Frequently asked questions

RCI Bank is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA). For more information see our regulators page.

RCI Bank is an award-winning online savings bank that offers competitive accounts that are linked to your existing bank's current account.

RCI Bank is a trading name of RCI Bank UK Limited which is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Firm Reference Number 815220. 

You can confirm our registration on the Financial Services Register. Eligible deposits in RCI Bank are protected by the Financial Services Compensation Scheme ('FSCS') up to £120,000 per depositor.

Our UK office is based in Maple Cross, Rickmansworth, and our customer services team is located in Newcastle-Upon-Tyne.

Mobilize Financial Services, has a dedicated team and can be contacted directly on 0333 009 0233 or via email at customerservices@mobilize-fs.com

RCI Bank UK and Mobilize Financial Services are two separate companies. However, they are part of the RCI Group of companies whose intermediate parent company is RCI Banque SA trading as Mobilize Financial Services and whose ultimate parent company is Renault SA. Full details can be found in our Privacy Policy. 

RCI Bank UK is an online savings bank specialising in simple and rewarding easy access, notice accounts and fixed term savings accounts. 

Mobilize Financial Services is the financial services specialist for some of the UK's leading car brands: Renault, Nissan, Dacia and Alpine. They help individuals and businesses to buy, hire or lease new and used vehicles from their car partners.

You can contact the Mobilize Financial Services Customer Services team on 0333 009 0233 or email customerservices@mobilize-fs.com. Alternatively, you can register or log in to your Mobilize Financial Services customer portal account here. 

An ISA (Individual Savings Account) is a savings or investment account for UK residents where any interest you earn is tax-free.

Yes, you can hold multiple types of ISAs (Cash ISA, Stocks & Shares ISA, Innovative Finance ISA and Lifetime ISA). You can also open ISAs of the same type with different providers.

There’s no limit to how many Cash ISA accounts you can open with RCI Bank.

Please remember that your total ISA subscriptions across all providers must not exceed the £20,000 annual ISA allowance in a single tax year.

Your ISA allowance is the maximum amount you can save tax free during the current tax year. You get a new ISA allowance every year, which is set by the UK Government. The ISA allowance for the current tax year is £20,000. You can pay in up to £20,000 per tax year total across all ISAs you hold. The tax year runs from 6th April to 5th April. ISA allowances can't be carried over from one tax year to the next, so if you don't use your full allowance before 5th April, you'll lose the rest of that year's allowance. Anything you pay into an ISA after the 5th April will count as part of your ISA allowance for the next tax year.

Yes, you can split your annual ISA allowance across different types of ISA as long as you don't exceed your total ISA allowance for the tax year.

The ISA allowance (£20,000) is the maximum amount you can contribute to ISAs in a tax year. If unused, it doesn't carry forward. You can pay in up to £20,000 per tax year total across all ISAs you hold.

The UK tax year runs from 6th April to 5th April the following year.

It's the amount you pay into your ISA during a tax year.

You can pay into multiple ISAs in the same tax year but your total contributions must stay within the £20,000 annual tax free allowance. For example, you could split your tax free allowance between us and another provider. If you exceed £20,000 across all providers, any extra funds will be returned without interest.

It's a declaration confirming your understanding of ISA rules. You must agree before subscribing and opening an ISA with us. If you need further information, then please contact us on 0345 605 6050 or email us at hello@rcibank.co.uk. 

Calls may be recorded for quality assurance and security.

When applying for an RCI Bank Cash ISA you are not required to renew your ISA declaration because you agree to this as part of the account opening process which covers you for future tax years per HMRC's change in April 2024.

Yes, there is no limit on the number of ISAs that you can hold with different providers and how many Cash ISA accounts you can open with us. Please remember your total ISA subscriptions, including those with other providers, can’t be more than £20,000 per tax year. 

Yes. If your spouse or civil partner has died, you may be eligible for an APS, allowing you to make an extra ISA contribution up to the value of their ISA at the time of death.

No, you can transfer your existing ISA or open a new ISA with another provider.

You must be 18+ years old and be a UK resident to open an ISA. You can open a Cash ISA via our website, visit here for more information: www.rcibank.co.uk/savings-accounts/2-year-fixed-term-cash-isa-savings

To open your account, we need to receive an initial minimum deposit of £1,000 within the first 14 days from application. The maximum account balance is £1m and you can pay in up to £20,000 per tax year total across all ISAs you hold. You can also transfer in ISA savings up to 14 days from application, with a maximum account balance of £1m. 

No, ISAs are individual accounts and cannot be held in joint names.

If you change your mind, you can close your account within the 14 day cooling off period which starts from the date your account was opened. You can inform us by Secure Message by selecting ˜Send message' when logged into online banking, Email us at hello@rcibank.co.uk or write to ˜Freepost: RCI BANK' (no stamp or address details needed). 

If you wish to close your account after the 14 day cooling off period then you'll need to pay an interest charge. The interest charge is 90 days per year e.g. 2 Year Fixed Term Cash ISA will be subject to a 180-day interest charge if closed after 14 days from account opening. The interest charge will be deducted from the interest you've earned. Where the interest charge is higher than the amount of interest you've earned then it will be taken from the original amount invested. 

Please see our Cash ISA Terms and Conditions for more information www.rcibank.co.uk/help-and-support/legal-centre/your-agreement. We can pay your closing balance to your previous provider, to another RCI Bank ISA savings account or into your linked account. By choosing to pay ISA funds into your linked account you will reduce your current tax year ISA allowance.

If you choose to cancel or close your account before the end of the fixed term, you will incur an interest charge. The interest charge is 90 days per year e.g. 2 Year Fixed Term Cash ISA will be subject to a 180-day interest charge if closed after 14 days from account opening. If the interest charge is more than the interest you've earned, then this will be taken from the amount you invested, which may reduce the interest earned. 

The interest charge is 90 days per year e.g. 2 Year Fixed Term Cash ISA will be subject to a 180-day interest charge if closed after 14 days from account opening. Please read our Terms and Conditions to find out more www.rcibank.co.uk/help-and-support/legal-centre/your-agreement.

There are no charges for operating your account. However, if you choose to cancel or close your Fixed Cash ISA after14 days from opening and before the end of the fixed term, you will incur a charge. Please read our Terms and Conditions to find out more www.rcibank.co.uk/help-and-support/legal-centre/your-agreement.

At the end of your fixed term, reinvest your funds into another fixed term cash ISA or withdraw your funds. If you don't select a maturity option then we'll automatically open a Freedom Savings Cash ISA.

You may be eligible for an Additional Permitted Subscription (APS). To claim it, you must contact us within 3 years of your spouse's death or within 180 days of the estate's completion, if later. You don't need to inherit the ISA funds to qualify but the death must be officially registered before the APS can be processed.

No, you don't need to re-activate your ISA if you haven't used this for a while, this is because the ISA declaration you agree to as part of the account opening process covers subsequent tax years per HMRC's change in April 2024.

An ISA transfer is where you move funds from one ISA provider to another.

Yes, you can transfer part or all of your ISA balance to another provider by completing the ISA Transfer Out form. This can be found here: https://www.rcibank.co.uk/help-and-support/guides/customer-download-centre. 

Yes, including Cash ISAs, Stocks & Shares ISAs.

No, transferring an ISA is not the same as opening a new one. You can still pay into your ISA after transferring it using your current years ISA allowance, this is known as subscribing.

Yes, you can transfer a fixed rate ISA before maturity, however you will incur an interest charge. There's no charge if you transfer after the maturity date.

Not directly. You'll need to use a process called 'bed and ISA', which involves: Selling your shares from a regular investment account. Immediately buying them back within a Stocks & Shares ISA.

No, transferring ISA funds from a previous tax year to a new ISA opened in the current tax year doesn't use up your current year's ISA allowance. If you transfer ISA funds saved in the current tax year, then you can transfer the full or partial amount however this counts towards your current tax year ISA limit.

You can open and subscribe to multiple Cash ISAs with different providers each tax year, including with us.You may still fund other cash ISAs with other providers although you will need to remain within your annual ISA limit, which is currently £20,000 per tax year.

You can hold multiple existing ISAs at the same time even of the same type.

If you're overseas please contact our usual customer service number on +44 (0) 345 605 6050.

Calls to this number from outside the UK will be charged at international rates for UK landlines which varies by call provider, please check your call providers charges for contacting UK landlines whilst outside the UK.

Yes, when you call our customer service team, you will be notified of your position in the queue. You will then be offered the option to keep your place in the queue and receive a callback.

If you’d like to receive communications in large print, braille or audio, or if you need support with operating your account, please contact us:

Email: hello@rcibank.co.uk
Telephone: 0345 605 6050

Calls are charged at local rate and may be recorded for monitoring and training purposes.

If you need to send us documents or would like to get in touch by post, you can do this by Freepost (where we pay the postage) or by standard post and recorded delivery, where you pay the cost of postage.

For Freepost, simply write to us at 'Freepost: RCI BANK' on the envelope. No stamp or extra address details are needed as Royal Mail already have our information on file.

If you're sending original documents and would prefer to send them by standard post or recorded delivery, you can address them to: RCI Bank PO Box 866WALLSENDNE28 5BQ

In the unlikely event that we have an issue with our phone lines you can contact us through the below methods: Use our Secure Messaging Service via your online account Email us: hello@rcibank.co.uk

Deposits into your RCI Bank account can be made by one-off electronic payments or regular standing orders. These payments must be from your nominated (linked) current account. 

If we receive a payment from a current account that is different to your nominated (linked) current account, the funds will need to be returned. Funds can also be deposited from an existing RCI Bank account in your own name, if the account terms allow.

Please use the details below when making payments to your RCI Bank account:

• Sort Code: 40-02-50
• Account Number: 81359894
• Payee/Beneficiary: your full name (first name and second name)

Your payment reference is your 13‑digit RCI Bank account number, which can be found on your Online Banking and Mobile App homepage.

If you have multiple accounts (for example, a Freedom Savings Account and a Notice Account), each account will have a unique 13‑digit account number e.g. ABC1234567ABC. 

Please remember to quote your payment reference number on all payments. If you have multiple accounts, please ensure that you reference the correct one. If your payment reference is missing or inaccurate, we’ll need to send the money back to your linked account.

To make withdrawals to your linked account, log into your online banking or mobile app, choose the account you want to withdraw money from and click 'Make a Withdrawal'.
 

Deposit timelines: When you send RCI Bank UK a valid electronic payment, your funds will appear in your RCI account as follows:

Withdrawals made before 1pm will be in your linked account the same day. If you make withdrawals after 1pm then funds will appear the next business day.

On weekends, bank holidays and seasonal holidays add extra time accordingly. 

Where the 24th or 31st December falls on a business day, an earlier withdrawal cut off time of 11am will apply.

When you apply for an account, we'll ask you to 'link' a UK current account to your RCI Bank account. Your linked account must be in your own name. This 'linked account' will be used to make deposits into and withdrawals from, all the RCI Bank accounts you may have with us. 

If you open both individual and Joint accounts, the linked account details must be the same for all accounts and should be in the name of both account holders. You can only have one linked account at any time.

Please note that you cannot nominate an account held with electronic money institutions or payment institutions (e.g. Prepay Technologies, Loot, Pocket, Revolut, Tide, TransferWise or similar providers).

When you add the linked account to your RCI Bank account we first authenticate its details and that it belongs to you. We'll only pay your money back to the linked account after it is verified. This is a simple idea but is very effective at protecting your hard-earned savings and offers extra peace of mind that your money can only ever be paid back to you.

If you have passed our online security checks automatically, you will be notified at the end of the account application and you will now be able to fund your account. 

Please note, if your product terms allow, you will not be able to withdraw any money until you have authenticated your linked account details. Instructions on how to do this will be sent out in the post soon after account opening. You will also receive a welcome pack in the first few days after account opening which will provide you with instructions on how to log into online banking.

If you have not passed our online verification checks, you will be asked to provide supporting documentation. Until this documentation has been accepted, you will not be able to fund your account. 

When you apply for an RCI Bank account we'll provide you with your 9-digit unique application reference (starting with a '9', e.g. 987654321).

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.

You can use either as your unique reference on every deposit you make into your RCI Bank account.

We only accept deposits from your linked account. If you send us money from another account, the funds will not be accepted and will be returned to that account. Returned payments normally take around two business days.

If you'd like to change your linked account, you can do this by logging into online banking. Before you can use your new linked account, you must first authenticate the new details. Instructions on how to do this will be sent out in the post.

We accept cheques only for the first deposit into your account. After that, you'll need to use your linked account to make any future deposits. Cheques should be made payable to "RCI Bank re: your name, 9-digit application reference number" (e.g. 'RCI Bank re 987654321, MR A SMITH'). 

If you happen to have been issued your 13-digit account reference number at this point, you can also use that instead of the application reference number. Either are accepted and will allow us to process your payment.

If you are thinking of making a deposit that would take your account balance over the maximum allowed, please get in touch with a member of the team on 0345 6056 050.

RCI Bank uses HSBC to process our customer payments, which is why they may appear on your statements. The correct Sort Code and Account Number is 40-02-50 / 81359894 and is a business account. 

When you apply for a new RCI Bank account, we would have provided you with a unique application reference number. Once the account is successfully open, we provide you with an account payment reference number. You must use either of these payment reference when making payments as this is how we transfer payments to and from the correct accounts.

You can make internal transfers between your accounts or to fund a new account using your Freedom Savings account. In online banking, you first select the account you would like to transfer the funds from and click 'make a withdrawal'. Then, you choose the account you want to transfer the funds to. 

We will email you 14 and 7 days before your Fixed Term account is due to end to let you know your maturity options. You will also see your maturity options with the associated interest rates within online banking.

If you don’t select an option when your account matures, we’ll automatically transfer your money into a Freedom Savings account. If you don’t already have a Freedom Savings account, we’ll automatically create one for you. You don’t need to do anything further.

Important information about your interest payment - your interest earned will clear into your chosen account on the same day your account matures and your new account will show from 10am on the date your account matured.

Alternatively, if you don’t want to re-invest and need to withdraw your funds to your linked account, simply select linked account as your maturity option. 

1. In online banking and on our mobile app, you can tell us what you’d like us to do with your money from 14 and 7 days before your account matures
2. You'll only be able to make a maturity option selection from 14 days up to 48 hours before your account matures
3. Please enter your selection in online banking or in app only, as we can’t take your selection over the telephone
4. You can change your maturity selection as many times as you like up to 48 hours before your account matures
5. If you reinvest, you’ll see your money in your new account around 10am on the day your account matures
6. The interest from your maturing account will be in your linked account on the same day your account matures
7. If you don't want to reinvest, simply select linked account as your maturity option. If we don’t hear from you, we will transfer your funds to a new Freedom Savings account. 

Our accounts are open to UK residents aged 18 and over who have the right to reside indefinitely within the UK. You just need a valid UK address and a current account which you can use as your linked account. Please note that you cannot nominate an account held with electronic money institutions or payment institutions (e.g. Prepay Technologies, Loot, Pocket, Tide, TransferWise or similar providers).

At the start of your online application, you can choose whether to open a sole account or a joint account. To open a joint account, simply select the joint account option during the application process.
 

If you already have a sole account and would like to add a second account holder, this may be possible and is subject to the account Terms and Conditions.

Please note: Fixed Term Cash ISA accounts can only be opened as sole accounts. Joint accounts are not available for Cash ISAs, including the Fixed Term Cash ISA.

Our accounts (and their terms) only allow for personal individual customers to apply,  manage an RCI Bank savings account and prevent access to any other party. If you're a business, financial advisor, cash management company or other intermediary looking to work with us, please contact us on hello@rcibank.co.uk or 0345 6056 050 in the first instance.

Our application process is completed online. In most cases, we can verify your details automatically using information from credit reference agencies and the electoral roll.

If we’re unable to verify your details electronically, we’ll email you a secure link to upload supporting documents. If documentation is required, this will be confirmed at the end of the application process before you complete your application.

We only accept postal applications from attorneys who are opening an account on behalf of their donor (Power of Attorney accounts). Please contact our customer services team to arrange for a postal application to be sent to you. 

Our savings accounts can be used free of charge, subject to the Terms and Conditions of each account.

You can change your mind or close your account, depending on the type of savings account you hold:

Freedom Savings account
You have a 14 day cooling‑off period from the date of application. You can close your account at any time by logging into online banking and selecting ‘Close account’ from the Account summary section. You can also close the account by withdrawing your full account balance.

Fixed Term account
You have a 14 day cooling‑off period from the date of application. If you change your mind, you can close the account within this period. After the cooling‑off period, no withdrawals or account closures are permitted until the account reaches maturity.

Notice account
You have a 14 day cooling‑off period from the date of application, during which you can close the account if you decide not to proceed. After this period, the account can be closed subject to giving the minimum notice period set out in your product terms.

2 Year Fixed Term Cash ISA
You have a 14 day cooling‑off period from the date of application. After this period, you may choose to withdraw funds or close your account, subject to an interest charge equal to 180 days’ interest.
The interest charge will be deducted from the interest you’ve earned. If the interest charge is greater than the interest earned, the shortfall will be deducted from your account balance.

We offer both variable and fixed rate savings products, including a Cash ISA product.

Variable rate accounts

Freedom Savings account – the interest rate is variable, meaning it can increase or decrease. You can withdraw your funds at any time without giving notice.

Notice account – the interest rate is variable, so it may increase or decrease. Withdrawals and account closure requests are subject to a minimum notice period.

Fixed rate accounts

Fixed Term savings accounts – interest is paid at a fixed rate for all of the agreed term, meaning the rate will not change during that period.

Fixed Term Cash ISA – interest is paid at a fixed rate for the duration of the term, meaning the rate will not change during that period.

Interest can be paid either monthly or annually on the anniversary of the day you open your account. You will be able to choose your preference when opening the account or change your prefernce after account opening by logging into online banking .The interest is paid without tax deducted.The interest rate on all our products are advertised as AER gross as required by regulation, which is the interest you will receive when paid annually.

When interest is paid monthly gross, there is no interest compounding - interest earned on interest - and therefore the monthly rate shown will be less than the annual rate shown. Your AER and monthly gross rates are available in the Product Information Sheet at the time you opened your account.

We offer saving accounts where the interest rates are on a variable and non-variable basis. Variable rates are subject to change for new and existing customers. For any rate changes we make, we provide at least 14 days' notice to existing customers. Non-variable rates are fixed rates, so the interest rate applicable at the time of opening your account will be paid to you for the duration of your fixed term. RCI Bank constantly reviews its rates to make sure they are fair to customers and sustainable for the Bank long term. We remain dedicated to offering competitive savings rates on our products along with award winning services for our customers.

You'll need to register the death first with the Registry Office. Once this is done, you'll need to send us some paperwork. The faster we get this, the quicker we can help during this difficult time.

To notify RCI Bank of a bereavement on an account we'd need the following. Signed and dated letter from either a personal representative or executor of the estate, or the solicitors dealing with the estate, providing us of the account holders name who has passed away in a letter; and death certificate which can either be an original certificate or a certified copy of the original certificate. We can only accept these documents by post, they can be sent to us via either of the following options: Freepost: RCI Bank (no stamp required) or to our full postal address at RCI Bank, PO Box 866, Wallsend, NE28 5BQ. 

If you're still unsure what documents we can accept or if you have any other documents not listed above in relation to the person who has passed away then you can contact us on 0345 6056 050. Once we receive these documents, we'll write back to you within 5 working days.

Send us the original or a certified copy of the death certificate, as well as a signed and dated letter confirming the details for a personal representative or executor of the estate. Once we have these, we can write back to the personal representative or executor confirming any account balances and advising of the documents needed to close any accounts held with RCI Bank.

Send us the original or a certified copy of the death certificate. We'll change the account to the remaining holder and let you know when this is done.

If the total balance is £35,000 or less
If your loved one held savings accounts with RCI Bank and the combined balance was £35,000 or less, please send us the following documents by post:

• An original or certified copy of the death certificate
• A completed Administration of Small Estates Form
• A letter confirming the bank details where any remaining funds should be sent, signed by all executors of the estate

If the total balance is over £35,000
If the total balance across your loved one’s RCI Bank savings accounts was more than £35,000, we’ll require the following documents to close the account(s):

• An original or certified copy of the death certificate
• An original Grant of Probate (or Certificate of Confirmation if the estate is being administered in Scotland), or Letters of Administration
• A letter confirming the bank details where any remaining funds should be sent, signed by all executors of the estate

Once all documents have been received, we’ll make payment by electronic transfer within two working days.

If you need help completing the paperwork or don’t have printer access, please call us on 0345 605 6050 and we’ll be happy to assist.

Yes, RCI Bank participates in the direct payment scheme with HMRC, meaning we can send the funds directly to HMRC once we receive the required documents. 

We can only do this once the passing of your loved one has been registered. The documents required are: completed Form IHT423 (application to transfer funds to pay inheritance tax); and Payment slip supplied by HM Revenue and Customs (available from http://www.gov.uk/government/publications/inheritance-tax-direct-payment-scheme-bank-or-building-society-account-iht423)Once we receive the above documents, we'll process an electronic payment of funds to HMRC on your behalf. If you need the full balance of the account for inheritance tax, we can close the account too. 

We can only accept these documents by post, they can be sent to us via either of the following options: Freepost: RCI Bank (no stamp required) or to our full postal address: RCI Bank, PO Box 866, Wallsend, NE28 5BQ.

Yes, RCI Bank can pay funds directly to Funeral Directors provided we receive the following documents after the passing of your loved one has been registered: An original funeral invoice; and details of the account the funds are to be paid to, this must include any references to be used when making the payment. Once we receive this information, we'll make an electronic payment to the funeral directors within 2 working days. We can only accept these documents by post, they can be sent to us via either of the following options: Freepost: RCI Bank (no stamp required) or to our full postal address at RCI Bank, PO Box 866, Wallsend, NE28 5BQ. 

Any other questions? Please contact us on 0345 6056 050 for any other queries regarding anything to do with our bereavement process and ask to speak to a member of the Bereavement team.

To add a Power of Attorney (POA) to an existing account, or to open a new account as a Power of Attorney, please contact our team on 0345 6056 050. We’ll arrange for an application pack to be issued to you.

Please note: This is the only way we can add or open an account under a Power of Attorney. For security reasons, the attorney must call us directly to request the application pack.

Where there is more than one attorney named, RCI Bank can only accept attorneys appointed 'jointly and severally'. This allows either attorney to make decisions independently. Where attorneys are authorised to act 'jointly', instructions are needed from all attorneys who must agree on all decisions. 

RCI Bank are unable to support this type of Power of Attorney. The Power of Attorney will specify whether individual attorneys have the power to act 'jointly' or 'jointly and severally'.

The RCI Bank App is available for download on the App Store and Google Play store.The app makes it easier for you to manage your award-winning savings account on-the-go. You can check your savings account balances, view your recent transactions and make transfers to your linked account. For more information on what our app has to offer, visit our mobile banking webpage.

You can access the online banking by clicking the blue log in button at the top right corner of our website www.rcibank.co.uk. You will need your User ID (which you received at account opening), your personal password and characters of your memorable data. 

Your User ID was sent to you at account opening. If you've misplaced this, you can request a reminder by going to the online banking log in screen and clicking the 'I've forgotten my User ID' link. Once logged into online banking, you can personalise you User ID by selecting the 'My Details' tab at the top of the page.

Setting up and cancelling future payments isn't something you're able to do.

To register for the RCI Bank app:

• Download and open the RCI Bank app.
• When prompted, confirm that you’re an existing customer. (If you’re not yet a customer, you’ll need to open an account first via our website.)
• Enter your RCI Bank online banking username and password.
• Provide the requested characters from your security question to complete registration.

If you need help, you can watch our step‑by‑step video guide here:  https://www.rcibank.co.uk/help-and-support/guides/mobile-banking.

Once registered, you’ll be able to manage your savings securely through the app.

Once you've downloaded the RCI Bank app, follow the step-by-step instructions within the app to register. This process will also guide you through the process of setting up your chosen biometric login (if your device supports this), such as facial recognition and/or a fingerprint scanning.

Your fingerprint and/or facial ID can be changed and updated within your device's settings and permissions.

You can change your biometric functionality by accessing the settings menu within the app and then selecting 'Biometric Settings'. Biometrics are available on various devices to allow you to easily log in to your app. The type of biometrics available depends on your device.

You can change your PIN by accessing the profile menu within the app and selecting 'Change PIN'.

The app has been designed and developed to be compatible with screen reader user preference settings.

When logged on in online banking, you can find the interest rate on the 'Main Summary' page with the list of all your savings account(s). You can also find the interest rate on a specific account by clicking on it from the main page, then expanding the menu options 'Account Details' or 'View Interest' and the rate will be displayed there. On the mobile app, you can find the interest rate on your account on the main page and from the 'Account Detail' tab.

The deposits that we collect on the RCI Bank E-Volve Savings 14 Day Notice Account is lent on to affiliated UK businesses Renault Finance, Nissan Finance, and Mobilize Power Solutions to finance the purchase or lease of electric vehicles (“EVs”) and charging points that comply with the EU Green Taxonomy and corresponding UK green legislation.

Currently, we only intend to fund lending for EVs and charging points with the RCI Bank E-Volve Savings 14 Day Notice Account, but we continuously look to expand the product and service we offer in a way that supports cleaner green mobility and decarbonisation. If we extend the types of assets that we fund with this account, then we will be transparent and let you know in the product documentation.

We think UK drivers are sceptical about switching to EVs because they believe the upfront cost could be higher than a petrol/diesel car* and they also have questions about the availability of charging points along their journey. The E-Volve Savings 14 Day Notice Account aims to increase the availability of finance and decrease the costs associated with green mobility so that the transition from petrol/diesel to EV is more affordable.

(* Although other costs such as fuel, maintenance, road tax and congestion charges are lower for an EV)

RCI Bank’s finance team will manage the proceeds collected on this account in a virtual ringfence to ensure daily that the funds are allocated for the stated purpose. Deposits will be managed on the existing cash management tool and tracked in a “green” database where it will be matched against a pool of loan agreements.

This process will be audited at least annually by our independent external auditors and this will be available on at least an annual basis. The reporting will be based on the Core Principles and Recommendations for Reporting’s Clean Transportation sector guidance in the ICMA Handbook June 2021.

RCI Bank worked with an independent sustainability consultant, JS Global Advisory, to design this savings account to meet the most rigorous and widely recognised standards in green finance. It is aligned with the objectives of the European Green Deal and the UK Green Finance Strategy. The UK government is in the process of developing its own rules to define which economic activities can be considered environmentally sustainable and our intention is to align the RCI Bank E-Volve Savings 14 Day Notice Account with the UK rules once this process has been completed. In the meantime, we will use the EU rules which are already established and which we anticipate will be used as a model for the UK rules as HM Government has assured in its Greening Finance paper from October 2021.   

Your eligible deposits with RCI Bank UK Limited are protected by the Financial Services Compensation Scheme (FSCS), the UK’s deposit guarantee scheme, up to a total of £120,000.

All accounts we offer are covered by the FSCS. Protection applies per customer, not per account. This means:

• Up to £120,000 is protected per person, per authorised bank
• For joint accounts, each account holder is protected up to £120,000, providing total protection of up to £240,000
• Any deposits held above this limit are unlikely to be covered.

You can find more information on the FSCS website or on our deposit guarantee page.

Our online savings accounts are a safe and convenient way to manage your finances. We use 'best practice' systems and take every step we can to protect your money. Our website is encrypted and secured. You can check the website is secure by the security certificate appearing in the navigation bar at the top or bottom corner (depending on your browser), and the http:// should be https:// to indicate a secure site. 

There are also some steps you can take to keep yourself and your account secure whilst online: You'll need to take all reasonable steps to keep your log in and security details safe. For example, don't use easily guessed details and don't write them down or save them anywhere. Always keep your details up to date, especially your address and email. You can update your details through internet banking. Specifically, your email address should be valid, current, and personal to you, and nobody else should have access. 

The security of the device you use to access your account is really important and it's your responsibility to keep it protected from attempts to gain access to your account. To prevent risk, you shouldn't access your account from a public computer or a location you don't trust. Use strong passwords, and up-to-date virus checking and firewall software. Log off when you have finished your internet banking.

Security is paramount to our services. Access to the app is via biometric touch/face login or PIN entry. Your login method is uniquely linked to the mobile app on your device. This means only your login works on your app. We regularly test, update and validate the app's security to ensure we maintain the highest level of protection. We also use recognised and independent security experts to validate the security of our app.

We are committed to protecting and respecting your privacy. Our Privacy Policy sets out how we use the personal information you have provided to us or that we have obtained about you, including who we may share your personal information with. For full details on this and your rights, please see our Privacy Policy.

Biometrics are biological measurements or physical characteristics that can be used to identify individuals, such as facial recognition or fingerprint scanning. Biometrics are available on various devices to allow you to easily log into and out of your apps and accounts. The type of biometrics available depends on your device.

If you suspect fraudulent activity or are concerned that someone else may have access to your login details, please call our team immediately on 0345 6056 050 to lock your account. If this happens outside of our business hours, you can lock your account yourself by using the wrong password three times on the log in screen.

No law enforcement, legitimate company or bank, including RCI Bank, will ever ask you to move your money to keep it safe. If someone requests that you withdraw your money, then doing this will help them succeed in their fraud. What to do? You should hang up immediately and contact us on 0345 6056 050, online banking, or through the mobile app.

Giving anyone your RCI Bank User ID and password is the same as giving them your money. Fraudsters will impersonate being a representative of law enforcement, government, or a company in order to get you to reveal your banking details, including passwords and memorable information.

What to do? If you believe you may have revealed enough information for someone to access your account, you should change your password immediately and contact us to apply extra monitoring on your account for any withdrawals.

RCI Bank will send you a confirmation letter if you have instructed us to change your linked account that you withdraw money to. Separately, we will also send you an authentication code that you enter in online banking to make this change effective. If you did not request this change, or the updated linked account information is not yours, or have any concerns, we ask that you do not enter the authentication code.

What to do? Do not enter the authentication code and contact us immediately to apply extra monitoring on your account.

Your savings matter to you and keeping it safe matters to us. If you follow these steps above they will go a long way in helping you to not fall victim to fraud.

For further information email hello@rcibank.co.uk or call us on 0345 6056 050 or visit https://www.rcibank.co.uk/support-centre/security-centre. 

Confirmation of Payee (CoP) is a service that checks whether the account name you enter matches the name registered to the account number and sort code. This helps make sure payments go to the right place and reduces fraud. The checks also work in reverse if someone is paying you, their bank can confirm your details match (if their bank offers CoP).

We complete a CoP check before a payment is made or when you add or change the UK bank or building society account linked to your savings account (sometimes referred to as your 'Linked Account'). The check confirms whether the account name you enter matches the name registered to the account number and sort code. 

We'll let you know whether or not the details match before you make the payment, so you can make an informed decision. In rare cases, if a bank keeps customer data anonymous, we may not be able to confirm a match. If that happens, we'll let you know before you make the payment.

A CoP check is completed before a payment is made or when you add or change the UK bank or building society account linked to your savings account (referred to as your 'Linked Account').

If you don't get a match, stop and double check the details you've entered. You'll be asked to amend them, or if you continue without making changes, you may need to provide proof that the account belongs to you. If the name shown doesn't match what you expect, it could be a warning sign of a scam, such as someone pretending to be someone else.

No. Using CoP will not affect how long payments take to process.

To help protect your money and follow financial regulations, all eligible customers are automatically enrolled in our CoP service. This allows us to check that the name on your account matches the details you provide, helping to keep your money safe from fraud. 

If you have special circumstances and would prefer not to use this service, that's absolutely fine we're here to help. To do this, complete the Confirmation of Payee - Opt Out/Opt Back In Form and return it to us, or call us using the number provided on the form.

Changing your UK bank or building society account linked to your savings account (sometimes referred to as your ‘Linked Account’)