RCI bank

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Hazelcroft
Hazelcroft Posts: 2 Newbie
in Budgeting & bank accounts
Has anyone had any dealings with this bank? It's owned by Renault I believe, but seems to offer a good deal in interest with no fees, minimum input per month etc.
Thanks for any information
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  • Stevie_Palimo
    Stevie_Palimo Posts: 3,306 Forumite
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    it is only 1.1% on savings and better interest to be had with various other products on the market.
  • Hazelcroft
    Hazelcroft Posts: 2 Newbie
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    Yes, but it seems to be on balance up to £1m (not that I have that much !!!) rather than just up to say £3000 or so which many banks offer. Is there another bank that could better this?
    Many Thanks
  • Stevie_Palimo
    Stevie_Palimo Posts: 3,306 Forumite
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    Hazelcroft wrote: »
    Yes, but it seems to be on balance up to £1m (not that I have that much !!!) rather than just up to say £3000 or so which many banks offer. Is there another bank that could better this?
    Many Thanks

    Have a search through the forum there is pages listed which should be under savings and investments I believe, I do save money but not really in the main stream banks as I want it to work and gain a better return but this comes with risks.
  • soulsaver
    soulsaver Posts: 5,997 Forumite
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    edited 23 February 2017 at 1:09PM
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    Hazelcroft wrote: »
    Has anyone had any dealings with this bank? It's owned by Renault I believe, but seems to offer a good deal in interest with no fees, minimum input per month etc.
    Thanks for any information
    Yes - withdrawals take a couple of days in my experience, but other than that seem fine, covered by the European protection scheme to €100k rather than UK FSCS if that makes any difference to you.

    If you've used up all the high interest current acs then this is the best easy access interest rate that's left for significant sums.

    Way better than locking your money up for a year for next-to-nothing more.
    Top Easy Access acs Ranked by rate: Top of The Pots - **No Chat** — MoneySavingExpert Forum
  • System
    System Posts: 178,097 Community Admin
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    They are basically the banking part of Renault/Nissan.

    You can only transact with a single current account (in/out) and they use the French deposit protection scheme.

    Otherwise, nothing of note.
  • glider3560
    glider3560 Posts: 4,115 Forumite
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    My only gripe is that money must be transferred in from your nominated account. If you transfer it from anywhere else, they'll return the payment.

    Annoyingly, some banks (e.g. Metro Bank) send from a centralised account so RCI Bank won't accept payments from there. So I had to nominate an account at another bank.

    Otherwise they seem fine. Staff are friendly and respond to emails quickly.
  • colsten
    colsten Posts: 17,597 Forumite
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    No FSCS protection for RCI Bank.

    Why would you risk your money in a non-FSCS-protected account? As a big europhile, I would never.
  • PeacefulWaters
    PeacefulWaters Posts: 8,495 Forumite
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    colsten wrote: »
    No FSCS protection for RCI Bank.

    Why would you risk your money in a non-FSCS-protected account? As a big europhile, I would never.
    What's wrong with the French deposit protection scheme?
  • bigadaj
    bigadaj Posts: 11,531 Forumite
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    PeacefulWaters wrote: »
    What's wrong with the French deposit protection scheme?

    Marine le pen?
  • badger09
    badger09 Posts: 11,238 Forumite
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    PeacefulWaters wrote: »
    What's wrong with the French deposit protection scheme?

    It could be as good as the Icelandic deposit protection scheme was:(
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