RCI Banque, the financing brand of French multinational automobile manufacturer Renault Group, has entered the UK savings market with the launch of RCI Bank.
The UK launch, which follows a series of retail banking ventures in France, Germany and Austria over the past four years, will debut its services with a savings account, named Freedom Savings Account, available exclusively through MoneySuperMarket offering a Best Buy rate of 1.50% AER variable gross for the next two weeks.
The Freedom Savings Account will allow for investments ranging between £100 and £1m, with no penalties, notice periods or tiered rates, the company said.
The bank will target its retail deposits to represent 30% of its funding and will reinvest collected funds in its auto loan business for Renault and Nissan brands in the UK.
RCI Bank CEO Steve Gowler 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."