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RCI Bank inundated with applications for its top paying bonds

Paloma Kubiak
Written By:
Paloma Kubiak

Digital challenger RCI Bank has seen a surge in enquiries and applications to its best buy savings bonds in the last couple of days.

RCI Bank currently leads the best buy tables in two categories:

  • One-year fixed rate bond: pays 4.6% AER/gross on a minimum £1,000 deposit.
  • Two-year fixed rate bond: pays 4.85% AER/gross on a minimum £1,000 deposit.

The accounts allow unlimited top-ups for the first 14 days, but you can’t close your account or make a withdrawal before the end of the term.

Interest is calculated daily and can be paid monthly or annually. See YourMoney.com’s Confused over monthly or annual savings interest? Here’s what you need to know for more information.

Based on a £1,000 deposit into the one-year deal, savers could expect to earn £46 in interest. On the two-year deal, savers would net £99.35 total interest.

Over the last couple of days, RCI has been inundated with enquiries and applications after getting a mention on TV by Martin Lewis, founder of MoneySavingExpert.com.

It said it is experiencing high volumes of calls from new customers which means its wait times will be longer than usual.

In a statement today, RCI Bank, wrote: “It’s been a very busy few days for us at RCI Bank, especially so after a glowing recommendation of our savings accounts.

“In the last few days, our wonderful customer service team in Newcastle has been under pressure following a rush to our digital doors.

“It’s great to have so many new savers on board, but please bear with us as we adjust to the unexpected huge numbers so quickly”.