RCI Banque, Renault group’s captive finance house, has launched a UK savings bank called RCI Bank.
The bank has launched with one account, the Freedom Savings Account product, with a best buy rate of 1.50% AER variable gross. It has a starting balance of £100 and a maximum balance of £1m. At the time of writing, the account is available through the bank directly or MoneySuperMarket exclusively for the next two weeks, after which it will be potentially opened up to other aggregator sites.
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The bank plans to launch further products later in the year.
Steve Gowler, chief executive officer of RCI Bank said: "We’re really excited about entering into the UK savings market, and importantly entering the market with an innovative and competitive product. Saving money should not be difficult, which is why we have developed our simple Freedom Savings Account with a rate of 1.50%.
"We believe we have a product that people will love. Over the next 12 months we plan to follow this up with further product launches."
The launch follows similar launches in France, Germany and Austria.
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By GlobalDataSavers are protected under the French guarantee scheme, FGDR, up to the value of 100,000 (£72,839).
