RCI Freedom Savings Account

Growingold

Just received an email from RCI.  They're updating their t & c's .  Withdrawals will be faster see below for body of email received.


We’re making some changes to our Freedom Savings Account Terms and Conditions.

To be as transparent as possible about the changes we’ve made, here is a summary of the important change below:
 

Freedom Savings Accounts Terms & Conditions

Amended payment withdrawal timescales to reflect move to faster payment withdrawals. If a payment withdrawal instruction is received before 1pm then funds will be transferred to your chosen account within 2 hours. If a withdrawal request is made after 1pm then funds will arrive the next working day.

These changes will come into effect for existing customers within 30 days after the date on this email. By continuing to use our services after this date, you’re agreeing to the updates.

Updated versions of these documents can be viewed by visiting https://www.rcibank.co.uk/support-centre/legal-centre/your-agreement.

slinger2

So roughly a day faster than currently. Presumably they're thinking that the super-slow withdrawal times were putting savers off.

Personally I do all my withdrawals via my "freedom" (easy access) account, so it's a useful change for me.

slinger2

The new T&Cs at https://www.rcibank.co.uk/support-centre/legal-centre/your-agreement "Effective from 6 June 2024" broadly reflect the above changes (see section 2,4). I'm planning to give it a go on Monday morning.

"Withdrawals made before 1pm will be in your linked account the same day. If you make withdrawals after 1pm then funds will appear the next business day." From the accompanying table it's clear that the first sentence only applies to business days.

slinger2

Withdrew £100 first thing this morning and it was in my linked account before noon.