RCI Banque, Renault Group’s dedicated finance company, has launched 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, who provides finance for Renault and Nissan, becomes the only car finance company currently active in the UK savings market.
'Best Buy' easy access Freedom Savings Account
RCI Bank entered the savings market today 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.
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.”
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.
Savers are protected under the French guarantee scheme, FGDR, up to the value of €100,000.
For further information visit the RCI Bank website at www.rcibank.co.uk
Call Bev Aujla or Lisa Elliott at the RCI Bank press office on 0207 294 3683 / 79
Notes to editors
Freedom Savings Account
- The Freedom Savings Account from RCI Bank is available to UK residents aged 18 and over and pays interest at 1.50% AER variable gross on balances between £100 and £1m. It’s an easy access account offering unlimited withdrawals and payments and is free from penalties, fees and bonus periods. Interest can be paid monthly or annually. And, with 7 day UK telephone support, it makes saving simple. Apply online at rcibank.co.uk.
About RCI Bank
- RCI Bank is a branch of RCI Banque. Created by Renault, RCI Banque is a French banking group specialising in financial services for customers and dealers of the Renault group (Renault, Dacia, Renault Samsung Motors) in the world and of the Nissan group (Nissan, Infiniti) mostly in Europe and South America.
- RCI Banque operates in 36 countries where it finances more than 1.2 million cars a year with an average portfolio of €25.4 billion at the end of 2014, and a net profit of €674 million.
- RCI Banque holds more than €6.5 billion customers deposits until today in 3 countries France, Germany and Austria.
- RCI Banque operates in the UK with two entities RCI Financial Services Ltd, established in 1997 for its car financing business, with a loan portfolio above £2 billion; and RCI Bank for its new online savings business.
- RCI Bank UK is registered in England and Wales FC032387. RCI Bank UK, Egale House, St Albans Road, Hertfordshire, WD17 1AF. Authorised and regulated by the Autorité de Controle Prudentiel et de Résolution and subject to limited regulation by the Financial Conduct Authority and the Prudential Regulation Authority. More at rcibank.co.uk/regulators.
About the Renault Group
- The Renault Group has been building vehicles since 1898. Today it is an international, multi-brand group that sold more than 2.7 million vehicles in 125 countries in 2014. It employs more than 117,000 people and has 36 industrial sites, where it manufactures cars, LCVs and powertrains.
Renault Group in the UK
- The Renault Group has been present in the UK since 1902. Today, it is responsible for the marketing and sales of Renault cars, Renault light commercial vehicles, Dacia cars and parts. It employs 135 people at its head office in Rickmansworth and operates through a network of 135 dealerships across the UK. In 2014, it sold over 108,000 cars and vans achieving a 3.9% share of the UK market, a volume increase of 42% over 2013.