Is it safe? / Vanquis Bank
Is Vanquis Bank safe?
Yes — Vanquis Bank is FSCS-protected. Deposits up to £120,000 per person (£240,000 for joint accounts) are covered under the Vanquis Bank Limited banking licence (Vanquis Banking Group plc). Important: that limit is shared with Snoop — money across these brands counts as one pot.
Protection
FSCS to £120,000
Licence holder
Vanquis Bank Limited
Parent company
Vanquis Banking Group plc
The shared-limit catch
Vanquis Bank shares its banking licence with Snoop. If you hold savings with more than one of these, the £120,000 FSCS limit applies to the combined total — not per brand. Spreading large balances across different licences keeps every pound protected. Check your spread →
The fine print (verified July 2026)
The Snoop app's savings are held with Vanquis Bank — Snoop and Vanquis savings share one limit.
Vanquis Bank's current savings rates
- 5 Year Fixed Rate Bond5.35% AER
- 3 Year Fixed Rate Bond5.16% AER
- 4 Year Fixed Rate Bond5.16% AER
From the daily rates scrape. Compare every provider →
Worth knowing
FSCS also covers temporary high balances (house sale, inheritance) up to £1.4m for six months (raised December 2025). Compensation is automatic if a firm fails — typically paid within seven days.