Award winning digital savings bank, RCI Bank, today announces rate increases across many of its products, including four of its five Fixed Term Accounts, the Freedom Savings Account, the RCI Bank E-Volve Saver 14 Day Notice Account and the 95 Day Notice Account.

Available for both new and existing customers: the RCI Bank E-Volve Saver 14 Day Notice Account interest rate has increased to 3.30% AER Gross, the Freedom Easy Account has risen to 3.25% AER Gross, and the 95 Day Notice Account has risen to 3.60% AER Gross, whilst the increased Fixed Term rates, available for new customers, are as follows:

All RCI Bank accounts can be opened by UK residents aged 18 years and over, and the Fixed Term accounts, 95 Day Notice Account and E-Volve Savings 14 Day Notice Account require £1,000 minimum deposit. While the call centre is based in the UK and available seven days a week, accounts can also be managed online and via the RCI Bank app, offering customers the freedom to manage their own finances.

Tafari Smith, Head of Savings, at RCI Bank: “We are conscious that the cost-of-living crisis continues to weigh heavily on consumers, and therefore think it is important to pass the benefit of interest rate rises on to our customers. Given the economic climate, it is key that we continue to embody our commitment to providing savers with rewarding rates and simple accounts.

“With this in mind, RCI Bank’s easy access Freedom Savings account is interest penalty free, offering peace of mind for those who may need to dip into access their money unexpectedly. Our notice accounts provide a great balance between earning a higher return and having to lock away your money for the notice period. For those keen to save and put it to the back of your mind, our fixed term accounts offer great rates that allow you to put your money away for longer periods with the comfort of knowing that it is still working hard for you.”