As announced at a press conference in February 2015, RCI Banque continues to expand its retail savings accounts by launching a UK savings bank, RCI Bank. The UK launch follows on from a series of similar launches in France, Germany and Austria over the last four years.
- Currently the only car finance company to launch a UK savings bank
- Further product launches to follow in 2015
RCI Banque has made deposits a competitive funding driver of its automotive financing business. The UK savings bank represents a further step in our strategy to source 30% of our funding from retail deposits said Gianluca De Ficchy, RCI Banque’s CEO.
Best buy easy access freedom savings account
As announced during the February Press conference, RCI Banque entered the new savings market with its UK subsidiary RCI Bank.
RCI Bank launched an easy access account that now sits jointly at the top of the table, the Freedom Savings Account. The straightforward account has a starting balance of £100, with a maximum balance of £1 million, no penalties, notice periods, tiered rates, gimmicks or small print. RCI Bank plans to launch a suite of additional products later in the year.
RCI Bank commits to reinvest collected funds in its auto loan business for Renault and Nissan brands and offers simple, efficient and secure savings products.
For 2016, RCI Banque confirms the ambitious target of funding 30% of its requirements through retail deposits
Collecting retail deposits is a long-term investment in the company's diversified funding strategy. Collection targets will be adjusted in function of the growth in RCI Banque's funding requirements, as well as in function of the cost of funds on the capital markets in each country.
For further information visit the RCI website at www.rcibank.co.uk
