to you after you made your application.
  • Personal cheque
    You can make your deposit using a cheque from any UK bank or building society account in your name(s). Just make the cheque payable to yourself followed by your application reference number, found on the email we sent to you after you made your application, and send it to us at Vanquis Bank Savings, Freepost RSGY-CKJA-BKCS, PO Box 1279, Newcastle Upon Tyne, NE99 5BR

Can I change my mind?

If you change your mind within 14 calendar days of opening your account, please call us to notify us of your decision. We will require confirmation in writing and we'll cancel your account, and no notice periods or charges will apply. If you cancel your application before the account is open and you have already made your deposit your funds will be returned to source and no interest will be paid.

Paying money into your account

How much can I invest?

You can choose to invest between £1000 and £250,000

When do I need to make a deposit?

We need to receive your deposit into your Vanquis Bank Savings account within 30 days of your application.

How do I deposit money into my account?

We need to receive your deposit into your Vanquis Bank Savings account within 30 days of your application. You can make a deposit by:

A BACS, CHAPS or Faster payment
You can pay us from any UK bank or building society account in your name(s). Simply tell your bank or building society the following:

Our Account Number 53299686
Our sort code 201181
Beneficiary Vanquis Bank Savings
Clearing Bank (if required) Barclays Bank Plc

You will also need to quote your application reference number e.g. 987654321. Your application reference will be found on the email we sent to you after you made your application.

Due to some limits imposed by banks on transferring your funds, we will accept multiple payments within a 5 business day window. This window starts on the day we receive the first deposit.

Personal cheque
You can make your deposit using a cheque from any UK bank or building society account in your name(s). Just make the cheque payable to yourself (or both of you if it's a joint Vanquis Bank Savings account) followed by your application reference number, found on the email we sent to you after you made your application, and send it to us at Vanquis Bank Savings, Freepost RSGY-CKJA-BKCS, PO Box 1279, Newcastle Upon Tyne, NE99 5BR

Can I add funds to my Vanquis Bank Savings account?

Once you have funded your Vanquis Bank Savings account you cannot add to it. You can however open another Vanquis Bank Savings account provided you are able to fund the new deposit with at least the minimum investment amount. To apply for another Vanquis Bank Savings account please log into your account online and select the "Open Another Account" tab

What is a Nominated Account?

A Nominated Account is a UK personal bank or building society account in your name(s) that we link to your Vanquis Bank Savings account. When your Vanquis Bank Savings account matures at the end of the term we will transfer your funds back to your Nominated Account if you select this option at maturity.

When do I start earning interest?

The Vanquis Bank Savings bond starts earning interest when funds have successfully transferred into your Vanquis Bank Savings account. If you deposit funds by cheque this will be on the third working day after we receive your cheque. Interest is paid on the anniversary of the date your account was funded, either monthly or annually.

Accessing your account online

When can I access my account online?

You'll receive a letter in the post confirming your user ID. Once you have received this you will be able to access your account online.

Your account will be available to you online 24/7 (unless the system is down for maintenance).

How do I log in?

Log-in here and follow the on-screen instructions. You will need your User ID, Password and Memorable Details handy.

I've forgotten my User ID. Can I get a reminder?

We issued your User ID to you when you opened your account. If you cannot remember your User ID you can contact us on 0191 505 0033** and we will resend you the information in the post.

I've forgotten my password. Can I get a reminder?

No. However you can reset your password in minutes simply by clicking here and then clicking on 'Forgotten Password?'

I've forgotten my memorable information. Can I get a reminder?

If you cannot remember your memorable information please call us on 0191 505 0033**

How do I print a copy of my statement?

You can print your statement by clicking here to log in to your account and view the statement of the account you wish to view. You can select to see a mini, custom or interest only version of your statement and also the "start" and "end" dates for the period you wish to look at. Once you've made your selection click on the "Print Statement" button.

When your account matures

What happens when my Vanquis Bank Savings account matures?

We will write to you at least 3 weeks before your maturity date to remind you that your Vanquis Bank Savings account is maturing. At this point we will ask you to log in to your account your account and select your maturity options.

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 do not have a nominated bank account the funds will automatically be re-invested in a follow-on account. The follow-on account will be an instant access account.

My account is due to mature - what are my options?

You will need to make your maturity options online by logging in to your account. You can choose to:

  • Reinvest in another Vanquis Bank Savings product.
    We hope that when the time comes you will choose to reinvest with Vanquis Bank Savings. You will have the option to view all of our products available to you before your funds mature so you can make the selection that is right for you.

  • Withdraw your funds.
    If you wish to withdraw your funds you will need to have a Nominated Account set up. This is the account you want your funds transferred into from your Vanquis Bank Savings account. Your funds will be transferred to your Nominated Account via Faster Payment. If you don't have a Nominated Account set up you can do this by clicking here to log in to your account online.

  • Reinvest part of your funds and withdraw the remainder.
    You have the option to reinvest part of your funds into another Vanquis Bank Savings product, withdrawing the remainder. You can also withdraw just the interest you have earned and reinvest the rest of the funds in a new Vanquis Bank Savings product.

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 do not have a nominated bank account the funds will automatically be re-invested in a follow-on account. The follow-on account will be an instant access account.

I want to withdraw my funds when my account matures - how do I do this?

If you set up a Nominated Account (your UK personal bank or building society account) when you made your application we can pay your interest payments and matured deposit into that account via Faster Payment.

If you don't have a Nominated Account set up you can do this by clicking here to log in to your account online. Please note that it takes 6 working days to set your account up, so please do this in plenty of time before your account matures. Once this is set up, you will need to log into your account to select your maturity options.

Your account details & Interest payments

What is the current interest rate on my account?

You can see the interest rate for your account by clicking here to log in to your account. Interest rates are shown under the "Account Details" section of your selected account.

Can I change my interest instructions?

You can change your interest instructions by clicking here to log in to your account. You'll need to follow the on-screen instructions on the Change Interest Instructions page to complete your request. We will write to you once we have updated your account. To take effect on your next interest payment, we must be in receipt of any changes at least 5 days prior to the due date.

When does my interest get paid?

When you apply for your account you can choose to have interest paid monthly or annually. If you have chosen to have your interest paid annually it will be paid on the anniversary of the day your deposit was initially received by us. If you have chosen to have your interest paid monthly it will be paid on the same day in the month as the day your deposit was initially received by us. If the payment date is not a working day then it will be paid on the next working day.

You can tell us whether you want your interest paid annually or monthly by selecting your preferred interest instruction when you apply. Once your account is open you can change this online. To change your interest instruction online simply log into your Vanquis Savings account and select 'Change Details', then 'Change Interest Instruction'. Confirmation of any amendments made online will be sent via email.

How do I change the address on my account?

You can change your address by clicking here to log in to your account and following the on-screen instructions to print off, complete and send in the "Change of Details" form. We will write to you once we have updated your account. Alternatively, you can send us a secure message with your new address details. Please note that we will require a message from each account holder.

How do I change the email address on my account?

You can change your email address by clicking here to log in to your account. You can update your email address by following the on-screen instructions. We will confirm via emails to both your new and old email addresses once this has been updated.

How do I add another account holder?

You can add another account holder by clicking here to log in to your account. You'll need to follow the on-screen instructions to print off, complete and send in the "Change of Details" form, together with the appropriate proof of identity and residency documents.

Protecting your money

How is my money protected?

We are covered by the Financial Services Compensation Scheme (FSCS). The FSCS can pay compensation to depositors if a bank is unable to meet its financial obligations. Most depositors - including most individuals and small businesses - are covered by the scheme.

In respect of deposits, an eligible depositor is entitled to claim up to £85,000 per person per bank. For joint accounts each named account holder is treated as having an individual claim in respect of their share so, for a joint account held by two individuals/depositors, the maximum amount that could be claimed would be £85,000 each (making a total of £170,000).

The £85,000 limit applies per person per bank and therefore relates to all the depositor's accounts held with the bank combined together, (including their share of any joint account), and not to each account separately.

Is Vanquis Bank Savings protected by the Financial Services Compensation Scheme (FSCS)?

Yes. Vanquis Bank Savings is covered by the Financial Services Compensation Scheme (FSCS), the UK's deposit protection scheme. The FSCS can pay compensation to depositors if a bank is unable to meet its financial obligations. From 30 January 2017 your eligible deposits with Vanquis Bank Savings are protected up to a total of £85,000. Any deposits you hold above the £85,000 limit are not covered. For joint accounts each account holder is eligible to claim a maximum of £85,000 (making a total of £170,000). The £85,000 limit relates to the combined amount in all the eligible depositor's accounts with the bank, including their share of any joint account, and not to each separate account. For more information please refer to the FSCS website. www.fscs.org.uk

For further information about the scheme (including the amounts covered and eligibility to claim) please contact us as explained in the Contact Us tab on this website or refer to the FSCS website www.fscs.org.uk or call 0800 678 1100 or 020 7741 4100.

Does Vanquis Bank share its licence with any other bank or building society?

No. Vanquis Bank is an independent UK bank authorised and regulated by Financial Conduct Authority and the Prudential Regulation Authority and is entered in the Financial Services Register under number 221156.

Why is it important that Vanquis Bank is independent of other bank and building society brands?

The FSCS protection applies to a 'financial institution' and not at a bank or building society brand level. If you spread your savings across banking and building society brands that are owned by the same financial institution then the amount of money that is protected by the FSCS remains the same. A list of financial institutions and the banks and building societies they own has been prepared by Which? and can be viewed here.

As Vanquis Bank is independent of other UK bank and building society brands offering savings and investment products, your savings are eligible for the full amount of FSCS protection.

General

How do I make a complaint?

If you wish to make a complaint write to us at Vanquis Bank Savings, Freepost RSGY-CKJA-BKCS, PO Box 1279, Newcastle Upon Tyne, NE99 5BR or email us at complaints@vanquissavings.co.uk. If you make a complaint, we will aim to resolve it as quickly as possible. If you are still not satisfied, you may be able to refer your complaint to the Financial Ombudsman Service (FOS). You can find out more at www.financial-ombudsman.org.uk.

Download Our Complaints Procedure.

Security

Someone else may know my password or Memorable Details - what do I do?

Please call us immediately. We will check your account for you and set up new account or security details straightaway.

How do I protect my computer?

There are a few basic steps you can take to ensure that your computer is protected.
The three essential steps to protect your computer are:

  • Use anti-virus software and keep it up-to-date
  • Install and learn how to use a personal firewall
  • Download the latest security updates (or patches) for your web browser and operating system.

How secure is my account online?

We provide a safe and secure environment in which to operate your online savings account.

Secure log in

Your account can only be accessed by entering your unique User ID, password and memorable information.

System time-out

You will be automatically logged out of your account if you leave your screen inactive for more than five minutes. You should always log off whenever you leave your computer. However, the automatic time-out provides some additional protection.

Last log in date and time

Whenever you log into your account online, the date and time that you last logged in is displayed for your protection.

Please contact us immediately if you haven't logged in on the date and time shown and you think your account may have been accessed by anyone other than yourself.

** Lines open between: 9am and 6pm Monday to Friday (excluding bank holidays). Please note that we may monitor and record telephone calls for training, security and monitoring purposes.