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 £85,000 per depositor.

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.

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.

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.

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.

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.

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.

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.

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 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.

The Sort Code and Account Number to use when making a payment to RCI Bank UK is 40-02-50 / 81359894 (this may show up as HSBC - don't panic, they help us to process payments to and from other banks). The Payee/Beneficiary should be RCI Bank. If your bank asks whether the Payee is an individual account or a business account, please select the option for business account.

Please remember to quote your payment reference number on all payments. If your payment reference is missing or inaccurate, we’ll need to send the money back to your linked account. Your account payment reference can be found within your account summary when logged into online banking or through our mobile banking app. Example of a payment reference EBK0000000SMI. If you have not yet received your account payment reference can also quote your 9-digit application reference number that starts with a 9.

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'.

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.

Christmas Eve and New Years Eve Deposits: If we receive your deposit before 11am, 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 11am you’ll see the funds in your RCI Bank account by the end of the next business 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.

Christmas Eve and New Years Eve Withdrawals: Any money you withdraw before 11am on Christmas Eve or New Years Eve will be in your linked account the next business day. If you make a withdrawal after 11am on Christmas Eve or New Years Eve, it will take an extra business day to reach your 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.

 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.

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.

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.

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.

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. If it is a new Fixed Term or Notice account, you also choose an existing Freedom Account to fund those accounts   

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 at account opening), your personal password and characters of your memorable data.

If you experience any problems when logging in, the team will be more than happy to help and can be contacted by calling 0345 6056 050.

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.

If you’ve forgotten your password, please go to the online banking log in screen and click on the link ‘I’ve forgotten my password’ 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 6056 050.

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.

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'.

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.

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

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.

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.

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’. 

If the Power of Attorney document requires attorneys to act ‘Jointly’, please contact us on 0345 6056050 for further information.

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.

Important information about your interest payment - your interest earned will take three business days to clear into your chosen account 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, you can transfer the maturing funds into a Freedom Savings account and then you can withdraw your funds back to your linked account.

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 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 within 3 days
7. If you don't want to reinvest, we'll simply put your money into a Freedom Savings Account at maturity for you to withdraw to your nominated account

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.

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

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.

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.

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.

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.

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.  

Please visit our careers page for our latest recruitment opportunities.

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

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

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.  

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

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.

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 or read our app FAQs by selecting one of the following options in the dropdown above:

• App set up and registration
• App compatibility and updates
• App security and passwords
• Managing your RCI app and password
• Operating the RCI App

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 

The RCI Bank app is available to download on the App Store (for iOS devices) and Google Play (for Android devices).

Yes, the RCI Bank is free to use. However, data charges may apply.

1. Open the App and confirm that you’re an existing customer; or open a new account if you are not an existing customer by visiting our website.

2. Enter your online RCI Bank username and password;

3. Provide the requested characters from your security question;

4. Create and confirm your 6-digit app PIN;

5. Enable Touch ID, PIN or facial recognition (if supported on your device);

6. Review and agree to the Terms & Conditions;

7. You can then access the app and view your savings account(s).

The RCI Bank app is only available to existing customers who hold a savings account with us. You must be 18 years and older to have an account and download the app.

The app is available on Apple iPhones and iPads running iOS 11 (or above) or smartphones and tablets operating Android version 7 (or above).

To find out which mobile operating system your smartphone is running, please follow the instructions below (this may differ slightly from device to device, depending on the version you’re running):

• Apple iPhone: Select settings > ‘General About Version (iPhone)’ or ‘Settings About Phone Software’ information
• Android: Select ‘Settings About Phone Software’ information

Please note: The app will not work on older devices that are unable to upgrade to these operating systems.

The app may be downloaded and used on Apple iPads running iOS 11 (or above) and Android tablets Version 7.1 (or above). However, it will be an up-scaled version of the mobile app.

To enlarge the screen on an Apple iPad, open the app and tap on the icon in the bottom right hand corner.

The app will automatically enlarge to fill the screen on an Android tablet.

No. For security reasons, only one registered customer can access the app on a single device.

If you’re upgrading your device, you will need to re-register via the app once you’ve downloaded it from the app store onto your new device.

We do not currently offer this feature, but this may change over time as we develop the app further and release more features and updates.

To continue to use the app, you’ll need to use the latest version of the app. You can update the RCI Bank app on the App Store or Google Play if an update is available. Click on the RCI Bank app within the App store or Google Play and select ‘update’. Find out more information on keeping your apps up to date on the App Store and Google Play.

We are continually adding new features and improvements to the app and we will deliver these to you via app updates. To ensure that you have the best experience when using our app, you will need to use the latest version of the app, available from the relevant app store.

If you can’t find the latest version of the app within the relevant app store, this means your mobile device will not allow the latest version to be downloaded. However, you can continue to access your account via the RCI Bank website.

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.

It is important that only you know your account password. If you suspect that someone else knows your password, you should change it as soon as possible. You can’t change your account password via the app; however, you can change your password by logging in to your online account. If you require any assistance, please contact our Customer Services team. . Our number is 0345 6056 050 and we are open Monday-Thursday 8am-8pm, Friday 8am-6:30pm, Saturday 9am-5pm and Sunday 10am-4pm.

Please contact us directly via telephone as soon as possible by calling 0345 6056 050. We are open Monday-Thursday 8am-8pm, Friday 8am-6:30pm, Saturday 9am-5pm and Sunday 10am-4pm.

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.

You can’t change your account password via the app; however, you can change your password by logging in to your online account. If you require any assistance, please contact our Customer Services team. - our number is 0345 6056 050 and we are open Monday-Thursday 8am-8pm, Friday 8am-6:30pm, Saturday 9am-5pm and Sunday 10am-4pm.

You will need to call us to reset your account. Our number is 0345 6056 050 and we are open Monday-Thursday 8am-8pm, Friday 8am-6:30pm, Saturday 9am-5pm and Sunday 10am-4pm.

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 then selecting ‘Change PIN’.

Once logged into the app, your savings account balances will display on the main Account Summary screen.

Setting up savings goals isn’t something you’re able to do at the moment within the app. However, we’re developing future functionality to support this and other features which we hope to release in the near future.

You can click on any of your accounts to display a list of transactions and details.

No. However, you can scroll through your transactions and view further details on each item displayed. This may change over time as we develop the app further and release more features and updates.

Setting up and cancelling future payments isn’t something you’re able to do at the moment within the app. However, we’re developing future functionality to support this and other features which we hope to release in the near future.

Updating personal details such as address, email and contact number is something you’re able to do within the app. You can do this by going to settings > personal details.

However, details such as your name, please contact us by phone to discuss this further. You can contact us on 0345 6056 050 and we are open Monday-Thursday 8am-8pm, Friday 8am-6:30pm, Saturday 9am-5pm and Sunday 10am-4pm.

Managing your nominated account isn’t something you’re able to do at the moment within the app. However, we’re developing future functionality to support this and other features which we hope to release in the near future.

Adding or removing account holders isn’t something you’re able to do at the moment within the app. However, we’re developing future functionality to support this and other features which we hope to release in the near future.

You can contact us via the FAQ & Help section within the app or via secure message through your online account on the RCI Bank website. You can also call us on 0345 6056 050. We’re open Monday-Thursday 8am-8pm, Friday 8am-6:30pm, Saturday 9am-5pm and Sunday 10am-4pm.

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

Our app has been designed and developed to support large text user preference settings.

Secure messaging isn’t currently supported within the app. However, we’re developing future functionality to support this and other features which we hope to release in the near future.

Online chat and video chat are not currently supported within the app. However, we’re developing future functionality to support this and other features, which we hope to release in the near future.

At this time only our Freedom Savings Accounts can be closed via the App, you can do this by requesting a withdrawal of your full balance. Subject to the terms of your account, if allowed, closure of other account types can be done online via the RCI Bank website.

Yes, you can transfer money from your savings account to your linked account by using the ‘Transfer’ button within the app.

There is a paying-in wizard included in the app. Click on the ‘Pay In’ button and follow the instructions.

Yes, you can transfer money to any online account held with us, where the terms of the account allow this. Select the account from the list of accounts held within the ‘Transfer’ option.

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.   

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 through the usual number, 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 (“nominated”) 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.

Thank you for choosing RCI Bank. If you have any questions, we’d love to hear from you. Please email hello@rcibank.co.uk or call us on 0345 6056 050.

Please e-mail hello@rcibank.co.uk or call us on 0345 6056 050