Renault RCI BankRenault’s own finance company, RCI Banque, has launched a brand new savings arm in the UK called RCI Bank – making it the only car company to also compete in the UK savings market.

The new bank has rolled out a flagship savings product too: a ‘best buy’ easy access savings account that offers 1.5% AER interest.

The Freedom Savings Account has a starting balance of £100 and people can invest up to £1 million into it. There are no penalties, notice periods or tiered rates either, adds Renault: it’s a genuinely easy access product.

It’s not the only product the new ‘Renault Bank’ is going to launch either: a full range of products will be rolled out over the next year.

“Saving money should not be difficult,” said RCI Bank CEO Steve Gowler “We believe we have a product that people will love.

“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.”

All Renault and Nissan finance is provided by RCI Banque – and British savings in the UK RCI Bank arm are guaranteed by the French scheme FGDR to a vale of €100,000.

Keen savers will have to be quick though: the 1.5% offer is a launch special and won’t be available for long.

Act fast, then, if you’re one of the millions in the UK who have up to €160 billion in savings accounts earning 0.5% or less…