Recognise Bank launches personal savings accounts

Recognise Bank has entered the personal savings market with its first range of fixed-rate and notice personal savings accounts.

This comes after the PRA lifted the bank’s deposit restrictions earlier this month.

All of the lender’s personal savings accounts are covered by the FSCS, meaning that savers’ money is protected up to the scheme’s limit of £85,000 per person and £170,000 for joint accounts.

The bank’s range of personal savings accounts includes:

  • a 95-day notice account — offering 1.00% AER/1.00% gross per annum/1.00% gross per month variable rate
  • a five-year fixed-rate account — available at 2.00% AER/2.00% gross per annum/1.98% per month fixed rate

Both accounts have a minimum deposit of £1,000 and a maximum balance of £85,000 and can be opened online and managed using the bank’s online secure system.

Jason Oakley, CEO at Recognise Bank (pictured above), said: “Our presence in the personal savings market is an important part of our mission to support the UK’s growing SME 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, but they will also know that their FSCS-protected savings are helping ambitious SMEs, so they are directly supporting the UK economy as well.”

Damian Trussler, head of savings and payments at Recognise Bank, added: “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.

“SME 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.”

The bank plans to introduce new personal savings products and business savings accounts later in the year.

It aims to provide more than £1.3bn of business lending over the next five years to 5,000 borrowers, as well as savings accounts to 55,000 personal and business savers.

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