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Great update for savers as bank offers ‘compelling’ interest rates

Saving money for certain goals or for financial security is an endeavour millions of people will undertake each year. However, for many, it will only be worthwhile if they are able to secure a solid interest rate to get more for their money.While this has been a challenge in the low-rate environment of the last year and a half, many providers are making a return to the market with enticing interest rates. One provider which is grabbing particular attention, however, is a bank which launched in 2020, now offering personal savings accounts for the first time.

Recognise Bank has launched a full suite of accounts, including what the provider described as a “headline grabbing” two percent AER five year fixed rate account. 

The provider has released an initial line-up of fixed rate and notice accounts which may suit Britons who can afford to lock at least some money away.

Individuals are generally encouraged to keep three to six months of savings in easy access for emergencies, but are often urged to explore other options with their remaining cash.

Recognise has a 95 Day Notice Account with an interest rate of one percent AER. This is, however, is variable, meaning the bank reserves the right to change this at any time.

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The other key account which is offered is a five year fixed rate account. For those willing to part with some money for a longer period of time, this account offers an attractive two percent interest rate – fixed for the length of the term. 

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.”

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All of Recognise Bank’s personal savings accounts also benefit from Financial Services Compensation Scheme (FSCS) protection.

This means savers’ money is secure up to the scheme’s limit of £85,000 per person, and £170,000 for joint accounts. 

The bank will use deposits from customers to support lending to small and medium sized businesses while offering competitive rates. 

Damian Trussler, Head of Savings and Payments at Recognise Bank, also commented on the release, and said: “We call it saving with a purpose. 

“People want a compelling rate for their savings and to know that their money is safe and secure, but they also want to be sure that their hard-earned savings are being put to good use. 

“By saving with Recognise Bank, people are helping ambitious businesses grow.

“With Recognise, when people save for their own future, they are also directly supporting the plans of hardworking business owners. 

“Small and medium sized firms are the engine room of the UK economy, and as we recover from the impact of the pandemic, those businesses need our backing more than ever before.”

Recognise Bank was formed to provide financial services to the UK Small and Medium Enterprises sector, as well as retail and business savings markets. 

The bank has said it aims to provide more than £1.3billion of business lending across the next five years to 5,000 borrowers.

In branching out like this, it also hopes to offer savings accounts to some 55,000 personal as well as business savers right across the country.

Recognise has regional hubs in London, the Midlands, Manchester and Leeds, and expects more to come on stream soon.

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