Top easy access account on offer from Renault-owned challenger bank.
RCI Banque, the Renault Group's finance company, has launched RCI Bank in the UK.
The new bank has debuted with a market-leading easy access savings deal, the Freedom Savings Account, which offers a return of 1.50% AER. There are no penalties, notice periods, tiered rates, gimmicks or small print. All you need is a minimum £100 deposit.
The new bank said it plans to launch a suite of additional savings products later this year.
RCI Banque
RCI Banque has offered car finance with Renault, Nissan, Dacia and Infiniti in the UK over the last 20 years.
[SPOTLIGHT]The move into offering savings accounts via RCI Bank follows similar moves in France, Germany and Austria in recent years.
A word of warning, though: as RCI is authorised and regulated by the French regulators, it’s not covered by the Financial Services Compensation Scheme (FSCS) which will cover your first £85,000 of savings should the bank go bust. Instead, you’re covered by the French Deposit Guarantee Scheme which protects up to €100,000 (around £73,000) of your money.
Easy access best buys
There are two types of easy access account: those with and those without an initial bonus rate. A bonus will bump up your rate of interest, typically for around 12 months, before the rate comes crashing back down again. Chances are you'll then need to find a new home for your cash.
Let's start by looking at how the no-bonus best buy table looks now that RCI is on the scene:
|
Account |
Interest rate (gross AER) |
Minimum deposit |
Access |
|
RCI Bank Freedom Savings Bank |
1.50% |
£100 |
Online |
|
Kent Reliance Branch Easy Access Savings |
1.45% |
£1,000 |
Branch |
|
The West Brom Limited Access Saver |
1.40% |
£1 |
Branch |
|
GE Saver |
1.30% |
£500 |
Online |
|
NS&I Income Bonds |
1.26% |
£500 |
Online, post, phone |
As you can see RCI stands alone at the top of the table, offering 0.05% more than Kent Reliance, and with a smaller opening balance requirement too.
Now, what about easy access accounts that come with an initial bonus rate? How do they measure up against RCI Bank?
|
Account |
Interest rate (gross AER) |
Minimum deposit |
Access |
|
BM Savings Online Extra |
1.50% (includes 1% bonus for first 12 months) |
£1,000 |
Online |
|
Tesco Bank Internet Saver |
1.35% (includes 0.60% bonus for first 12 months) |
£1 |
Online |
|
Saga Telephone Saver* |
1.35% (includes 0.85% bonus for first 12 months) |
£1,000 |
Online, phone |
|
AA Internet Extra |
1.25% (includes 0.75% bonus for first 12 months) |
£1,000 |
Online |
|
Post Office Online Saver |
1.20%(includes 0.55% bonus for first 12 months) |
£1 |
Online |
*Available to savers aged 50 or over
So BM Savings offers the same rate as RCI Bank, though it comes with a one-year bonus and also a higher minimum opening deposit. As a result, if you do go for the BM Savings account, make sure you note when the bonus comes to an end so that you can move your money to a new home.
Take a look at more top savings accounts with loveMONEY