Award winning digital savings bank, RCI Bank, today announces rate increases across all of its products, including its five Fixed Term Accounts, the Freedom Savings Account, the RCI Bank E-Volve Saver 14 Day Notice Account and the 95 Day Notice Account.

Available for both new and existing customers: the RCI Bank E-Volve Saver 14 Day Notice Account interest rate has increased to 3.50% AER Gross, the Freedom Easy Account has risen to 3.45% AER Gross, and the 95 Day Notice Account has risen to 3.85% AER Gross. The increased Fixed Term rates, available for new customers, are as follows:

All RCI Bank accounts can be opened by UK residents aged 18 years and over, and the Fixed Term accounts, 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, at RCI Bank: “Ahead of the Bank of England’s decision on whether to move the base rate again next week, we are delighted to be able to raise rates across our full product range, in keeping with our commitment to providing savers with rewarding rates and simple accounts.

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