RCI Bank today announces a rate increase for its easy access Freedom Savings account, to 1.37% AER gross variable, making it joint fifth within the easy access market.

The Freedom Savings account can be opened by all UK residents aged 18 years and over, with a minimum balance of just £100 and a maximum of £1 million. There are no penalties, notice periods, tiered rates, gimmicks or small print and can be opened by all UK residents aged 18 years and over. While the call centre is based in the UK and available seven days a week, accounts can also be managed online giving customers the freedom to manage their own finances.

Jean-Louis Labauge, CEO of RCI Bank, commented: “Today marks the second increase we’ve made to our Freedom Savings account interest rate in 12 months, and it comes just a few months after we increased the rate on our two year Fixed Term Savings account to 2.11%.

“Research we carried out earlier this year revealed that more than two thirds of millennials are choosing to miss out on things with their friends in order to save money, typically putting away £202 a month¹.With retirees using their nest eggs to travel the world, take up new hobbies and splash out on treats for their families², it’s now more important than ever that we’re all saving hard, so we can fulfil our retirement dreams and enjoy life after work. We hope our new variable Freedom Savings rate of 1.37% will encourage more savers to plan ahead and boost their nest eggs.”