Available for both new and existing customers, the Freedom Savings Account rate has risen to 4.75% AER Gross Variable (4.70% Gross variable paid monthly) and the rate on the E-Volve Savings 14-Day Notice has risen to 4.80% AER Gross Variable (4.65% Gross variable paid monthly).

All RCI Bank accounts can be opened by UK residents aged 18 years and over and the Freedom Savings Account requires a £100 minimum deposit and offers saving flexibility for customers with unlimited deposits and withdrawals. RCI Bank’s E-Volve 14-Day Notice Account requires a minimum deposit of £1,000 and enables consumers to put their money towards supporting both greener transport and mobility. All deposits from the RCI Bank E-Volve Savings 14-Day Notice Account are used exclusively for the financing of electric vehicles (EVs) and EV charging infrastructure.

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 interest rate decision later today, and amid speculation that rates will rise to the highest level since 2008, we are pleased to offer up an increase to the rates on both our Freedom and E-Volve accounts.

“August’s inflation figures released by the BoE this week give some hope that the inflationary environment is abating. Still, given the pressure that inflation is putting on savers’ purses, coupled with ever higher interest rates – it’s important to us that we continue to pass on rises to consumers. We hope that this provides a boost to savers and provides them with the support that they need to put money away for their future.”