This comparison simply includes all savings accounts.
Best RCI Bank Instant Access Savings Accounts
Why we like it: LOWEST MINIMUM, REGULAR SAVER OPTION. Earn 1.22% gross/AER variable. Open with £1. Unlimited free withdrawals. Interest paid monthly or annually. Manage your account online. FSCS protected
Why we like it: MARKET LEADING RATE. No notice period. Deposit from £100. Interest paid monthly or annually. Apply in minutes.
Why we like it: Open with £1. Unlimited deposits and withdrawals. Open an account singly or jointly. Interest can be paid monthly or annually. Eligible deposits covered by UK FSCS.
Why we like it: Earn 1.00% gross/AER on balances from £1,000 to £1 million. Unlimited withdrawals without restriction or loss of interest.
Why we like it: Instant ISA Saver is designed for those that want the convenience of a tax-free cash ISA with instant access.
RCI Freedom Savings Account
A great way to focus on your savings is with 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 1.50% 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 but is instead protected by the French Deposit Guarantee Scheme (Fonds de Garantie des Dépôts et de Résolution or FGDR) which 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. Although 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 TSB Easy Saver and e-Savings, AA Internet Extra, part of Halifax, Santander Instant Saver 3 and e-Savings, Alliance & Leicester Online Saver.
Finally, being able to access your account with no restriction and the low first payment minimum are definite plus points and make this account a very attractive way to start saving.