Recognise Bank Continues To Dominate The Personal And Business Savings Market With Launch Of Three New Products

The innovative digital bank, Recognise, is currently ranked top of the comparison tables* for their 3 year fixed personal savings accounts, offering 5.85% AER. Now, their newly launched 18 month and 24 month fixed personal savings accounts and their 12 month fixed business savings accounts also enjoy a top three positioning.

The two new personal savings accounts launched on Tuesday 27th June, offering rates of 5.70% AER and 5.80% AER respectively. This news comes after the bank announced that it was increasing the interest rate from 5.15% AER to 5.85% AER on their 3 year fixed personal account which launched earlier this month.

On Tuesday 27th June, Recognise Bank, which typically serves the SME community, has also launched a 12-month fixed term Business Savings account. With a highly competitive interest rate of 4.50% AER, making it comparable to personal savings rates.

Announcing the new products and rates, Monna Patel, Head of Savings Operations at Recognise Bank, said: “We want personal and business savers to know that they can rely on Recognise for a range of fixed terms at fantastic rates. We believe we offer some of the best fixed savings products on the market with some of the best interest rates around and are known for passing on any increase in benefits to customers as quickly as we can.”

“We also know that in these challenging times businesses want certainty and control over how they manage their savings, they often feel let down by the big banks paying very low interest rates and not passing on rate rises either quickly enough or at all. Which is exactly why we’ve launched a new account for SMEs too.”

All accounts are FSCS protected up to the maximum of £85,000 (£170,000 for joint accounts) and have been designed to be quick to open and simple to manage online, with telephone customer service support if required.

Recognise is best known for its innovation in providing lending to small to medium sized businesses (SMEs) and savings to both personal and business customers. Recognise was nominated for the best internet account provider by Moneyfacts in 2023 and was a finalist for best new savings provider by Savings Champion in 2023.