RCI Bank savings rates — compare every account, plus switch offers and guides

Who they are

RCI Bank is one of the first banks in the UK savings market to be owned by a car company - the Renault Group. The parent company was founded by Renault in 1974, originally as a way of financing sales for its dealerships. RCI Bank launched in the UK in 2015, with a vision to provide a real alternative for UK savers through transparency, simple accounts and good service. In March 2019 it obtained a full UK banking licence. At that point, customer protection moved from the French FGDR scheme to the UK FSCS, and the bank employs over 300 people with a growing base of savings customers.

One thing worth knowing: RCI Bank's unique business model means it uses deposits to help drive the UK manufacture of Nissan models in the North East of England, only using money to support the sales of new and used vehicles in the UK. Whether that appeals to you or not, it is a straightforward story - your savings go into car finance, not complex financial instruments.

Savings accounts

RCI Bank keeps its range simple and online-only. The easy access Freedom Savings Account pays 3.95% AER variable and requires just £100 to open - useful if you want to keep funds accessible without a big minimum balance. For savers who can commit, the notice and fixed-rate options offer more. The 95 Day Notice Account pays 4.05% AER variable, with a £1,000 minimum. Fixed-rate deposits run from one year to five years, ranging from 4.40% to 4.75% AER, all fixed and all requiring £1,000 to open. The two-year fix currently sits at the top of that range at 4.75% AER. There is also a 2 Year Fixed Term Cash ISA at 4.60% AER for tax-free savers, again with a £1,000 minimum.

All accounts come with an enhanced FSCS protection limit. RCI Bank subscribes to the UK Financial Services Compensation Scheme, which protects up to £120,000 of customers' money - higher than the standard £85,000 limit that applies at most banks, because of the way RCI Bank's licence is structured.

Is it right for you?

RCI Bank suits savers who are comfortable managing everything online and by phone. It uses direct banking and can be contacted online, by email, by telephone or by post, with a support team available seven days a week. There are no current accounts or switching offers here - this is a pure savings proposition. If you want a wide branch network or a packaged current account, you will need to look elsewhere. But if competitive rates, a no-frills online experience and the reassurance of FSCS cover up to £120,000 sound right for you, RCI Bank is worth a serious look.

Rates move over time, so check the live figures shown on this page for the most up-to-date picture before you decide.