This comparison simply includes all savings accounts.
Best RCI Bank Instant Access Savings Accounts
Why we like it: Which? Recommended Savings Provider. No notice period. Deposit from £100. Interest paid monthly or annually. Apply in minutes. Your eligible deposits with RCI Bank UK Limited are protected up to a total of £85,000 by the Financial Services. Compensation Scheme (FSCS)
Why we like it: Market Leading. Balances from £1,000 to £1 million. Unlimited withdrawals without restriction or loss of interest. Eligible deposits covered by UK FSCS.
Why we like it: Make up to three withdrawals during the 12-month term of this account. Open with £1. Manage your account online. Interest paid at maturity. FSCS Protected. Must be UK resident and aged 16 or older. Make more than three withdrawals and the rate drops to 0.01% AER/gross p.a. (variable). Not available in branch
Why we like it: Unlimited withdrawals subject to 95 days notice.
Why we like it: No minimum monthly funding or monthly fee to maintain the account. Earn up to 15% cashback with Retailer Offers. Stress-free account switching in 7 days with the Current Account Switch Service. £300 ATM withdrawal per day, Arranged Overdraft facility (subject to status). Online and Mobile Banking with text and email alerts. Must be 18 or older and live in the UK permanently. 39.94% EAR overdraft charge. Bank is registered with the Financial Services Compensation Scheme (FSCS), so any money you keep will be fully protected, up to £85,000
Why we like it: Free current account. Pays 0.05% AER interest on balances up to £85,000. Get set up in minutes. Send money abroad: Fast and secure money transfers to bank accounts in 38 countries worldwide. No fees when you pay with your card abroad or withdraw money. Get a spotlight on your spending: See what you’ve spent instantly with real-time payment notifications. 3 month interest holiday on the first £500 of an arranged overdraft. Best British Bank and Best Current Account in 2020 at the British Bank Awards. Awarded 5 stars by Defaqto. Bank is registered with the Financial Services Compensation Scheme (FSCS), so any money you keep will be fully protected, up to £85,000
Why we like it: A bank account that can build credit history. No credit check during sign up. Apply straight from your mobile. Instant online decision. Get your Contactless Debit Mastercard within 3-5 working days. Add Creditbuilder onto your account and it could help build your credit rating at no extra cost. Deposit cash into your account at any Post Office UK branch. Money is available in your account immediately. Manage your account 24/7 from any device with the banking app - get real time balance information, statements, add payees send payments and apply for extras. Automatic payment alerts. UK based Customer Services Team. Your money is protected up to £85,000 by the FSCS (Financial Services Compensation Scheme)
Why we like it: Earn 0.30% AER (variable) interest on balances up to a maximum of £20,000. Up to 3% cashback on household bills - 1% on council tax bills, Mobile and home phone bills, broadband and paid-for TV packages, and Santander monthly mortgage payments. 2% on Gas and electricity bills, Santander Home Insurance premiums and Santander Life Insurance premiums, and 3% on water bills. Monthly fee of £4. Cashback capped at £5 for each cashback tier each month. Must pay in £500 pm. Bank is registered with the Financial Services Compensation Scheme (FSCS), so any money you keep will be fully protected, up to £85,000
Why we like it: Can be opened by or on behalf of any child up to the age of 18. Debit or cash card available for those aged between 13 and 18. Monthly interest. No monthly fee. For children under age 13, the account must be opened in trust and managed by an adult (trustee). If you’re aged between 13 and 18 years old and live permanently in the UK you can apply online by telephone or in branch. No overdraft facility. 1% interest on the entire balance once the balance is £100, 2.00% AER/1.98% gross (variable) on the entire balance once the balance is £1,500, 3.00% AER/2.96% gross (variable) on the entire balance once the balance is £1,500 or over (up to a maximum of £2,000). Bank is registered with the Financial Services Compensation Scheme (FSCS), so any money you keep will be fully protected, up to £85,000
RCI Freedom Savings Account
A great way to focus on your savings is opening the RCI Bank's high interest account, the Freedom Savings Account.
With one of the UK's top rates, unlimited access and a 7 days per week UK support service, the RCI Freedom Savings account is a great option to kick-start a new savings habit.
Unlike other savings accounts, you can enjoy free, unlimited payments and withdrawals.
The RCI Bank Freedom Savings Account, which has no restrictions on access, pays a competitive 1.30% AER (variable). This places the account at the top of the easy access savings tables.
You can open the Freedom Savings account with a relatively low £100 deposit which also compares favourably to the £1,000 required by some other savings accounts.
RCI provides, as standard:
- Competitive easy access savings rate
- No penalties, tiers, fees or notice periods
- Pay in from £100 up to £1m
- Interest paid monthly or annually
- Easy saver rates
- Deposits are protected up to €100,000 by their deposit guarantee scheme
- Unlike many accounts which are internet-only, you can operate the Freedom account both online and on the phone
However, if you are planning on investing a large sum of money (around the £70,000 mark) it's important to understand that RCI bank does NOT fall under the UK Financial Services Compensation. Instead you money is protected by the French Deposit Guarantee Scheme (Fonds de Garantie des Dépôts et de Résolution or FGDR). This scheme protects up to the sterling equivalent of EUR 100,000 of your cash. This covers the first £85,000 of savings per person, per banking institution, if your bank or building society goes bust. This figure is variable depending on the exchange rate.
Useful information to know:
- The Freedom Savings Account is available to UK residents aged 18 or older.
- No upper age limit, suitable as a savings account for over 60s
- You need to pay in and out through a linked UK current account.
- Your first payment must be at least £100.
- Keep your Freedom Savings Account open by maintaining an account balance of at least £1.
- Existing customers can check their current rate here
What makes it special?
As well as being one of the most competitively priced, RCI's Freedom account is entirely 'clean'. With no temporary eye-catching bonus, the rate you see is (albeit variable) the rate you get. In cases where a temporary bonus puts the rate much higher than its nearest competitors, opting for a bonus account can make sense, so long as you are proactive about switching again when it expires. For those people who do not want to switch accounts regularly however, this is a great way to avoid hassle. Some banks and building societies write to some savers to let them know when their bonus is about to expire. When they do, they will give at least 14 days' warning. But others don't. These include Lloyds Easy Saver and e-Savings, AA Savings Account, part of Halifax, Santander Instant Saver 3 and their e-Savings.
Finally, being able to access your account with no restriction and the low first payment minimum are definite plus points, and they make this account a very attractive way to start saving.
