RCI Bank 1.1% on entire account balance

mailmannz

How cone this one isnt being flagged up as a winner?

Ok, so you won't get as much as you would if you dumped 20k in to Santander BUT at least you don't have to f#@k about with money trains and ensuring x number of DD's are going out and money back and monthly fees etc!?!?

So yeah, the fact this pays more interest on the entire balance in your account than pretty much everyone else has to be good for us right??

Also, given I've been rejected by Nationwide for any of their flex accounts and by first direct for their £100 switch off while these guys let me open an account should mean pretty much everyone can open an account (my credit rating is shot after far too long owing too much to too many credit companies!!!).

Regards

Mailman

jimjames

mailmannz wrote: »

So yeah, the fact this pays more interest on the entire balance in your account than pretty much everyone else has to be good for us right??

Depends what the entire balance in your account is. I get over 3% on the entire balance in my accounts and I think it's worth some effort to get 3x the return.

mailmannz

My big challenge is my credit report! As it's so crap I can't get access to the better rates so this might have to do for now until my credit status improves enough yo be accepted by Nationwide etc.

Regards

Mailman

colsten

RCI Bank is not FSCS protected.

After several experiences with outfits that have gone bust, I would never in a million years put any of my money into a place that doesn't have FSCS protection. This isn't out of some ill-conceived xenophobia but purely because I would, after the Icesave debacle, no longer accept the risk of a foreign scheme defaulting for non-residents. There is no legal recourse any of us would have, particularly as we are preparing to leave the EU and thereby will be giving up our right to use the ECJ.

colsten

Tesco Instant Access is 1.01%, with full FSCS protection.

isasmurf

colsten wrote: »

Tesco Instant Access is 1.01%, with full FSCS protection.

I can beat that. Leeds BS Limited edition online saver is 1.05%, with full FSCS protection

EachPenny

isasmurf wrote: »

I can beat that. Leeds BS Limited edition online saver is 1.05%, with full FSCS protection

Although the maximum deposit in that account is only £250k. Perhaps the OP has a couple of million to put in one account - in which case 'paying' the 0.05% difference to get FSCS protection on £85k would be the least of his concerns

Kernel_Sanders

mailmannz wrote: »

money trains

https://www.bing.com/search?q=money+trains&pc=MOZI&form=MOZCON

mailmannz

EachPenny wrote: »

Although the maximum deposit in that account is only £250k. Perhaps the OP has a couple of million to put in one account - in which case 'paying' the 0.05% difference to get FSCS protection on £85k would be the least of his concerns

Haha, I wish

Issue is the interest is paid in a year's time. I'll be looking at buying a house within year so content to lock the money away if I can avoid it. I just want an account that gives something back without any hoops to have to jump through.

Regards

Mailman

antrobus

colsten wrote: »

RCI Bank is not FSCS protected.....

It is protected by the French deposit protection scheme.

On the basis that France isn't bankrupt, this does not worry me one little bit.:)

colsten

antrobus wrote: »

It is protected by the French deposit protection scheme.

On the basis that France isn't bankrupt, this does not worry me one little bit.:)

You clearly have never claimed anything from a foreign compensation scheme, and probably not even from the FSCS either. I have. Which is why I warn people of the risks.

In addition, nobody has a clue what Brexit brings to the party. Worst case, we are crashing out in a disorderly manner and God only knows what this would mean for the banking world. Even an orderly exit will have unknown implications on the passporting rights of banks.

It is quite irresponsible of people to suggest putting your money into an EU27 bank carries the same risk as putting it into accounts that come with FSCS protection.