RCI Bank 1.5% Instant Access Savings Account

Jim431

New one for me, ticks all the right boxes.

https://www.rcibank.co.uk/

Anyone got experience with this Renault (cars) owned bank ?

ColdIron

Not covered by the UK Financial Services Compensation Scheme although it is covered by the French deposit guarantee scheme so in the event of them not meeting their obligations you would be dealing with France

Also they state they are only subject to limited regulation by the Financial Conduct Authority and the Prudential Regulation Authority

Up to you

darren72

As ColdIron says it isn't protected by the FSCS so in my opinion not worth the risk.

colsten

darren72 wrote: »

As ColdIron says it is protected by the FSCS so in my opinion not worth the risk.

You got a "not" missing?

colsten

After my experience with Icesave, I wouldn't ever touch a non-FSCS protected outfit ever again. It's difficult enough get the FSCS protection work for you (as many of us have learnt quite recently) on oddball providers and I would dread having to deal with the french protection scheme if the worst came to the worst.

When Icesave collapsed, the UK government generously rescued all private savers as there were so many of them. I can't see a similar thing happen ever again, not least because by now people should be wiser and know about the protection issues.

colsten

OP, have you read this: http://www.moneysavingexpert.com/savings/safe-savings

Jim431

Thanks everyone. The guarantee scheme compensation procedure looks ok - but can you trust em to follow it when it all goes wrong !

Could France become another Iceland

http://www.garantiedesdepots.fr/en/compensation-procedure
https://www.rcibank.co.uk/security/guarantee-scheme

colsten

Jim431 wrote: »

Thanks everyone. The guarantee scheme compensation procedure looks ok - but can you trust em to follow it when it all goes wrong !

I don't think it looks ok at all as it would be a massive PITA to claim from a foreign compensation scheme, and there is exactly zero guarantee that the foreign scheme will pay you even a penny.

The Icelandic scheme was pretty much like the scheme that applies to RCI. When the icelandic banks collapsed, the Iceland Government announced that their banks' protection scheme did not apply to non-icelandic citizens. Only a non-standard response from the UK government at the time rescued savers back then. I don't think there is any reason to believe that any UK government would ever respond like this again. I.e. you are left to your own devices, and rightly so, as you have been given all the warnings that can possibly be given,

Have you been affected by the collapse of a non-FSCS-protected outfit? Have you been affected by the collapse of an FSCS-protected outfit? I have practical experience of both. In that experience, getting your money through FSCS is hard enough and by no means guaranteed when you need it, and getting our money through a non-UK scheme could be simply impossible.

Can't believe that anyone would ever want to promote a non-FSCS-protected 1.5% instant access savings account, but I suppose it takes all sorts.

Anthorn

RCI Bank need to get it together better than they have done so far: I signed up successfully but the reference number used to identify my account when paying by bank transfer was different according to which advice I was reading. If we count numbers, letters and spaces I received three different references. The first was online and the second was in email. The third was in a letter and the number in this was completely different to the previous two.

In the welcome pack I was also treated to a credit card sized something or other on which I can write my User ID and a key fob both made from two layers of paper. I'll be surprised if these last longer than a day.

So in my own personal experience RCI Bank need to get their act together instead of looking like a bunch of amateurs playing at banking!

Oh yes, I paid money in but only the initial compulsory £100. I'll wait for further experience before I pay in any more than that.

Anthorn

colsten wrote: »

I don't think it looks ok at all as it would be a massive PITA to claim from a foreign compensation scheme, and there is exactly zero guarantee that the foreign scheme will pay you even a penny.

The Icelandic scheme was pretty much like the scheme that applies to RCI. When the icelandic banks collapsed, the Iceland Government announced that their banks' protection scheme did not apply to non-icelandic citizens. Only a non-standard response from the UK government at the time rescued savers back then. I don't think there is any reason to believe that any UK government would ever respond like this again. I.e. you are left to your own devices, and rightly so, as you have been given all the warnings that can possibly be given,

Have you been affected by the collapse of a non-FSCS-protected outfit? Have you been affected by the collapse of an FSCS-protected outfit? I have practical experience of both. In that experience, getting your money through FSCS is hard enough and by no means guaranteed when you need it, and getting our money through a non-UK scheme could be simply impossible.

Can't believe that anyone would ever want to promote a non-FSCS-protected 1.5% instant access savings account, but I suppose it takes all sorts.

Who is to say that U.K. won't become another Iceland or any E.U. country for that matter with Grexit imminent? But of course by your reckoning we should only have our money in U.K. banks protected by FSCS. Well of course, that lets out off-shore accounts and foreign banks such as Dutch bank ING Direct which had rather a lot of depositors in U.K.and was eventually taken over by Barclays.


Then there is the FSCS only protecting each account holder and not per bank and only per banking group. So if you had an account at different banks within the same banking group that £85000 is shared across all of them.


And perhaps we should only invest in shares in U.K. companies quoted on the LSE and forget foreign shares.


The fact is that RCI Banque and it's subsidiaries such as RCI Bank Uk have their depositors protected up to 100000 Euros and that is supported and underwritten by the French government!


Your argument is therefore pretty much uninformed and ridiculous and I even wonder why I have bothered to reply to it! Too much time on my hands perhaps.

colsten

Anthorn wrote: »

Your argument is therefore pretty much uninformed and ridiculous and I even wonder why I have bothered to reply to it! Too much time on my hands perhaps.

If somebody says something that doesn't agree with your personal opinions of how the guarantee schemes might work, it doesn't mean they are uninformed.

It is a very valid question why you replied to my post. You don't have your facts straight and you don't appear to know what a passport agreement is.

As it happens, I have practical experience of claiming under both, a passport agreement and under FSCS. From what you have written, you don't appear to have practical experience of either, and your theoretical understanding is clearly flawed.

Anthorn wrote: »

Then there is the FSCS only protecting each account holder and not per bank and only per banking group. So if you had an account at different banks within the same banking group that £85000 is shared across all of them.

I would suggest you inform yourself how the FSCS scheme works as you haven't got your facts straight.

Anthorn wrote: »

And perhaps we should only invest in shares in U.K. companies quoted on the LSE and forget foreign shares.

Not that shares have anything to do with savings but since you mention them: you also don't understand that and how you can invest in non-UK companies without ever buying a single foreign share, and that most UK investors do exactly that.

Anthorn wrote: »

The fact is that RCI Banque and it's subsidiaries such as RCI Bank Uk have their depositors protected up to 100000 Euros and that is supported and underwritten by the French government!

So? It is still as passport agreement.

May be you would care to read my earlier post again.