Terms and Conditions
Special Conditions - Vanquis Bank Savings Account (Issue 1)
These Special Conditions must be read in conjunction with Vanquis Bank's General Terms and Conditions for Fixed Term Saving Accounts ('the General Conditions'). In the case of a conflict between these Special Conditions and the General Conditions, these Special Conditions apply.
- The Account may only be opened by online application and is only available: to personal investors aged 18 years and over who are UK residents. Accounts may be applied for in joint names by two individuals both of whom must be aged 18 years or over and UK residents.
- The Account is for a fixed term and pays a fixed rate of interest. The length of the term and the rate of interest will be stated on our website www.vanquissavings.co.uk at the time of your application and will be stated in a Confirmation Funding Letter containing details of your deposit, account number and maturity date, which we will send to you once we have received your deposit and opened your Account.
- For both sole and joint Accounts, the minimum deposit is £1,000 and the maximum is £250,000. In accordance with General Condition 2.1, your deposit must be made in sterling by a single cheque or a single electronic payment In the case of a sole Account, from the Nominated Account being a UK bank or building society account in your name or in the case of joint Accounts from the Nominated Account on which either of you are named. Your deposit must be made within 30 days of the date of your application. Deposits may not be made by persons other than the Account holder(s). Deposits can only be made from the Nominated Account. Deposits sought to be made by persons other than the Account holder(s) and/or from a non-UK bank or building society account will be returned without interest.
- There is no limit to the number of Fixed Rate Savings accounts you can hold with Vanquis Bank Savings. However the total balances held across all of your Fixed Rate Savings accounts cannot exceed £250,000 plus any interest paid. Electronic payments which do not comply with the minimum and maximum deposit limits will be returned to their source automatically.
- Each Account will be a limited issue, and will therefore be subject to availability. If the issue becomes fully subscribed between the date we receive your application and the date we receive your deposit and/or necessary proof of identity and residency documents, we will not open an Account for you and will return the amount of your deposit without interest. We may discontinue or stop opening new accounts without telling you.
- Once your Account is opened, you will not be able to add any more money to it and (except as permitted under Special Condition 8 below) you will not be able to withdraw any money from it until your Account matures at the end of the Account term. If, when your Account matures, we automatically re-invest the money in the Account into a follow-on account under Special Condition 7, similar restrictions on additions will apply to the follow-on account.
- Your Account will mature at the end of the Account term on the specified maturity date. Prior to maturity of the Account, we will write to you at least 3 weeks before the specified maturity date, telling you that your Account is about to mature and giving you the option either to withdraw the money from your Account or to re-invest it in another Fixed Term Saving Account with us.
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 Account. If you don't have a nominated account the funds will be re-invested in a follow-on account. The follow-on account will be an Easy Access account.
- Until your Account matures, withdrawals will only be permitted:
(a) On your death, if you are a sole Account Holder; or (b) on your bankruptcy; or (c) in other exceptional circumstances at our discretion. We may request such evidence of death, bankruptcy or exceptional circumstances as we may reasonably require before permitting any such withdrawal prior to maturity of your Account.
- If upon maturity you wish to close your Account, the money in the Account will only be paid in sterling by electronic means to your Nominated Account.
- You may instruct us in your application whether you wish to have interest on your Account paid annually or monthly, and whether you wish the interest to be added to the money in your Account or paid into your Nominated Account. By writing to us or amending online the details we hold for you, you may at any time: (a) change the frequency of your interest payments from monthly to annually and vice versa; or (b) change your Nominated Account.
- You must tell us immediately if you become a resident outside the UK during the life of your Account and provide us with such evidence of this as we may reasonably require. Should you do so your Account will be closed forthwith and we will repay the money in it to you, via Faster Payment - with interest.
- Details are correct as at November 2020.