RCI Bank Interest Rate Decrease on Freedom Savings Account

Growingold

Just had an email notifying of rate decrease:_

"We recently decreased the rate on our Freedom Savings Account for new customers to 0.72% AER gross variable.As an existing customer, we will maintain your current rate of 1.05% AER gross variable until the 8th of July 2020. After this date the rate on your account will be reduced, in line with our new customer rate of 0.72% AER gross variable."

katies_mum

We got that email as well!  

d63

Growingold said:

Just had an email notifying of rate decrease:_

"We recently decreased the rate on our Freedom Savings Account for new customers to 0.72% AER gross variable.As an existing customer, we will maintain your current rate of 1.05% AER gross variable until the 8th of July 2020. After this date the rate on your account will be reduced, in line with our new customer rate of 0.72% AER gross variable."

this is getting ridiculous! there doesnt seem a day that goes by that i dont get an email to say  that one or more of the interest rates on my legacy accounts go down! -- yesterday it was the coventry, on monday al rayan, paragon last friday, and on and on! --- where will it all end?? too dpressing to go through them all it is! 

brewerdave

RCI have only just reduced to 1.05% on 1st June - so 5 weeks and down again!!

keyboardworrier

With rates this low it hardly becomes worth it. Premium Bonds are looking more and more tempting.

brewerdave

keyboardworrier said:

With rates this low it hardly becomes worth it. Premium Bonds are looking more and more tempting.

Moved £25k into PBs last week!

FinancialIdiot

d63 said:

this is getting ridiculous! there doesnt seem a day that goes by that i dont get an email to say  that one or more of the interest rates on my legacy accounts go down! -- yesterday it was the coventry, on monday al rayan, paragon last friday, and on and on! --- where will it all end?? too dpressing to go through them all it is! 

You getting the emails every day, then? I'm getting them only every other day. On the days in between I'm getting emails from the banks telling me how they are behaving responsibly and going out of their way to help me during this Coronavirus crisis - like by reducing the interest rate on my savings, presumably.

d63

FinancialIdiot said:

d63 said:

this is getting ridiculous! there doesnt seem a day that goes by that i dont get an email to say  that one or more of the interest rates on my legacy accounts go down! -- yesterday it was the coventry, on monday al rayan, paragon last friday, and on and on! --- where will it all end?? too dpressing to go through them all it is! 

You getting the emails every day, then? I'm getting them only every other day. On the days in between I'm getting emails from the banks telling me how they are behaving responsibly and going out of their way to help me during this Coronavirus crisis - like by reducing the interest rate on my savings, presumably.

well perhaps not every single day i have to confess, but if it is not those wretched coronacrisis emails like you mention in between times, they still have those infuriating --  how did we do? we are always keen to hear from you -- emails to drive one quite up the wall. ugh!

brewerdave

Rate going down AGAIN from 31st August - to 0.57% ! Less and less notice of changes - time to empty the account methinks - off to NS & I

noClue

I think RCI stopped being attractive around end of last May....

Speculator

Glad I piled everything into their 1.9% 5 yr Bond when it was on offer last April. 
It was obvious variable rates will be cut to near zero after the 2nd BOE rate cut  in March.