||Freedom Savings Account
|What is the interest rate?
|AER Gross Variable
||Gross Variable Annual
||Gross Variable Monthly
- If you were to choose monthly interest payment, you will receive 4.65% gross variable. As this interest is being compounded, over the 12 months this will equate to 4.75% AER gross variable.
- The above rate is effective from 21 September 2023.
- AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded on an annual basis.
- This allows customers to compare interest rates across different products paid at different intervals e.g. monthly, quarterly, semi-annually, annually.
- 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 on a gross basis meaning without tax being deducted.
|Can RCI Bank change the interest rate?
- Yes. The interest rate is variable, and we can change the rate of interest on existing accounts by giving you at least 14 days’ notice, usually by email. We can change the rate for new account applications at any time.
|What would the estimated balance be after 12 months based on a £1,000 deposit?
- After 12 months your estimated balance would be £1,047.50
- This is based on £1000 being deposited for 12 months at the current rate, with no withdrawals being made during this time.
- 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 resident 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 £100 within the first 14 days from application.
- Unlimited deposits can be made (up to the maximum account balance allowed of £250,000) but the first deposit must be for a minimum of £100.
- 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?
- Yes, you can make unlimited withdrawals for free online within our standard payment timescales.
- If you make a transfer by 2pm on a business day the money should be available in your linked account by the end of the following business day. Where the 24th and/or the 31st of December fall on a business day, an earlier withdrawal cut off time of 11am will apply.
- If you need your money on the same or next working day, we also offer electronic payments by CHAPS which are available by request only and are charged at £15 per transfer, which is non-returnable.
- 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: firstname.lastname@example.org
- Write to: ‘Freepost RCI Bank’ (no stamp or address details needed)
- Your account can also be closed through online banking, log in at www.rcibank.co.uk
- A closing statement will be available online for up to 12 months after closure.
- Interest is paid gross with no tax deducted.