07 June 2016
RCI Bank has broken records by offering the UK's top easy access account for 46 weeks. Savings Champion reveals easy access rates have risen by a fifth this year, RCI Bank remains the leading unrestricted account in the easy-access market.

Exclusive research from Savings Champion has revealed that the launch of RCI Bank’s Freedom Savings Account on June 8 2015 boosted easy access rates across the market by nearly a fifth (18%) for UK savers. The insight conducted in partnership with RCI Bank, who celebrate their first anniversary today, reveals that one month prior to launch, the average easy access rate stood at 1.34%, before increasing to 1.59%, three months after RCI Bank entered the market.


Acting as a catalyst for stronger savings rates, the launch of RCI Bank caused particularly noteworthy moves to be made by some of the largest savings providers in the market, including Virgin Money, Tesco Bank and Post Office. The table below shows how the individual providers have reacted and how the best rate they had available has fluctuated:

Virgin Money

Tesco Bank

Post Office


Dates available


Dates available


Dates available


09/03/15 - 25/03/15


22/04/15 - 17/09/15


20/02/15 - 26/07/15


26/03/15 - 13/05/15


18/09/15 - 01/10/15


27/07/15 - 28/09/15


25/06/15 - 14/07/15


02/10/15 - 14/12/15


29/09/15 - 11/11/15


15/07/15 - 09/12/15


15/12/15 - 28/01/16


03/12/15 - 11/02/16


21/12/15 - 21/02/16


29/01/16 - 14/04/16


12/02/16 - 05/04/16


22/02/16 - 31/03/16


15/04/16 - 08/05/16




05/05/2016 - to date


09/05/16 - to date



Source: Savings Champion 30 May 2016


The report, which analysed four years’ worth of savings data, reveals that up until 30 May 2016, RCI Bank maintained its market leading easy access position for a record 44 weeks from July 19 2015, 29 weeks more than the next most consistent provider.


Analysis of RCI Bank against the next best rate since launch also reveals the margin between the two growing over time. The graph below shows RCI Bank’s rate and the next best on a monthly basis:


Source: Savings Champion 30 May 2016


Further analysis showed that all other competing easy access accounts in the market come with added restrictions, such as age and location, compared to RCI Bank’s Freedom Savings Account which comes with no restrictions*.


Susan Hannums, Director at specialist advisers, said: “The research speaks for itself, there’s no doubt that when RCI Bank launched into the UK savings market a year ago, they rattled the cages of the saving providers and brought with it the competition that was so desperately needed. Savings rates had been in the doldrums up until then but the launch of RCI’s Freedom Savings Account boosted the easy access market, helping savers get a much needed better return on their cash”


Steve Gowler, CEO of RCI Bank, said: “The launch of our Freedom Savings Account last year clearly had a positive impact on savings rates across the board, and a host of other providers then drove up their rates. This means savers benefited in more ways than one, as they then had a range of providers with stronger interest rates to choose from. Last month’s CMA report into the high street banks highlighted the need for greater competition within the UK banking sector, and we passionately believe in driving better rates for consumers. The analysis is testament to what one provider can accomplish in just a year and we’re thrilled to still offer all our existing and new customers with the current best easy access savings rate.”


RCI Bank account range

  • Freedom easy access: 1.45% AER gross variable
  • 1 year Fixed Term: 1.65 % AER gross
  • 2 year Fixed Term: 1.90 % AER gross
  • 3 year Fixed Term: 2.15 % AER gross


For further information visit the RCI Bank website at


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