Vida Bank, the UK’s newest bank, has made headlines with the launch of its first savings product following the receipt of its full banking license. The bank, which was granted its license by UK regulators, has introduced the Vida Savings banner, offering a One Year Fixed Rate Savings Bond with a competitive interest rate of 4.77%.
This move from Vida Bank comes at a time when many savers in the UK are not receiving the returns they should expect on their hard-earned savings. With a management team boasting decades of experience in the UK savings market, Vida Bank is determined to provide customers with a real alternative to more traditional banks.
In addition to the One Year Fixed Rate Savings Bond, Vida Bank plans to expand its range in the new year, offering access accounts and a full range of cash ISA products to provide even more choice for its customers.
One of the key benefits for customers of Vida Savings is the full £85,000 protection guarantee under the Financial Services Compensation Scheme (FSCS). This added security provides peace of mind for customers who are looking to invest their savings.
Anth Mooney, CEO of Vida Bank, expressed his excitement at the launch of the first Vida Savings product stating, “While we are a new name to the UK savings market, we are an established and trusted business with a proven reputation in mortgages, bringing years of expertise to our customers.” He added, “As a fully licensed UK bank, we are well-positioned to introduce fresh competition to the market and provide a trusted home for millions of UK savers seeking better returns on their savings.”
Rachel Springall, Finance Expert at Moneyfactscompare.co.uk, welcomed the new savings provider and its competitive offering stating, “It’s exciting to see a new savings provider enter the market with a competitively priced one-year fixed rate bond.” She added, “It will be interesting to see the launch of even more products next year, injecting competition into the savings market and increasing the choice of cash ISA providers.”
For those interested in Vida Bank’s savings products, more information can be found on their website, www.vidasavings.co.uk.
