RCI Bank

Who they are

RCI Bank is one of the first banks in the UK savings market to be owned by a car company - the Renault Group. It launched in 2015 with the goal of offering a genuine alternative for UK savers, built around transparency, simple accounts and good service.

The parent business, RCI Bank and Services, was founded by Groupe Renault back in 1974 to help customers finance vehicles around the world, and works with brands including Renault, Nissan, Dacia and Mitsubishi. That heritage shapes how the UK operation uses the money it takes in from savers: deposits are used to support the sales of new and used vehicles in the UK, including helping drive the manufacture of Nissan models in the North East of England.

RCI originally launched in the UK using its French banking licence, but secured full UK authorisation in March 2019. RCI Bank is a trading name of RCI Bank UK Limited, which is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.

Savings accounts

RCI Bank positions itself as a straightforward, online-only savings provider - no branches, no current accounts. Its range has historically included an easy-access savings account allowing unlimited deposits and withdrawals, alongside fixed-rate bonds that lock funds for periods from one to five years. One thing worth noting is that its easy access account has typically carried a single rate, meaning new savers cannot get a better rate than existing ones - a fairness-first approach that not every provider takes.

When you apply for an account, you link a UK current account in your own name, and that linked account is used for all deposits and withdrawals. It is an entirely digital setup: RCI Bank uses direct banking and can be contacted online, by email, by telephone, or by post. The support team is based in the UK and available seven days a week.

At the time of writing, we don't have any live RCI Bank products in our system. Check the live rates section of this page for the latest picture.

FSCS protection

Your money is well protected here. Eligible deposits with RCI Bank UK Limited are protected up to a total of £120,000 by the FSCS, the UK's deposit guarantee scheme - and all of the accounts they offer are covered. The protection covers each customer, not each account. For joint accounts, each customer is protected up to £120,000, giving up to £240,000 of cover between them.

RCI Bank holds its own UK banking licence and does not share it with another brand, so you do not need to worry about your FSCS limit being split across multiple providers here.

Is it right for you?

RCI Bank suits savers who are comfortable managing everything online and want a focused, no-frills savings offering. The linked-account model keeps things simple and adds a layer of security, though it does mean you need a qualifying UK current account to get started. There are no current accounts, no switching offers and no branch network - it really is savings-only.

The bank has around 130,000 savings customers in the UK, which suggests a solid base of people who rate that simplicity. Whether the rates are right for you at any given moment is a different question - and one that changes regularly.

Always compare the live rates shown on this page before making a decision, as figures move frequently and what you see here will always reflect the current position.