RCI Bank E-Volve Savings 14 Day Notice Account

E-Volve Savings notice account :

4.55%

AER gross variable

All funds deposited into the RCI Bank E-Volve Savings 14 Day Notice Account will be used to fund pure electric vehicles and charging facilities*
Pay in from £100 up to £1m
You can't close your account or make any withdrawals without providing 14 days' notice
Interest paid monthly or annually
Deposits held by RCI Bank are protected up to a total of £85,000 by the FSCS compensation scheme, the UK's deposit guarantee scheme
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E-Volve Savings notice account

4.55%

AER gross variable

Summary Box

Account Name

RCI Bank E-Volve Savings 14 Day Notice Account

What is the interest rate?

AER Gross Variable	Gross Variable Annual	Gross Variable Monthly
4.55%	4.55%	4.46%

If you were to choose monthly interest payments, you will receive 4.46% gross variable. As this interest is being compounded, over the 12 months this will equate to 4.55% AER gross variable.
The above rate is effective from 15 November 2024.
AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded on an annual basis.
This allows customers to compare interest rates across different products paid at different intervals e.g. monthly, quarterly, semi-annually, annually.
Interest is calculated daily and can be paid monthly or annually, the date we pay your interest is linked to the date we receive your initial qualifying deposit
Interest is paid on a gross basis meaning without tax being deducted.

Can RCI Bank change the interest rate?

Yes. The interest rate is variable, and we can change the rate of interest on existing accounts by giving you at least 28 days’ notice, usually by email. We can change the rate for a new account applications at any time.

What would the estimated balance be after 12 months based on a £1,000 deposit?

After 12 months your estimated balance would be £1,045.50
- This based on £1,000 being deposited for 12 months at the current rate, with no withdrawals being made during this time
This is for illustrative purposes only and does not take into account your individual circumstances

How do I open and manage my account?

If you are aged 18 or over and reside in the UK, you can apply for and manage your account online, 24/7 at rcibank.co.uk.
Savings can also be managed via our mobile banking app, for more information click here.
To keep your account open, we need to receive an initial minimum deposit of £100 within the first 14 days from application.
Unlimited deposits can then be made (up to the maximum account balance allowed of £1m) but the first deposit must be for a minimum of £100.
You can pay in money from your linked bank account (the UK bank account you nominate during your application) or from an existing RCI Bank savings product, subject to the Terms and Conditions of that product.

Can I withdraw money?

Yes, however you must provide the full notice period when making a withdrawal from a Notice Account product.
You must add the full notice period to our usual withdrawal timescales e.g. if your notice product has 14 days notice period then you must first provide notice and then your withdrawal will be processed in line with the usual timescales plus 14 days.
Your withdrawal request must be made from your online account or mobile banking app as we can't accept notice via email or secure message.

Additional Information

If you wish to close your account, you can do this by writing to us within 14 days of your account opening date. You can inform us by:
- Secure mail: Click ‘Send Message’ when logged into online banking.
- Email: hello@rcibank.co.uk
- Write to: ‘Freepost RCI Bank’ (no stamp or address details needed)
Your account can also be closed through online banking, subject to a minimum of 14 days’ notice being provided
A closing statement will be available online for up to 12 months after closure
Interest is paid gross with no tax deducted.

We know a key area of combatting climate change is to help reduce greenhouse gas emissions caused by petrol and diesel vehicles. The RCI Bank E-Volve Savings 14 Day Notice Account supports the lending to help UK drivers transition to environmentally cleaner electric vehicles. All deposits collected through the RCI Bank E-Volve Savings 14 Day Notice Account will be used to fund electric vehicles and EV charging infrastructure financed through RCI Bank’s affiliated businesses Renault Finance, Nissan Financial Services, and Mobilize Power Solutions.

Deposits held across all RCI Bank's products are protected by the FSCS protection scheme (up to a total of £85k per person). As well as this security, by opening our E-Volve Savings account you will benefit from a rewarding rate whilst also supporting the UK’s evolution to zero-emission electric vehicles.

*The RCI Bank E-Volve Savings 14 Day Notice Account is a deposit product designed to comply with the most rigorous and widely recognised standards in green finance. Funds deposited into the RCI Bank E-Volve 14 Day Notice Account will initially be used to fund pure electric vehicles and charging facilities. However, we will look at opportunities to expand into other environmentally sustainable transportation projects as covered by UK legislation. For more information on how we intend to use these deposits and to understand the frameworks we are working within, please open and read the ACCOUNT SUMMARY document at the bottom of this page. You can also find out more information by viewing the RCI Bank E-Volve Savings video or by visiting our FAQs page.

What could your savings earn you?

Enter an amount into the calculator and learn more about what interest your savings could earn

Our rates and charges:

The rate shown is available to new and existing customers and is kept the same for notice accounts opened and funded within 14 days of application

The account is free to access and use, and allows you to make as many deposits and withdrawals as you like. Withdrawals are subject to a 14 day notice period

AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year

Gross is the interest rate you’ll receive before tax is deducted

Important information:

Notice Savings Accounts are available to UK residents aged 18 or older who have the right to reside indefinitely within the UK

You can't make any withdrawals without giving 14 days' notice

You need to pay in and out through an RCI Bank savings account or a 'linked' UK current account. You can link a UK current account when you apply

If you're not happy with the account, you have a cooling off period of 14 days to cancel your account

All funds deposited into the E-Volve Savings account will be used exclusively for the purpose of financing electric vehicles and charging points

Documentation:

Account Summary

Terms & conditions

using your account

RCI Bank E-Volve Savings 14 Day Notice Account