We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
RCI Bank 1.5% Instant Access Savings Account
Comments
-
Personal experiences are mired in all sorts of biases and problems. For example, they are subject to misinterpretation, selection bias and in some cases the people posting them have an ulterior motive and are setting out to deliberately mislead. In short, they cannot be used as evidence for a general claim - either positive or negative.I place a very high value on personal experience and personal recommendations.
So you will reject objections that are founded on documentary evidence? Only personal experience matters to you?When I see some objection which is not qualified by personal experience or not qualified by the personal experience of others I regard it simply as an unreasonable and misinformed hatchet job which I ignore.
You have still failed to indicate which statements in this thread you believe must be further qualified.
Coldiron stated in post #2 that it is only subject to limited regulation by the FCA and PRA. This is stated on their website. So, just as I stated in my post above, it is not fully regulated by the FCA.No one is disputing that RCI Bank is not guaranteed by the FSCS but it is in fact regulated by the Financial Conduct Authority and the Prudential Regulation Authority as are all financial services in th U.K. and it does have the backing of the French guarantee scheme.
Nobody has expressed a view about the likelihood of default of French banks. This statement of yours illustrates quite nicely the problem with personal experiences. Presumably, if someone asks you, you will tell them that posters in this forum have made such claims, but your experience has been influenced by your misinterpretation of what has been written here.But hold on if the information in this thread is to be believed, the demise of French Banks is imminent as is the French government welching on the guarantee for foreign savers! Maybe I should sell my little caravan in Cap D'Agde before the whole French economy goes to the wall lol.0 -
Personal experiences are mired in all sorts of biases and problems. For example, they are subject to misinterpretation, selection bias and in some cases the people posting them have an ulterior motive and are setting out to deliberately mislead. In short, they cannot be used as evidence for a general claim - either positive or negative.
So you will reject objections that are founded on documentary evidence? Only personal experience matters to you?
You have still failed to indicate which statements in this thread you believe must be further qualified.
Coldiron stated in post #2 that it is only subject to limited regulation by the FCA and PRA. This is stated on their website. So, just as I stated in my post above, it is not fully regulated by the FCA.
Nobody has expressed a view about the likelihood of default of French banks. This statement of yours illustrates quite nicely the problem with personal experiences. Presumably, if someone asks you, you will tell them that posters in this forum have made such claims, but your experience has been influenced by your misinterpretation of what has been written here.
Oh sorry I'm bored with your trolling now. Moved on.0 -
-
I hope you don't mind if I step in for Archi with this one. It's always good to see a hunger for self-reflection/improvement in someone, so here goes...So speaks the voice of experience ROFL. Post a list of the misleading and/or incorrect posts.
On FSCS Compensation limits and FCA regulation
Post #10: "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."
Post #14: "Let's start with my position that the FSCS only protects each account holder and not each bank account and not each bank in a group where the £85000 is shared across all such group bank accounts."
Incorrect statements, banks within the same banking group can have separate FSCS allowances.
Post #21: "it is in fact regulated by the Financial Conduct Authority and the Prudential Regulation Authority as are all financial services in th U.K."
Misleading statement as RCI Bank UK is only subject to limited regulation by these regulators, whereas most other banks are fully regulated.
On comparing saving in bank accounts to investing in shares
Post #10: "And perhaps we should only invest in shares in U.K. companies quoted on the LSE and forget foreign shares."
Misleading statement, there is no difference in the compensation limits for investments in UK vs foreign shares.
Post #14: "There is absolutely no difference whatsoever in avoiding investing in foreign bank accounts and investing in foreign shares and confining oneself to UK owned companies."
Incorrect statement: Foreign bank accounts may have different compensation arrangements vs. UK accounts. This is not the case with shares (see above).
Logical errors
Post #19: "But my question is what personal experience do you have of RCI Bank UK to qualify your statements about it?"
Misleading (loaded question) as it implies that unqualified statements have been made. However, you have been unable to indicate any such unqualified statements, despite being asked a couple of times.
Post #21: "But hold on if the information in this thread is to be believed, the demise of French Banks is imminent"
Incorrect statement: There is no information in this thread that makes any claim whatsoever about the likelihood of the demise of French banks. This false assertion appears to be made in order to deliberately misrepresent my position and make it easier to attack.
Post #25: "The fact remains that the French banking system is not going to the wall anytime soon so it follows that it's relatively safe to invest in a French bank account."
Non-sequitur. It certainly does not follow that it is safe to invest in a French bank account with only passport scheme protection even relative to a foreign bank account with FSCS protection. It is relatively less safe given that there is precedent for the passport scheme not meeting its obligations to UK savers, whereas the FSCS scheme has always met its obligations.
"If you disagree with that then there is sadly something radically wrong with you."
Another non-sequitur.
I hope you find that list useful.
:wave:Bye-bye.0 -
Just to get back to basics, RCI have now upped the savings rate on their Freedom account to 1.65%0
-
You don't need personal experience to know an institution is not protected by our compensation scheme, but by an inferior and riskier scheme if ever needing you money back, and simply opening an account with them hardly changes that.
http://www.telegraph.co.uk/finance/personalfinance/savings/11678411/Are-your-savings-safe-in-Renaults-new-bank.html0 -
I hope you don't mind if I step in for Archi with this one. It's always good to see a hunger for self-reflection/improvement in someone, so here goes...
On FSCS Compensation limits and FCA regulation
Post #10: "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 hope you find that list useful.
:wave:
https://www.yourwealth.co.uk/savings/fscs-financial-services-compensation-scheme/The £85,000 worth of compensation protection is only applicable per person per institution. Under the terms of the FSCS an "institution" is not necessarily an individual bank or a building society, but rather the institution that owns those banks and building societies.
The FSCS can however work to the advantage of each person in a joint account since they each get the compensation allowance.
I have ignored the rest of your objections because they are pertaining to the value we personally place on them. I have banking in France and so I trust the French banking system and its government-backed compensation scheme. I will however add that just because something is not British doesn't mean that it's inferior.0 -
I have banking in France and so I trust the French banking system and its government-backed compensation scheme. I will however add that just because something is not British doesn't mean that it's inferior.
It is not a question of trusting a countries banking system - individual banks can go bust in any country, and indeed have done so in various countries.
It is also not a question of trusting a compensation system. It is a question of how and when you would get paid as a non-citizen. There is history that non-citizens have been treated different to citizens.
It is also not a question of French vs British. It is just a question of being realistic. Although, clearly, everyone has the right to be as unrealistic as they like to be, and to gamble with their money.
Just to clarify: the french (or any EU) compensation system is no more government-backed than the FSCS is. It is a statutory industry-funded system.
But best of luck with your confidence in getting treated fairly. As an EU citizen, you got EU law on your side, so you would eventually get what is rightfully yours. You might have to wait for a lengthy court case to be completed. And, as a British national, you might no longer be an EU citizen in a few years time if the "Out" campaigners get their way (which I hope they won't).0 -
It is not a question of trusting a countries banking system - individual banks can go bust in any country, and indeed have done so in various countries.
It is also not a question of trusting a compensation system. It is a question of how and when you would get paid as a non-citizen. There is history that non-citizens have been treated different to citizens.
It is also not a question of French vs British. It is just a question of being realistic. Although, clearly, everyone has the right to be as unrealistic as they like to be, and to gamble with their money.
Just to clarify: the french (or any EU) compensation system is no more government-backed than the FSCS is. It is a statutory industry-funded system.
But best of luck with your confidence in getting treated fairly. As an EU citizen, you got EU law on your side, so you would eventually get what is rightfully yours. You might have to wait for a lengthy court case to be completed. And, as a British national, you might no longer be an EU citizen in a few years time if the "Out" campaigners get their way (which I hope they won't).
But where is your evidence? Your post looks to me like an unqualified emotional response which is only pertaining to yourself.0 -
What evidence are you after?0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.2K Banking & Borrowing
- 253.2K Reduce Debt & Boost Income
- 453.7K Spending & Discounts
- 244.2K Work, Benefits & Business
- 599.3K Mortgages, Homes & Bills
- 177.1K Life & Family
- 257.7K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards