Renault, the French car manufacturer, has launched a new easy-access Freedom savings account that comes with a market-leading 1.5 per cent interest rate.
The new savings account is offered by the carmaker’s dedicated bank in Britain – RCI – and it is similar to other accounts offered in Germany, Austria and France.
The bank uses cash deposited by savers to provide finance packages to buyers of Renault vehicles.
Monthly or annual interest is given on deposits held, depending on the saver’s preference, and an account can be opened with as little as £100.
RCI has emphasised that the accounts have “no penalties, notice periods, tiered rates, gimmicks or small print” and the bank has already announced its intention to bring a wider range of products to the market in the near future.
However, any prospective savers interested in opening an account should be aware that their money will be covered up to the value of €100,000 by the French guarantee scheme – FGDR – rather than by the Financial Services Compensation Scheme, which is responsible for protecting most other UK savings and current accounts.
A number of non-traditional banks – including Aldermore, Charter Savings, Harrods and Shawbrook – have begun to launch products that offer more competitive interest rates than the traditional high street banks.
Steve Gowler, chief executive 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.
“We also have the added benefit of being part of a global group, working for Renault and Nissan brands, and we are committed to using our strength to deliver the very best savings accounts and security for our customers in the UK.”
RCI’s head office in the UK is based in Watford, with its Newcastle-based call centre also offering seven-day support to customers.