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RCI Bank launches green savings product

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Written by: Emma Lunn
16/11/2021
RCI Bank has launched its first green savings product, the RCI Bank E-Volve Savings 14 Day Notice Account, in a step towards tackling climate change.

Deposits into the account will be used for the financing of electric vehicles, charging infrastructure and other green mobility projects.

The bank says the new product enables consumers to put their money towards supporting both greener transport and mobility.

The RCI Bank E-Volve Savings 14 Day Notice Account pays 0.55% interest and requires a minimum deposit of £1,000. The maximum that can be saved in the account is £1m. The account is available to new and existing customers from today. Savers need to give two weeks’ notice to make withdrawals.

Alice Altemaire, chief executive officer at RCI Bank, said: “Following on from the COP26 conference in Glasgow, we are delighted to launch this product to market. As the last two weeks have shown, we are living in a time where consumers are more conscious of their own environmental impact and are looking to live life in more sustainable ways.

“Given RCI Bank’s history as part of a motor finance company, we are ideally placed to give our banking customers the confidence – and the options – to make sustainable choices that help them save for a better tomorrow, whilst helping to accelerate the switch to EVs.

“Today’s announcement is an important part of the work we’re doing as a business to become carbon neutral, which has seen us commit to halving our emissions by 2030 and achieving net zero in the same year. Our ambition is that the RCI Bank E-Volve Savings 14 Day Notice account will develop into a suite of green products designed to support the switch to zero carbon emission vehicles even further, futureproofing the planet for generations to come.”

The account pays notably less interest than the best buy notice accounts. However, most notice accounts require a longer notice period. BLME pays 0.9% but requires 90 days’ notice, while Hampshire Trust Bank also pays 0.9% and requires 120 days’ notice.

RCI’s interest rate is also beaten by several easy access savings accounts, with Aldermore, Saga and Marcus all paying 0.6%.

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