CAR company Renault’s finance company – RCI Banque – is launching a UK savings bank, RCI Bank.
The UK launch follows on from a series of similar launches in France, Germany and Austria over the last four years.
RCI Banque
- RCI Banque is part of the Renault Group
- It has a 90 year history in financial services and has been active in the UK for 20 years through its car finance operation with Renault, Nissan, Dacia and Infiniti.
- Its head office is in Watford and the customer service centre based in Newcastle offers seven day support.
It means that RCI Banque, which underwrites Renault and Nissan captive finance products, is the the only car finance company currently active in the UK savings market.
Best Buy Easy Access Freedom Savings Account
RCI Bank has entered the savings market with an easy access account that now sits jointly at the top of the table, the Freedom Savings Account. The savings account is available exclusively through MoneySuperMarket with a Best Buy rate of 1.50% AER variable gross for the next two weeks.
The straightforward account has a starting balance of £100, with a maximum balance of £1 million, no penalties, notice periods, tiered rates, gimmicks or small print. RCI Bank plans to launch a suite of additional products later in the year.
The Freedom Savings Account launches at a time when as much as £160 billion could be sitting in savings accounts that pay 0.5% interest or lower, says RCI Banque.
Steve Gowler, CEO of RCI Bank, said:
“We’re really excited about entering into the UK savings market, and importantly entering the market with an innovative and competitive product. Saving money should not be difficult, which is why we have developed our simple Freedom Savings Account with a rate of 1.50%.
“We believe we have a product that people will love. Over the next 12 months we plan to follow this up with further product launches.
“We also have the added benefit of being part of a global group, working for Renault and Nissan brands, and we are committed to using our strength to deliver the very best savings accounts and security for our customers in the UK.”
Savers are protected under the French guarantee scheme, FGDR, up to the value of €100,000.
