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RCI Bank: Fixed Term Savings Account reviews

Name: Fixed Term Savings Account
Rating: 4.5 (507 reviews)

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4.27

Based on 507 reviews, last reviewed 23rd Aug 2024

100% decrease in 5 star reviews

in the past 90 days

No new 1 star reviews

in the past 90 days

76%

15%

Latest highest rating:

5

Great service and the simple way you really informat... Great service and the simple way you really information Reviewed on: 23rd August 2024

Latest lowest rating:

1

Very poor service RCIs total inability to manage my maturity instructions leading up to and after my fixed bond maturing has left me out of pocket. I can’t have been le... Read more Reviewed on: 23rd November 2023

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About this product

With RCi, you can lock your money away in a fixed term savings account.

RCi fixed term savings accounts are available for one, two, three, four or five years. You’ll need to open the account with between £1,000 and £1 million. Unlimited top-ups can be made in the first 14 days.

RCi fixed term savings account reviews help you find out what it’s really like to be a customer. If you’ve used RCi before, you can also leave a review and share your experience.

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RCI Bank Fixed Term Savings Account reviews (507)

Slow service, can't get through

We tried to open a joint fixed savings account online 10 days ago. They required further information on one person. After not hearing for a few days I was able to get through to check it had arrived, it had. Three days my partner received an email saying they were waiting for information! Tried to phone the customer services number, gave up after holding on for 1 hour and emailed instead. I think I will be taking my money elsewhere! Reviewed on: 9th November 2022

Reply from RCI Bank Hi, head of savings here, and with bit of a long reply to all the comments but bear with me. I’m very sorry if you had a long wait time on the telephone or not being able to connect. We’ve kept some very competitively priced accounts on sale for the past two weeks up to this morning. At a time when household finances are stretched, I asked the team to give some priority to opening accounts at these rewarding rates (rather than taking the products off sale) so customers would earn a competitive return on their savings for years to come. I’m sorry this impacted your experience with us. I also regret this happened to as many people as it did- we do take onboard all feedback. Due to the sheer volume of applications, the team has been busy processing over 30k manual account openings, telephone calls, emails, and inquiries as we welcomed tens of thousands of new savers. We’re heartened that so many UK households are saving and getting a rewarding rate of interest. We’re now working through the contact backlog. If you still have an outstanding issue and would like a personal response to your query, please follow us on Facebook and send us a private message so that we can contact you directly. Please make sure it’s a private message and you don’t publish your personal information for all to see. Best wishes! Response date: 17th November 2022

Opening Account Very Slow, Confusing and Cumbersome

This is the third account I've opened this week, the other two with other banks. They all require linked bank accounts. The other two banks were very quick and easy to setup and transfer money. With the RCI Fixed Rate Savings it has so far taken me 5 days to transfer funds across from my linked account. I had to wait 4 days for my user ID and linked account verification code to be sent via mail. Now that I've finally managed to access my account, I've verified my linked account. I have now transferred money into the account yet, unlike all the other banks which was instantaneous, I'm still waiting for the money to appear in my account. What adds to the confusion is that you provide a Reference number after initial application that is needed to transfer funds, but then once the linked account was verified you provided a different Reference number, which incidentally didn't match the format that is mentioned in the Support Section (i.e. Once the account is open, we'll provide you with your 13-digit unique account number which will be three letters, followed by seven numbers, then 3 letters, e.g. ABC 1234567 SMI). I'm hoping the initial Reference number I've used is the correct one (your Support Section says you can use both!). You need to simplify and speed up the process in line with other banks. None of the other banks require a user ID to be sent via mail! p.s spent an hour hanging on the phone waiting to talk to Customer Services - gave up!!!!! Money has now shown up in account so that's a relief! Reviewed on: 9th November 2022

Cannot get through no response at all

Rubbish contact system cant get a reply Reviewed on: 8th November 2022

Reply from RCI Bank Hi Anne, head of savings here, and with bit of a long reply to all the comments but bear with me. I’m very sorry if you had a long wait time on the telephone or not being able to connect. We’ve kept some very competitively priced accounts on sale for the past two weeks up to this morning. At a time when household finances are stretched, I asked the team to give some priority to opening accounts at these rewarding rates (rather than taking the products off sale) so customers would earn a competitive return on their savings for years to come. I’m sorry this impacted your experience with us. I also regret this happened to as many people as it did- we do take onboard all feedback. Due to the sheer volume of applications, the team has been busy processing over 30k manual account openings, telephone calls, emails, and inquiries as we welcomed tens of thousands of new savers. We’re heartened that so many UK households are saving and getting a rewarding rate of interest. We’re now working through the contact backlog. If you still have an outstanding issue and would like a personal response to your query, please follow us on Facebook and send us a private message so that we can contact you directly. Please make sure it’s a private message and you don’t publish your personal information for all to see. Best wishes! Response date: 17th November 2022

Bank rate up RCI rate down

RCI has just reduced 1 year fixed term savings rate from 4.65% to 4.2% Reviewed on: 7th November 2022

No one answers the phone

I applied for a 4.6% 1 YR fixed, transferred money in. New advert next day shows 4.2% so worried I got cheated so called 3 times today amd no-one answered. In the end left a message. My account details don't show rate either. Reviewed on: 7th November 2022

Reply from RCI Bank Hi AJ, head of savings here, and with bit of a long reply to all the comments but bear with me. I’m very sorry if you had a long wait time on the telephone or not being able to connect. We’ve kept some very competitively priced accounts on sale for the past two weeks up to this morning. At a time when household finances are stretched, I asked the team to give some priority to opening accounts at these rewarding rates (rather than taking the products off sale) so customers would earn a competitive return on their savings for years to come. I’m sorry this impacted your experience with us. I also regret this happened to as many people as it did- we do take onboard all feedback. Due to the sheer volume of applications, the team has been busy processing over 30k manual account openings, telephone calls, emails, and inquiries as we welcomed tens of thousands of new savers. We’re heartened that so many UK households are saving and getting a rewarding rate of interest. We’re now working through the contact backlog. If you still have an outstanding issue and would like a personal response to your query, please follow us on Facebook and send us a private message so that we can contact you directly. Please make sure it’s a private message and you don’t publish your personal information for all to see. Best wishes! Response date: 17th November 2022

Customer service

Been on hold all weekend. Worst telephone customer service ever. Its Monday now and still waiting to speak with someone. My phone bill will be huge this month (: Reviewed on: 7th November 2022

Reply from RCI Bank Hi Azhar, head of savings here, and with bit of a long reply to all the comments but bear with me. I’m very sorry if you had a long wait time on the telephone or not being able to connect. We’ve kept some very competitively priced accounts on sale for the past two weeks up to this morning. At a time when household finances are stretched, I asked the team to give some priority to opening accounts at these rewarding rates (rather than taking the products off sale) so customers would earn a competitive return on their savings for years to come. I’m sorry this impacted your experience with us. I also regret this happened to as many people as it did- we do take onboard all feedback. Due to the sheer volume of applications, the team has been busy processing over 30k manual account openings, telephone calls, emails, and inquiries as we welcomed tens of thousands of new savers. We’re heartened that so many UK households are saving and getting a rewarding rate of interest. We’re now working through the contact backlog. If you still have an outstanding issue and would like a personal response to your query, please follow us on Facebook and send us a private message so that we can contact you directly. Please make sure it’s a private message and you don’t publish your personal information for all to see. Best wishes! Response date: 17th November 2022

BIG CALL MANAGEMENT PROBLEM - "We are experiencing high call volumes at the moment"

BIG CALL MANAGEMENT PROBLEM. Yesterday (Friday 4th November) I held on the phone for 35 minutes for someone to answer the phone on a query I had with opening a 1 year Fixed Deposit. I followed this up with an email dealing with the same query. No response to date so have sent a second email. 5th November). I am trying to speak to someone today (Saturday I am still holding on the phone right now. I'm growing tired of hearing - "Apologies for the delay, We're experiencing high call volumes at the moment. Please stay on the line and we'll answer your call as soon as we can". Why can' tthe much repeated message give an indication of where the caller is in the queue, as other organisation do. In this way a decision can be made by the caller as to whether it is worth holding on. Now this would be a real service to their customers. BTW have been hanging on the phone for over 41 minutes and have decided to quit.right now. Reviewed on: 5th November 2022

Reply from RCI Bank Hi Roger, head of savings here, and with bit of a long reply to all the comments but bear with me. I’m very sorry if you had a long wait time on the telephone or not being able to connect. We’ve kept some very competitively priced accounts on sale for the past two weeks up to this morning. At a time when household finances are stretched, I asked the team to give some priority to opening accounts at these rewarding rates (rather than taking the products off sale) so customers would earn a competitive return on their savings for years to come. I’m sorry this impacted your experience with us. I also regret this happened to as many people as it did- we do take onboard all feedback. Due to the sheer volume of applications, the team has been busy processing over 30k manual account openings, telephone calls, emails, and inquiries as we welcomed tens of thousands of new savers. We’re heartened that so many UK households are saving and getting a rewarding rate of interest. We’re now working through the contact backlog. If you still have an outstanding issue and would like a personal response to your query, please follow us on Facebook and send us a private message so that we can contact you directly. Please make sure it’s a private message and you don’t publish your personal information for all to see. Best wishes! Response date: 17th November 2022

Never answer the phone

Tried to set up an Account but on hold for ages. If I am dealing with a Bank that doesn't have branches I expect to be able to contact them. Now taking an Account for less interest elsewhere. Reviewed on: 5th November 2022

Reply from RCI Bank Hi Sean, head of savings here, and with bit of a long reply to all the comments but bear with me. I’m very sorry if you had a long wait time on the telephone or not being able to connect. We’ve kept some very competitively priced accounts on sale for the past two weeks up to this morning. At a time when household finances are stretched, I asked the team to give some priority to opening accounts at these rewarding rates (rather than taking the products off sale) so customers would earn a competitive return on their savings for years to come. I’m sorry this impacted your experience with us. I also regret this happened to as many people as it did- we do take onboard all feedback. Due to the sheer volume of applications, the team has been busy processing over 30k manual account openings, telephone calls, emails, and inquiries as we welcomed tens of thousands of new savers. We’re heartened that so many UK households are saving and getting a rewarding rate of interest. We’re now working through the contact backlog. If you still have an outstanding issue and would like a personal response to your query, please follow us on Facebook and send us a private message so that we can contact you directly. Please make sure it’s a private message and you don’t publish your personal information for all to see. Best wishes! Response date: 17th November 2022

Impossible to speak with queries - don't answer phone !

tried to open fixed term account - had query before depositing large sum of savings - tried 4 times on different days and diff times - always the same "high call volumes" whatever time of day, and they never actually answer! if they want the customers the need to provide the service ! Reviewed on: 4th November 2022

I have been with you for many years and have never had any problems

you have a great customer service team that is why I will always stay with you Reviewed on: 21st March 2022

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