Renault owned RCI Bank offer competitive rates for UK savers.
RCI Bank is a subsidiary of French car manufacturer Renault. In the UK, RCI Bank began operations as a responsible lender, offering competitive rates to people and businesses.
By 2015, RCI Bank launched with a view to offering UK savers a real alternative. Read on to find out more about RCI Bank, and whether it might be the right banking destination for you.
A bit more about RCI Bank
With Renault customers often needing help to finance the purchase of their vehicles, Renault created its own internal bank in 1974 – RCI Bank.
Forty years on and RCI Bank is still owned by Renault, operating in 37 countries with customers all over the world. It focusses on offering transparency, simplicity, and a great service to UK savers. Compare RCI Bank with other competitors in the UK market and see what you think.
What savings accounts does RCI Bank offer?
RCI Bank currently offers two different savings accounts:
Freedom Savings Account
- £100 minimum deposit
- Unlimited payments and withdrawals
- No penalties, fees or notice periods
- UK support team, 7 days a week
- Apply easily online
Fixed Term Savings
- £1,000 minimum deposit
- Unlimited top-ups for 30 days from application
- No withdrawals during the term
- UK support team, 7 days a week
How do I decide which account is for me?
You need to work out what it is you need from your bank account. Are you looking to put a bit of money away each month? Do you want to put some money away and restrict access to it? Are you after rewards or hoping to maximise interest?
You need to work out what you need before comparing the different offers available for certain types of bank account. Once you’ve done that, useful guidelines to compare include:
- Interest rates
- Fees (if there are any)
- Access to cash (if you need quick access for instance)
- Rewards and loyalty schemes (if you’re into the add-ons or switching bonuses)
Does RCI offer online or mobile banking
RCI offers online banking through its website, but does not have a dedicated mobile app.
Here are some of the basic features of RCI’s online banking service:
- Easy to navigate around savings section
- Manage and arrange transactions
- Manage personal details and preferences
What are the benefits and drawbacks of banking with RCI Bank?
The benefits
- Top rates. Don’t hold your breath for a dramatic improvement, but RCI Bank’s rates are among the best.
- FGDR protection. Deposits with RCI Bank are protected up to a total of €100,000 by the Fonds de Garantie Dépôts et de Résolution, the French deposit protection scheme.
The drawbacks
- Limited products. At the moment, RCI Bank only offer savings accounts, so are no good for those looking for different sorts of account.
- No FCSC protection. The deposits in RCI are not protected by the UK government’s compensation scheme in the event that RCI shuts down.