Recognise Bank launches headline-grabbing 0.75% AER 35 Day Notice Account
Recognise Bank, one of the UK’s newest challenger banks, has launched a 35-Day Notice Account for personal savers, paying a rate of 0.75% AER. The account is FSCS protected and can be opened with £1,000 up to the maximum deposit of £85,000.
Recognise only entered the personal savings market in September last year with a range of accounts that included a Five-Year Fixed Rate Account paying 2% AER, the first savings provider to offer a 2% AER product since the early days of the pandemic in 2020.
Recognise says it has designed the new 35-Day Notice Account to give savers more choice and flexibility for their money, especially as we enter a period where the Bank of England base rate is likely to rise. In addition to the 35-Day Notice Account paying 0.75% AER, the Bank has also increased the rate on its existing 95-Day Notice Account to 0.85% AER, up from 0.75% AER.
Damian Trussler, head of savings for Recognise Bank, said: “By offering a 35-Day Notice Account we are giving people an account that will earn them interest on their savings, but doesn’t tie their money up for too long – they can still get access to their savings in 35 days.
“However, if they want to earn a bit more interest, and are happy to give us a bit more notice, then the 95-Day Notice Account gives people that option. It’s all part of our promise to give savers value, fairness and greater choice at a time when so many of the bigger banks are paying very low interest rates on their savings accounts.”
When the Bank of England increased the base rate from 0.10% to 0.25% in December last year, Recognise Bank passed on the full increase to savers of Issue 1 and 2 of its 95-Day Notice Account, while many other savings providers, and in particular the mainstream banks, did not pass on the full increase.
At the time, Trussler said: “We think it is only right that our customers benefit from the rise in base rate from historic low levels. It will be interesting to see how many other savings providers follow our lead.”
All of Recognise Bank’s personal savings accounts are FSCS-protected, are simple to open and easy to manage online, with customer telephone support if needed.
Recognise Bank was created to provide SMEs with digitally enabled, relationship-led banking, offering a range of unregulated lending options including Commercial Mortgages, Professional Buy-To-Let Loans, Bridging Loans, Working Capital Loans and Professional Practice Loans.
In addition to personal savings products and the Bank is planning to launch business savings accounts next month.