RCI Bank UK has reduced the rates paid on select savings accounts. However, its easy access deal and three-year fixed rate bond have proved their staying power and remained in the Moneyfacts charts.
Freedom Savings Account now pays a variable rate of 1.45% yearly (1.44% monthly), which remains the market-leading rate in its sector. Meanwhile, Fixed Term Bond (3 Year) pays a competitive 2.15% yearly (2.13% monthly), allowing it to remain among the top 10 accounts of its sector.
Both accounts must be opened online but they can then be managed by post, by phone or online.
The easy access account requires a minimum deposit of £100. Withdrawals and further additions can be made without limit or restriction, giving savers the height of flexibility. It should be noted that access is via a nominated account.
The fixed rate bond, meanwhile, requires a higher initial investment of at least £1,000. Savers can made additional deposits for up to 30 days after opening an account, but early access to funds is not permitted. Savers must therefore be happy to lock their funds away for the entirety of the three-year term.
Both of these accounts have undergone slight rate reductions, but this does not mean that they have lost their competitive edge. Indeed, the easy access account remains at the top of its sector, and boasts both a competitive rate and a high level of flexibility. As a result, both deals fully deserve their 'excellent' rating.
Moneyfacts rating: Excellent
Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.
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