Renault Opens Savings Bank in U.K.

Renault SA has launched RCI Bank, a retail savings bank with heavy emphasis on online transactions, in the U.K., the Financial Times reports.

Renault opened the bank to attract funds it can use to make car loans on Dacia, Datsun, Infiniti, Nissan and Renault brand vehicles. RCI has been active in retail auto financing in the U.K. for 20 years.

RCI is offering a digital account that pays 1.5% interest on deposits ranging between 100 and 1 million. The accounts have no penalties, delayed withdrawal rules or tiered rates. RCI is positioning its accounts as more accessible alternatives to money market products, according to the FT.