This comparison simply includes all savings accounts.
Best RCI Bank Instant Access Savings Accounts
Why we like it: Tiered interest: £1 to £10,000 – 1.10% Gross/AER, £10,001 to £50,000 – 1.33% Gross/AER, £50,001 to £500,000 – 1.38% Gross/AER. Unlimited payments and withdrawals. Interest paid annually. Open in a single or a joint name. Maximum deposit £500,000. Open and manage account online. FSCS Protected. Must be UK resident. Must be aged 16 or older
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: Instant access to your savings. Unlimited deposits and withdrawals. Interest paid monthly, either to a linked current account, or adding it to your Online Flexi Saver account. Easy application process, you just need a UK mobile phone and UK driving licence or passport. Manage account online. Maximum balance £250,000. Must be aged 18 or older and have a UK address. Must have a linked UK current account. Your eligible deposits with Investec Bank are protected up to a total of £85,000 by the Financial Services Compensation Scheme (FSCS)
Why we like it: Unlimited payments and withdrawals. Interest paid annually. Open in a single or a joint name. Maximum deposit £250,000. FSCS Protected. Winner of Platinum Feefo Trusted Service Award in 2021. Must be UK resident and be aged 18 or older
Why we like it: Register for a free Raisin UK Account to apply for product and receive a £25 cash bonus for deposits of £10,000 or more. Interest paid monthly. Maximum deposit £85,000. FSCS Protected. Must be UK resident and aged 18 or older.
Why we like it: Register for a free Raisin UK Account to apply for product and receive a £25 cash bonus for deposits of £10,000 or more. Interest paid monthly. Maximum deposit £85,000. FSCS Protected. Must be UK resident and aged 18 or older.
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: Interest paid annually. Unlimited deposits and withdrawals. Open and manage online. FSCS Protected. Must be UK resident and be aged 18 or older
Why we like it: Register for a free Raisin UK Account to apply for product and receive a £25 cash bonus for deposits of £10,000 or more. Interest paid on maturity. Maximum deposit £85,000. FSCS Protected. Must be UK resident and aged 18 or older. No withdrawals permitted
Why we like it: Register for a free Raisin UK Account to apply for product and receive a £30 cash bonus for deposits of £10,000 or more. Interest paid on maturity. Maximum deposit £85,000. FSCS Protected. Must be UK resident and aged 18 or older. No withdrawals permitted
Why we like it: Unlimited withdrawals subject to 95 days notice.
Why we like it: All funds deposited into the RCI Bank E-Volve Savings 14 Day Notice Account will be used to fund pure electric vehicles and charging facilities. Interest paid monthly or annually. Manage account online. UK-based support, seven days a week. Which? Recommended Savings Provider. Unlimited withdrawals subject to 14 days notice. Must be UK resident. Must be aged 18 or older. Your eligible deposits with RCI Bank UK Limited are protected up to a total of £85,000 by the Financial Services Compensation Scheme (FSCS)
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.
