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This comparison simply includes all savings accounts.

RCI Bank
Freedom Savings Account RCI Bank
Min deposit £100
Term Instant Access
Interest AER 0.4%

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)

Aldermore
Easy Access Account Aldermore
Min deposit £1000
Term Easy Access
Interest AER 0.3%

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.

Plum
Easy Access Account Plum
Min deposit £0
Term 1 Day Notice
Interest AER 0.55%

Why we like it: You need to download the Plum Savings App and sign up for the Plum Plus or Plum Pro subscription to access 0.60% AER. Plum can help you save automatically. Interest is calculated daily but is applied to your account monthly. Your money is covered by the FSCS up to £85,000, if the scheme applies to you. If you would deposit £1,000 into your savings account, without adding or withdrawing any money throughout the year, you would have a predicted £1,006 in your account at the end of the year (at 0.60% interest). Interest accounts are provided by Investec Bank, who have the right to change the rate at any time. Must be UK resident. Must be aged 18 or older

RCI Bank
95 Day Notice Account RCI Bank
Min deposit £1000
Term 95 Day Notice
Interest AER 0.65%

Why we like it: Unlimited withdrawals subject to 95 days notice.

Santander
Everyday Current Account Santander
Open With £1
Account Type Current Account
Features Fee FREE Account Earn up to 15% cashback

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

Nationwide
FlexAccount Current Account Nationwide
Open With £1
Account Type Current Account
Features Fee FREE Account

Why we like it: Everyday current accout. No monthly account fee. Access to Flexclusives - Select Credit Card and low personal loan rate. Bank is registered with the Financial Services Compensation Scheme (FSCS), so any money you keep will be fully protected, up to £85,000

Starling Bank
Mobile App Bank Account Starling Bank
Open With £0
Account Type Mobile Bank Account
Features Fee FREE Account Pays 0.05% AER

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

HSBC
Advance Current Account HSBC
Open With £1750
Account Type Current Account
Features Get £125 when you Switch

Why we like it: SPECIAL OFFER - £125 for SWITCHING to an HSBC Advance Account. Earn 1.00% AER/gross when you save between £25 and £250 per month. Arranged overdraft limit of at least £1,000 on account opening. Money banking app. No monthly account fee. Easy switching with the Current Account Switch Service. Must be 18 or older and be UK resident. Must pay in £1,750 per month or £10,500 over 6 months. Must be approved for an arranged overdraft of £1,000+. Get the £125 when switching to an HSBC Advance Account as a new customer with at least 2 Direct Debits or standing orders. Eligibility criteria and T&C’s apply. Offer may be withdrawn anytime

First Direct
1st Current Account First Direct
Open With £1
Account Type Current Account
Features Get £100 when you Switch

Why we like it: SPECIAL OFFER - £100 for SWITCHING to a First Direct 1st Account. Access to Regular Saver Account paying 1.00% AER/Gross fixed for 12 months if saving between £25 and £300 a month (up to £3,600 per year). £250 interest-free overdraft (subject to status). No minimum monthly funding and no monthly account fee. Mobile banking app. UK based contact centre. Easy switching with the Current Account Switch Service. Must be 18 or older and UK resident. Get the £100 when switching as a new customer and paying in at least £1,000 within three months of the account opening

Santander
123 Current Account Santander
Open With £500
Account Type Childrens Current Account
Features 0.60% AER Interest Up To £20,000 £5 pm Account Fee

Why we like it: Earn 0.60% AER (variable) interest on balances up to a maximum of £20,000. Up to 3% CASHBACK on various household bills. Monthly fee of £5. 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

Nationwide
FlexDirect Current Account Nationwide
Open With £1000
Account Type Current Account
Features 2% AER Interest (T&Cs)* Fee Free Account

Why we like it: *2.00% interest for 12 months on balances up to £1,500 for the first year. You must pay in £1,000 or more each month to receive interest (excluding transfers from any Nationwide account held by you or anyone else). 12 month fee-free arranged overdraft available. No monthly fee. Access to Flexclusives - Select Credit Card and low personal loan rate. Must be aged 18 or older. Bank is registered with the Financial Services Compensation Scheme (FSCS), so any money you keep will be fully protected, up to £85,000

Nationwide
FlexPlus Current Account Nationwide
Open With £1
Account Type Current Account
Features Free insurance £13 pm Account Fee

Why we like it: UK & Europe Breakdown Cover, Worldwide family travel and mobile phone insurance, and commission-free cash withdrawals and card payments abroad. Free mobile banking app, text alerts and secure online banking. Access to Flexclusives - Select Credit Card and low personal loan rate. £13 monthly account fee. Bank is registered with the Financial Services Compensation Scheme (FSCS), so any money you keep will be fully protected, up to £85,000

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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.

 

 

 

 

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Simplysavingsaccounts.co.uk is a trading style of Fair Investment Company Ltd.

We've been comparing savings and current accounts for many years so you can trust you're in good hands.