Vanquis Bank has increased interest on its Cash ISA to 4.25% with experts giving the account an “excellent” rating.
The Vanquis Bank – Triple Access Cash ISA (Issue 3) account features 4.25% AER which is payable the anniversary of the account opening and it has no notice term. You’ll need a minimum opening amount of £1000 and you can invest a total of £250,000 into the account in total.
Access and transfers into or out of the account are permitted. You can open and manage the account online.
Commenting on the deal, Caitlyn Eastell, spokesperson at Moneyfactscompare.co.uk, said: “Vanquis Bank has changed the issue number and increased the rate on its Triple Access Cash ISA.
“The account now pays 4.25% AER on its anniversary, but there is also a monthly interest option for those who may want to boost their income.
“Savers will need to deposit at least £1,000 but they have no restrictions on further additions, which may be a bonus for some.
“However, it should be noted that the rate drops significantly if savers make four or more withdrawals.
“On assessment, this account takes a competitive position as a ‘Best Buy’ and receives an Excellent Moneyfacts product rating.”
What else is out there?
But if this is not quite the right account for you, there’s plenty of other options out there.
Money Saving Expert says Atom Bank ISA which offers 4.25% is worth looking into.
You’ll need just £1 to set the account up and you can put in a maximum of £20,000 per year.
You can open this bank account via the app and interest is paid monthly. It’s also important to note that this is not a flexible ISA.
Making sure you have the best account is crucial for ensuring your savings will go further.