1 Year
Fixed Term Savings
Secure your money for a fixed term
Make your money work harder by securing it in an RCI Bank fixed term savings account - when your savings are in a great place, you are too.
1 Year : 2.72% AER gross
With a rewarding rate and our 7 day service, the RCI Bank Fixed Term Account is perfectly designed to help you save for the future.
  • Pay in from £1,000 up to £1m
  • Unlimited top-ups for the first 14 days
  • Interest paid monthly or annually
  • You can't close your account or make a withdrawal before the end of the term
  • Deposits held by RCI Bank are protected up to a total of £85,000 by the FSCS compensation scheme, the UK's deposit guarantee scheme
  • UK-based support, seven days a week
  • Apply in minutes
1 Year
2.72%
AER gross
  • Pay in from £1,000 up to £1m
  • Unlimited top-ups for the first 14 days
  • Interest paid monthly or annually
  • You can't close your account or make a withdrawal before the end of the term
  • Deposits held by RCI Bank are protected up to a total of £85,000 by the FSCS compensation scheme, the UK's deposit guarantee scheme
  • UK-based support, seven days a week
  • Apply in minutes
Summary Box

 

Account Name

1 Year Fixed Term Savings Account

What is the interest rate?

  • 2.72% AER gross fixed (paid as 2.72% gross annually or 2.69% gross monthly)
  • The above rate is effective from 12 August 2022.
  • AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded on an annual basis.
  • Interest is calculated daily and can be paid monthly or annually, the date we pay your interest is linked to the date we receive your initial qualifying deposit.
  • Interest is paid without tax being deducted.

Can RCI Bank change the interest rate?

  • Subject to an eligible deposit being paid into the account within 14 calendar days of the account being opened, we will pay the interest rate shown for the duration of the fixed term selection.

What would the estimated balance be at the end of the term based on a £1,000 deposit?

  • When your 1 Year fixed term matures, a £1,000 initial deposit would have an estimated balance of:
    • 1 Year Fixed Term account £1,027.20
  • This is for illustrative purposes only and does not take into account your individual circumstances.

How do I open and manage my account?

  • If you are aged 18 or over and reside in the UK, you can apply for and manage your account online, 24/7 at rcibank.co.uk.
  • Savings can also be manged via our mobile banking app, for more information click here.
  • To keep your account open, we need to receive an initial minimum deposit of £1,000 within the first 14 days from application.
  • Unlimited deposits can be made within the first 14 days from application (up to the maximum account balance allowed of £1m) but the first deposit must be for a minimum of £1000.
  • You can pay in money from your linked bank account (the UK bank account you nominate during your application) or from an existing RCI Bank savings product, subject to the Terms and Conditions of that product.

Can I withdraw money?

  • You can’t make any withdrawals before the end of your fixed term. This includes all the payments made into the account.
  • We will contact you to inform you about your maturity options, 14 days and again 7 days before the maturity of your fixed term account. You may choose to:
    • Reinvest your funds into another fixed term account of 1,2,3,4 or 5 years
    • Choose to transfer your funds into an easy access account*; or
    • Choose to transfer your funds into a notice account

*If you would like your funds returned to your linked account, please first select our easy access account as your maturity option. Once your funds have matured, you will then be able to request a transfer to your linked account. If we do not hear from you, we will transfer your funds to a new easy access account.

  • The fixed term starts on the date we receive your first deposit. For example, if you made your first deposit into a 1 Year Fixed Term Account on 2 July 2021, the fixed term would start on 2 July 2021 and finish on the 1 July 2022.
  • Your maturity instruction will be carried out on the day after your term has finished. If this day is a weekend or Bank Holiday, your instruction will be carried out on the next working day.

 

Additional Information

  • If you wish to close your account, you can do this by writing to us within 14 days of your account opening date. You can inform us by:
    • Secure mail: Click ‘Send Message’ when logged into online banking.
    • Email: hello@rcibank.co.uk
    • Write to: ‘Freepost RCI Bank’ (no stamp or address details needed)
  • A closing statement will be available online at maturity.
  • Interest is paid gross with no tax deducted.
What could your savings earn you?
Enter an amount into the calculator and learn more about what interest your savings could earn
Our rates and charges:
The rate shown is available to new and existing customers and is kept the same for fixed term accounts opened and funded within 14 days of application
The account is free to access and use, and allows you to make as many deposits as you like for the first 14 days from the date you apply
Gross is the interest rate you’ll receive before tax is deducted
AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year
Important information:
You need to pay in and out through an RCI Bank savings account or a 'linked' UK current account. You can link a UK current account when you apply
Fixed Term Savings are available to UK residents aged 18 or older who have the right to reside indefinitely within the UK
You can't make any withdrawals during the term
If you're not happy with the account, you have up to 14 days to cancel your account
At the end of your fixed term you can re-invest your money into another Fixed Term account, opt to open a Notice Account, or for easy access you can transfer your money into our Freedom Savings account