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Sarah Brundrett

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Review of the RCI Bank, Fixed Term Savings Account:

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Maturity Instructions and Interest Payment not clear

Having had a fixed rate 1 year bond with RCI Bank, I found that when this was nearing maturity the actual instructions not particularly helpful. The internet payment whilst stated as would be made on the date of maturity was not met. After 24 hours post maturity the payment had still not been paid as per account information. I contacted RCI Bank and was told that it could take anything up to 5 days. This information is NOT stated on my account under Interest Instructions. It should be considered particularly under the Consumer Duty that a statement be included on the section Interest Instruction what the actual timescales are. Consumer duty has been introduced to ensure customers are aware of key information. Reviewed on: 30th October 2023

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