The increased rates are available for new customers:

All RCI Bank accounts can be opened by UK residents aged 18 years and over. The Fixed Term Accounts require £1,000 minimum deposit. While the call centre is based in the UK and available seven days a week, accounts can also be managed online and via the RCI Bank app, giving customers the freedom to manage their own finances.

Tafari Smith, Head of Savings, RCI Bank: “At RCI Bank we are committed to providing savers with competitive rates and simple products. We are pleased to see that our planned rate rises, announced today, fall in line with the increase in the base rate announced by the Bank of England yesterday.

“At a time when the cost of living is rising, we know it may be difficult for many people to meet the needs of today while putting something aside for the future. We hope today’s announcement goes a little way towards helping make whatever consumers have managed to save work harder for them.”