‘Thoughtful!’ Bank offers 4.85 percent interest rate to savers Personal Finance | Finance

of RCI Bank Two Year Fixed Term Savings Account Featured as one of the “Best Savings Options” this week MoneyFacts.co.uk Weekend newsletter. You can open an account with an initial deposit of £1,000 and hold up to £1 million. Once the first deposit is made, further additions can be made within 14 days.

The bank noted that with a £1,000 deposit and the current interest rate, a person could earn £48.50 worth of interest by the end of the first year.

In total, people could make £99.35 worth of interest over the course of the term.

Interest is calculated daily and people can choose to pay interest monthly or annually.

The bank noted that the date of payment of accrued interest is linked to the date of receipt of the initial qualifying deposit.

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RCI Bank currently offers an interest calculator that people can use to find out how much interest they can earn on each account offered by RCI Bank.

This can be found on the website of RCI Bank Here.

Unfortunately once deposited, people cannot withdraw their money until the two-year fixed term is over.

Account cannot be closed even after 14 days of opening.

Don’t miss out

If people choose to close within the first 14 days, they must contact the bank to request the closure.

People can do this by email, post or through RCI Bank’s online banking website.

When the account matures, RCI Bank will contact someone about their options 14 days before closing and then a week before.

When the account is closed, people can reinvest the money in another fixed term account, transfer the funds to an easy access account or transfer their funds to a notice account.

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RCI Bank says the interest rate of 4.85 per cent is locked in till the end of the account period, once the initial 14 days have passed.

This means that RCI Bank has the ability to change the rate within two weeks of the initial deposit.

Britons should be aware of this when opening an account several weeks before or after the Bank of England publishes its base interest rate announcement.

The Bank of England’s current base rate was raised to three percent from 2.25 percent last week.

MoneyFacts.co.uk said in its newsletter this week that if anyone wants to keep their savings for two years, it is “worth considering RCI Bank”.

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