Vida said the £1bn in deposits confirmed “strong consumer demand for transparent and competitive savings products”.
The bank initially launched with a one-year fixed rate bond, and the firm has since extended its offering into Notice Access and cash ISA with its current Defined Access ISA offering 4.63% AER.
Vida gained its full banking licence in November last year, which at the time it said would enhance its funding base and allow it to “compete at a greater scale”.
The firm had started to seek its banking licence from the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) in 2022.
Earlier this week, Vida said it had updated its distribution model as part of a “multi-year mortgage transformation programme”.
How to get your first-time buyer clients mortgage ready
Sponsored by Halifax Intermediaries
Anth Mooney, CEO of Vida Bank, said: “Both awards are a real testament to the hard work and commitment from everyone who works at Vida Bank. It’s particularly pleasing to see Vida Savings being recognised. We are passionate about helping more savers access fair, transparent, and competitive interest rates.
“Reaching £1bn in savings balances and receiving these awards highlights the strength of our offer in the UK market. I want to thank all our 37,000 customers who have put their trust and hard-earned savings into Vida Savings.”
Rachel Springall, finance expert at Moneyfactscompare.co.uk, said: “It’s exciting to see Vida Savings achieve over £1bn in savings deposits in such a short time frame, clearly consumers are impressed by their range of competitive products.
“Hopefully, this news will encourage more savers to review their current deal and take advantage of a better rate. Vida Savings offer a variety of top-rate deals across standard savings accounts and cash ISAs, and having an array of deals can help serve savers who have varying requirements.”
