Recognise launches savings products with market-leading 2% AER 5 year fixed account

Recognise Bank, one of the UK’s newest banks, has announced that it is entering the personal savings market with the launch of a range of fixed rate and notice accounts.

Recognise Bank launched at the end of last year, initially providing commercial loans and mortgages to the under-served SME business sector. The bank has now unveiled its first personal savings accounts, to be followed by business savings accounts later in the year. This follows the lifting of deposit restrictions by the PRA (Prudential Regulation Authority) earlier this month.

All of Recognise Bank’s personal savings accounts are covered by the FSCS (Financial Services Compensation Scheme), meaning that savers’ money is protected up to the scheme’s limit of £85,000 per person and £170,000 for joint accounts.

The initial line-up includes:

• 95 Day Notice Account – 1.00% AER/1.00% gross P.A./1.00% gross P.M. Variable Rate
• Five Year Fixed Rate Account – 2.00% AER/2.00% gross P.A./1.98% P.M. Fixed Rate

Announcing the launch, Jason Oakley, CEO of Recognise Bank, said: “Recognise’s presence in the personal savings market is an important part of our mission to support the UK’s growing small and medium sized businesses. Our founding ethos, and the reason for the bank’s name, is to focus on the SME community, which has been so overlooked and neglected by mainstream banking.

“By saving with Recognise Bank, customers will not only have a safe home for their money, they will also know that their FSCS-protected savings are helping ambitious SMEs, so they are directly supporting the UK economy as well.”