Available for both new and existing customers: the RCI Bank E-Volve Saver 14 Day Notice Account interest rate has increased to 2.85% AER Gross, the Freedom Easy Account has risen to 2.80% AER Gross, and the 95 Day Notice Account has risen to 3.2%.

All RCI Bank accounts can be opened by UK residents aged 18 years and over, and 95 Day Notice Account and E-Volve Savings 14 Day Notice Account 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, offering customers the freedom to manage their own finances.

Tafari Smith, Head of Savings, RCI Bank: “As the Bank of England raises rates to a 15 year high of 4%, we want to continue with our commitment to providing savers with competitive rates and simple products. We want savers to benefit from this increase, which is why we have passed on the interest rate rise in spite of the challenging backdrop we are all facing at the moment.

“It is understandable that given the current climate, putting money away for years at a time may feel like too much of a commitment for some. Our Freedom Savings Account is penalty free in recognition of the unpredictable nature of our lives when it comes to our finances. Additionally, notice accounts also provide a great halfway house between earning a higher return and having to fix your money for longer periods of time.”