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Individuals can manage their account via the phone seven ays a week, online, or through the RCI Bank app.
Rachel Springall, Finance Expert at Moneyfacts, offered further insight into the changes.
She said: “It’s great to see rate improvements from RCI Bank UK and for savers looking to supplement their income they may find these offers enticing as they pay monthly interest and can be opened with a £1,000 lump sum.
“However, when comparing the rates offered to their peers, savers could find a rate of up to 1.10 percent as an expected profit rate from Gatehouse Bank on a one-year bond. In the two year fixed bond sector, Gatehouse Bank offer a market-leading 1.20 percent as an expected profit rate.