RCI Bank UK has unleashed two highly competitive fixed rate bonds onto the market, both of which have secured prized places on the Moneyfacts charts.
Fixed Term (2 Year) pays a market-leading 2.35% yearly (2.33% monthly), enabling it to take the top spot on the charts. Meanwhile, its one-year counterpart pays a yearly rate of 2.06% (2.04% monthly) to take a comfortable place among the top 10 accounts of its sector.
These accounts must be opened online with an initial deposit of at least £1,000. They can then be managed online or by phone.
Savers have the flexibility to make further additions for up to 30 days after the accounts have been opened, but access to funds prior to maturity is not allowed. Savers must therefore be comfortable locking their money away for the respective terms.
These newcomers onto the scene are likely to attract a lot of attention thanks to their competitive rates, with the two-year variant proving to be particularly competitive. The fact that these accounts allow further additions (albeit for a limited period) and have a monthly interest option adds a degree of welcome flexibility. However, the absence of early access means that savers must be happy to tie up their money for the full length of their chosen term.
Moneyfacts rating: Excellent
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