RCI Bank UK Launches Green Notice Account | moneyfacts.co.uk

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Derin Clark

Derin Clark

Online Reporter
Published: 17/11/2021

RCI Bank UK has launched a 14 day notice account that will use all deposits to finance electric vehicles, the charging infrastructure needed to support the vehicles and future green transportation projects.

RCI Bank E-Volve Savings 14 Day Notice Account pays 0.55% AER and requires a £1,000 minimum deposit to open. Once open, further deposits can be made into the account and, as is normal with notice accounts, savers can make withdrawals subject to 14 days’ notice. The account can be opened online here and can only be managed online. There are versions that allow interest to be paid on anniversary or monthly.

Commenting on the launch of the account, Alice Altemaire, chief executive officer at RCI Bank UK, 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.”

What alternative green saving products are available?

Along with the new account from RCI Bank UK, five banks and building societies also offer savings accounts and ISAs that help tackle climate change and improve the environment, which we’ve highlighted below.

As well as this, Ecology Building Society, Triodos Bank and Charity Bank all are considered ethical providers that aim to use deposits towards initiatives designed to help towards social and environment improvements.

Bank/building society Savings account Green initiative
Tandem Bank Green Instant Access Saver By opening an account you are supporting Tandem Bank's green lending initiatives and helping to make UK homes more sustainable and environmentally friendly.
Gatehouse Bank Fixed Term Woodland Savers (one year, 18-month, two, three, four and five year options) and Fixed Term Woodland Cash ISAs (one year, 18-month, two, three, four and five year options) Gatehouse Bank will plant a tree in a UK woodland when an account is opened and funded. Trees are planted in UK woodland projects certified by the UK Government’s Woodland Carbon Code.
Oxbury Bank Forest Saver 1 Year Fixed Rate Bond Oxbury Bank uses an equivalent annual interest rate of 0.70% AER to fund the planting of Woodland Carbon Code compliant trees in accredited UK sites to offset carbon dioxide emissions and enhance biodiversity.
Saffron Building Society Enviro Saver Account (Issue 2) Annual donation of a sum equal to an interest rate of 0.10% of the average balances held in the Enviro Saver for each 12 month period, to an Environmental Charity.
National Savings & Investments NS&I Green Savings Bonds HM Treasury allocates an amount equivalent to the funds raised from Green Savings Bonds to its chosen green projects within 2 years.
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