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FAQ image
Frequently asked questions

Any questions?

We've put together this handy page to help.
Of course, you can always get in touch 7 days a week.

Any questions?

We've put together this handy page to help.
Of course, you can always get in touch 7 days a week.

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WHY SHOULD I CHOOSE RCI?
OPENING AND CLOSING YOUR ACCOUNT
DEPOSITS AND WITHDRAWALS
MANAGING YOUR ACCOUNT AND PASSWORD
FIXED TERM MATURITY
SECURITY AND REGULATORS
INTEREST RATES AND CHANGES
GENERAL
WHY SHOULD I CHOOSE RCI?
Why should I choose RCI Bank as my online savings bank?

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

Is RCI Bank a UK bank and are my deposits protected?

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 £85,000 per depositor.

OPENING AND CLOSING YOUR ACCOUNT
Am I eligible?

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.

What if I change my mind or want to close my account?

Freedom Savings account: This account can be closed at any time when logged into online banking and selecting ‘Close account’ from the Account summary section. You can also close your account by making a withdrawal for your total account balance.

Fixed Term account: You are provided with a 14 day* cooling off period. If you change your mind, the account can be closed within the first 14 days from application. After this period, no withdrawals or account closures will be allowed until the product matures. 

Notice account: You are provided with a 14 day* cooling off period. If you change your mind, the account can be closed within the first 14 days from application. Notice accounts can also be closed subject to the minimum notice period as detailed within your product terms.

*In order to close a Fixed Term or Notice account within the cooling off period, the request must be made in writing by the end of the 14th day from application. We can pay your closing balance into another RCI Bank account (if the terms allow) or into your linked account.

What identification documents do I need?

As a responsible bank, it’s important for us to know who our customers are. Our application process is online, and we’ll normally be able to verify your details automatically by using credit reference and voters roll information. If we are unable to verify you automatically, you’ll need to send supporting evidence by post. If supporting documentation is required, we’ll let you know at the end of the application process.

Do you accept applications by post or telephone?

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. The team can be reached by calling 0345 6056 050.

All other applications must be made online.

Are there any account charges?

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

We provide an optional CHAPS electronic payment service for customers who require quicker access to their funds. If this is a service you would like to use, please contact our customer services team on 0345 6056 050. We currently charge a £15 fee for each CHAPS transaction processed which is non-refundable.

Can I open a joint account?

Yes, at the start of your online application you will have the option to choose from opening a "sole account" or "joint account". To open a joint account please select the joint account option.

If you have a sole account and wish to add a second account holder, this can be done, subject to account Terms and Conditions. Please contact our customer services team on 0345 6056 050 or email hello@rcibank.co.uk, who will be more than happy to help you through the process.

Do you allow businesses or intermediaries to open accounts?

Our accounts (and their terms) only allow for personal individual customers to apply and 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.

What happens if I have a Power of Attorney?

If you would like to add a Power of Attorney to an existing account or open a new account as a Power of Attorney, please contact one of the team on 0345 6056 050 who will be more than happy to assist.

DEPOSITS AND WITHDRAWALS
How do I make deposits?

You make deposits from your linked account using one-off electronic payments or regular standing orders, as well as from existing RCI Bank accounts in your name. Cheques can only be used to make the first payment into a new account. We do not accept debit or credit card payments.

Make your payment using the details we provided at account opening, including the unique 9- or 13-digit payment reference number we provided at account opening. Please include the payment reference so we know it's you. If your payment reference is missing or inaccurate, we’ll send the money back to your linked account

How do I make a withdrawal?

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

What are your payment timelines?

Deposit timelines: If we receive your deposit before 1pm, you’ll be able to see the funds in your RCI Bank account by the end of the day. If we receive your deposit after 1pm you’ll see the funds in your RCI Bank account by the end of the following day – but you'll start earning interest from the day we receive your payment. You’ll receive a text from us when we receive your deposit.

Withdrawal timelines: Any money you withdraw before 2pm on a business day will be in your linked account the following business day. If you make a withdrawal after 2pm on a business day, it will take an extra business day to reach your linked account.

Withdrawals are only processed on business days, this means any withdrawals made between 2pm on a Friday and 1:59pm on a Monday (excluding bank holidays), will not credit your linked account until 5pm on the Tuesday.

What is a linked account?

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.

Why can’t I have more than one linked account?

 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.

When is my RCI Bank account ready to use?

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. 

I have been provided with an application reference and account number. Which one shall I use when making a deposit?

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.

Can I close my account?

If you have a Freedom Savings Account you can close your account at any time in writing. You can do this through secure message (when logged into internet banking), by email (using the same email that we hold on record for you) or by post.

What happens if I make a deposit from an account which isn't my linked 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.

Can I make deposits by cheque?

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, reference number" (e.g. 'RCI Bank re 987654321, MR A SMITH').

Having issues with your Handelsbanken, Coutts, Metro Bank, Leeds Building Society or Coventry Building Society linked accoun

In our experience these providers don't allow electronic payments to be made to the same account details that a withdrawal is made from. It’s likely you'll need to contact them to get their advice on which sort code and account numbers to use to be able to make and receive payments to and from your RCI Bank account.

Can I pay more than the maximum account balance?

Our maximum account balance is £1 million. To deposit more than this, please get in touch with our team on 0345 605 6050.

When I deposit my money, my bank statements show HSBC. Why?

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. At account opening we would have provided you with a unique payment reference number. You must use this reference when making payments as this is how we transfer payments to and from the correct accounts.

MANAGING YOUR ACCOUNT AND PASSWORD
How do I log in to online banking?

You can access the online banking by clicking the blue “Log In” button at the top right corner of our website www.ricbank.co.uk. You will need your User ID which you received with your welcome letter, your personal password and characters of your memorable data.

If you have problems logging in, call our team on 0345 6050 050.

Where can I find my user ID?

Your User ID will be sent to you in the post within a couple of days of your account opening. If you've misplaced this, you will need to contact our customer services team on 0345 6050 050 and we'll resend it. Once logged into online banking, you can personalise you User ID by selecting the “My Details” tab at the top of the page.

How do I reset my password or memorable details?

If you’ve forgotten your password, please go to the online banking log in screen and click on the link ‘I’ve forgotten my access details’ and follow the online prompt. If you enter your password incorrectly three times, your account will be locked. If this happens you will need to contact a member of our customer services team on 0345 6050 050.

How do I update my account details?

You can update your personal details, password, linked account information and communication preferences by logging into online banking and selecting the “My Details” tab at the top of the page.

Where can I find my account and tax statements?

You can view your monthly statement when logged into online banking. Select “monthly statement” form the dropdown menu of your chosen account.

You can print your interest statements and 975 tax statements. Just log into online banking, choose the account you want the statement for and go to 'View interest'.

What should I do if I suspect fraudulent activity on my RCI Bank account?

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.

What is your postal address?

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 ‘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 866

WALLSEND

NE28 5BQ

What happens if I have a Power of Attorney?

If you would like to add a Power of Attorney to an existing account or open a new account as a Power of Attorney, please contact one of the team on 0345 6056 050 who will be more than happy to assist.

A customer has passed away. What do I do?

If a customer has passed away, please get in touch with a member of the team by calling 0345 6056 050. We will then be able to talk you through the process and explain what documentation we would need.

FIXED TERM MATURITY
What happens when my RCI Bank Fixed Term account matures?

We will email you 14 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.

Alternatively, if you don’t want to re-invest and need to withdraw your funds to your linked account, you can transfer the maturing funds into a Freedom Savings account and then you can withdraw your funds back to your linked account.

SECURITY AND REGULATORS
How secure is your site?

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.
How is my money guaranteed?

Your eligible deposits with RCI Bank UK Limited are protected up to a total of £85,000 by the Financial Services Compensation Scheme (FSCS), the UK's deposit guarantee scheme. Any deposits you hold above the limit are unlikely to be covered.
All the accounts we offer are covered by the FSCS, protecting the first £85,000 per customer. The protection covers each customer. not each account. For joint accounts, each customer is protected up to £85,000, so up to £170,000 between them.

More information can be found on the FCSC website and on our deposit guarantee page

How is RCI Bank regulated?

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.

INTEREST RATES AND CHANGES
What variable and non-variable interest rate products do you offer?

Our Freedom Savings account is an account where the interest rate is variable, meaning the interest rate can increase or decrease. You can withdraw your funds whenever you want without any notice;

Our Notice account is an account where the interest rate is variable, meaning  the interest rate can increase or decrease. Withdrawals and account closure requests are subject to a minimum notice period.

Our Fixed Rate account is an account where interest is paid at a fixed rate for all or part of the term.

 

How is interest paid?

Interest can be paid either monthly or annually. You will be able to choose your preference when opening the account.

The interest rate works out the same whether you have your interest paid monthly or annually if compounded on an annual basis and is paid without tax deducted.

 

I have opened an account and the interest rate has changed why?

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.

GENERAL
Are you recruiting?

Please visit our careers page for our latest recruitment opportunities.

Where are you based in the UK?

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

I have a car loan with RCI Financial Services, are you able to help me with a query?

Our sister company, RCI Financial Services, has a dedicated team and can be contacted directly on 0333 009 0233.

Are RCI Bank UK and RCI Financial Services Limited the same company?

RCI Bank UK and RCI Financial Services Limited are two separate companies. However, they are part of the RCI Group of companies whose intermediate parent company is RCI Banque SA trading as “RCI Bank and 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 and fixed term savings accounts.

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

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

 

Do you have a number I can contact you on if I'm abroad?

Yes, if you're overseas you can contact us on +44 (0) 191 2957 775.

I tried calling 0345 6056 050 but can't get through, do you have another number I can get in touch?

In the unlikely event that we have an issue with our phone line, you can call us directly on our local Newcastle number: 0191 2957 775.

Does RCI have an app for existing customers?

We are working on developing an app and this should be released later this year. Keep connected to our Facebook page and Twitter pages for further updates on this!

How else can I contact you if I am unable to get through via phone?

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.com