Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@. Skimlinks & other affiliated links are turned on

Search
Page 1
    • Uxb
    • By Uxb 6th Oct 17, 6:24 PM
    • 981 Posts
    • 1,048 Thanks
    Uxb
    • #2
    • 6th Oct 17, 6:24 PM
    • #2
    • 6th Oct 17, 6:24 PM
    Note that it is not protected by the UK's FSCS.
    It is instead protected by the French equivalent one - though I wish you good luck with getting any money out of them as a UK resident in the event of a major issue/collapse.
    • Hattie625
    • By Hattie625 6th Oct 17, 6:51 PM
    • 624 Posts
    • 491 Thanks
    Hattie625
    • #3
    • 6th Oct 17, 6:51 PM
    • #3
    • 6th Oct 17, 6:51 PM
    I'll stick with Ulster Bank E Savings at 1.25% as I'm all set up. Not inclined to abandon it for an extra 0,05% after all the hard work in setting it up
    • Malchester
    • By Malchester 6th Oct 17, 8:58 PM
    • 54 Posts
    • 28 Thanks
    Malchester
    • #4
    • 6th Oct 17, 8:58 PM
    • #4
    • 6th Oct 17, 8:58 PM
    Also remember RCI is not instant access but easy access - the money is not transferred by faster payments but takes a day or so to get to nominated account. I did not realise this so moved the money to a faster payment instant access account (Tesco Internet Saver) but watch out for sneaky increases to interest rates which are only applied to new accounts unless you open a new account and transfer. When I complained the customer advisor said they did not auto transfer existing customers as some did not want the higher rate!!!!!!
    • TheChoralFiend
    • By TheChoralFiend 2nd Nov 17, 9:46 PM
    • 8 Posts
    • 4 Thanks
    TheChoralFiend
    • #5
    • 2nd Nov 17, 9:46 PM
    Unfair to RCI
    • #5
    • 2nd Nov 17, 9:46 PM
    I think that MSE (and this post) is a bit unfair with RCI. Why would a French Bank (owned by Renault - which means virtually state owned) be lax in paying out to UK customers? How could it get away with that? My own view is that my money is as safe there as anywhere. They've always offered good rates with no hoops to jump through or miserly savings limits etc. I just wonder what the basis is of those who say 'you'll struggle to get your money etc.' Is there a factual basis, or is it just that 'We don't trust Johnny foreigner?'
    • ctdctd
    • By ctdctd 2nd Nov 17, 10:45 PM
    • 853 Posts
    • 672 Thanks
    ctdctd
    • #6
    • 2nd Nov 17, 10:45 PM
    • #6
    • 2nd Nov 17, 10:45 PM
    I've had this account for a while and am very pleased with the service. Interest rate changes have been applied to existing accounts to keep them at or near market leading - no need to faff about with different issues.
    Easy access is fine for me.

    My feeling is that my cash with RCI would be at least as safe as it was when ING collapsed and I didn't lose anything then.
    Do Money Saving sites make you buy more bargains - and spend more money?
    • Malchester
    • By Malchester 3rd Nov 17, 6:40 AM
    • 54 Posts
    • 28 Thanks
    Malchester
    • #7
    • 3rd Nov 17, 6:40 AM
    • #7
    • 3rd Nov 17, 6:40 AM
    No probs with RCI at all. I only closed my account when I realised it did not meet my needs for instant access by faster payments. If they had faster payments I would have stayed with them. I think the issue re the French protection scheme is a non-issue tbh. Now with Tesco internet saver, instant access but slightly lower rate.
    • colsten
    • By colsten 3rd Nov 17, 8:15 AM
    • 8,811 Posts
    • 7,497 Thanks
    colsten
    • #8
    • 3rd Nov 17, 8:15 AM
    • #8
    • 3rd Nov 17, 8:15 AM
    I think that MSE (and this post) is a bit unfair with RCI. Why would a French Bank (owned by Renault - which means virtually state owned) be lax in paying out to UK customers? How could it get away with that? My own view is that my money is as safe there as anywhere. They've always offered good rates with no hoops to jump through or miserly savings limits etc. I just wonder what the basis is of those who say 'you'll struggle to get your money etc.' Is there a factual basis, or is it just that 'We don't trust Johnny foreigner?'
    Originally posted by TheChoralFiend
    What is unfair about telling people all the facts about an account?

    Some of us remember the anxiety people experienced when the Icelandic banks collapsed. Some of us have first hand experience with getting money out of FSCS protected accounts. Making flippant remarks from a theoretical position of safety and security is less than helpful.

    Fact is that if anything went wrong with RCI, there is no recourse through a UK Court for the savers.

    None of this has anything to do with xenophobia - it merely states facts so people can decide for themselves whether they find the risks acceptable. As for myself, a huge francophile and europhile, I wouldn't put a penny into RCI for a mere 0.05% interest rate advantage
    • Uxb
    • By Uxb 3rd Nov 17, 8:16 AM
    • 981 Posts
    • 1,048 Thanks
    Uxb
    • #9
    • 3rd Nov 17, 8:16 AM
    • #9
    • 3rd Nov 17, 8:16 AM
    I think the issue re the French protection scheme is a non-issue tbh.
    Originally posted by Malchester
    We had exactly the same comments prior to the ICESAVE collapse in 2007. Assurances that it was all OK, it really was not an issue and the Iceland government would pay up...in fact of course when it came to that day the Iceland Government simply said to its foreign savers - "no we are not paying".

    In practice though there is plenty a foreign government could do to make it very difficult for its UK savers to get a payout - while not actually cutting off all payments.
    For a start they could require all the forms and documents were to be filled in in their language and not English, and you would have to write off in that language to obtain them by post in the first place.
    Then they could have great fun time wasting over re-verifying ID for authentication purposes of course(yeah right!)
    They could for example require that your ID is verified by one of their own government authorised notaries -which would require a physical visit to the country.

    If you doubt any of this look up how the French have been for a decade or so frustrating UK qualified ski instructors from instructing in France by not recognizing their qualifications - only French qualifications were apparently acceptable. In 2016 a court finally ruled that UK ski qualifications were acceptable.
    I've also had experience of this deliberate obstructionism in another sector in my business dealings with the country.
    How would you like to wait a decade for your payout?
    Last edited by Uxb; 03-11-2017 at 8:21 AM.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

227Posts Today

1,265Users online

Martin's Twitter
  • I realised I forgot in my links earlier. 1. Help to Buy ISAs, how they work and best buys...? https://t.co/BSCNPeqiVF

  • RT @whatdawndid: Thanks to uncle @MartinSLewis I just received £200 back, just like that from the student loan company! Turns out that the?

  • RT @LaraLewington: Shocked and saddened by Cheggers news. Working with him on It?s A Knockout was my 1st job in telly when I was just 19. H?

  • Follow Martin