You are here: Home - Saving & Banking -

RCI drops rate on Freedom Savings Account

0
Written by: Emma Lunn
29/07/2019
RCI Bank is cutting the rate on its easy access savings account from 1.42 per cent to 1.35 per cent.

The UK-based financial arm of car manufacturer Renault has emailed customers to inform them it’s changing the rate on its Freedom Savings Account to 1.35 per cent.

The email said: “As an existing customer, the new rate of 1.35 per cent AER gross variable will apply to your account from the 27th of September 2019. This is still one of the best rates in the easy access market today.

“Your Freedom Savings Account offers easy access savings with a variable rate. As a reminder, you can open as many Freedom Savings Accounts as you like. Your Freedom Savings Account(s) can also be closed, without penalty, at any time.”

RCI previously upped the rate on the account to 1.37 per cent in October 2018 and then to 1.42 per cent in December 2018. The rate change applied to savers already holding the account, as well as new customers – but the same rule also applies when the rate is decreased.

Cutting the rate to 1.35 per cent means the Freedom savings account is beaten by a number of easy access accounts. Cynergy Bank and Marcus by Goldman Sachs both pay 1.5 per cent AER, while the AA Member Saver (issues 7) pays 1.37 per cent and the AA Easy Saver (issue 11) pays 1.36 per cent.

RCI Bank secured a UK banking licence in March 2019, meaning customers’ deposits are now protected by the UK’s Financial Services Compensation Scheme (FSCS).

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

The savings accounts paying the most interest

If one of your jobs this month is to get your finances in order, moving your savings to a higher paying deal i...

Coronavirus and your finances: what help can you get?

News and updates on everything to do with coronavirus and your personal finances.

Everything you need to know about being furloughed

If you’ve been ‘furloughed’ by your company, here’s what it means…

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week

Read previous post:
Grandparents to save parents £2,304 in childcare costs

Grandparents will save families thousands of pounds by offering free childcare this summer.

Close