RCI Bank UK: FSCS protection from today.

edited 14 March 2019 at 3:01PM in Budgeting & Bank Accounts
2 replies 749 views
soulsaversoulsaver Forumite
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edited 14 March 2019 at 3:01PM in Budgeting & Bank Accounts
Further to my previous post that reported its announced intention to get UK FSCS protection: https://forums.moneysavingexpert.com/showthread.php?t=5940701&highlight=rci+bank

Dear Mr Soul Saver

"We are delighted to now inform you that on 13 March 2019 the High Court of England and Wales approved the transfer scheme, which was the final step for the transfer of the banking business of the UK branch of RCI Banque SA to RCI Bank UK Limited. The transfer takes effect from today, 14 March 2019.

RCI Bank UK Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority and is now operational as a wholly-owned bank subsidiary of RCI Banque SA. Your savings account is now with RCI Bank UK Limited (trading as RCI Bank) and your deposits now benefit from the protection provided by the UK Financial Services Compensation Scheme (FSCS)."

It goes on to say log in, ac nos, sort codes etc all remain the same.

Replies

  • colstencolsten Forumite
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    Good news, as it now makes RCI a viable option for deposits, as and if they return their market-leading interest rates .

    This is the first and so far only positive effect of Brexit, a bit of a meaningless start to chipping away at the million and one negative ones.
  • IftsIfts Forumite
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    Have been using RCI Bank for a few years, even better now with FSCS protection.
    Never let the perfume of the premium overpower the odour of the risk
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