Popular 95-Day Notice Personal Savings Account increases to 1.10% AER, Business Easy Access Savings Account increases to 0.90% AER
Recognise Bank has raised the interest rate on its popular 95-Day Notice Personal Savings Account (Issue 4) to 1.10% AER, an increase of 25 percentage points from its previous rate of 0.85% AER. The increase will apply to existing account holders as well as new savers.
The Bank has also increased the rate on its Business Easy Access Savings Account (Issue 1) to 0.90% AER, a rise of 15 percentage points from the previous rate of 0.75% AEAR. The increase will benefit new and existing customers.
Both accounts are straightforward to open and manage online, with dedicated telephone customer support, and are FSCS protected up to the maximum of £85,000. The Business Easy Access Savings Account does not require savers to also have a Business Current Account with Recognise Bank.
Research* by Recognise found that British SMEs keep an average of £75,000 in cash, usually to pay upcoming bills or as a buffer against financial shocks and cashflow problems. But the survey also found that nearly half of firms (49%) don’t bother to put their cash in a savings account, leaving it in a business account earning zero interest.
Recognise Bank was created to provide SMEs with digitally enabled, relationship-led banking, offering a range of unregulated lending options via a network of relationship managers across the UK. The Bank announced today fresh investment of £8.7 million after hitting a milestone of £100 million in lending and £95 million in deposits through its range of personal savings accounts just six months after being full authorised. It launched its first business savings account earlier this year.
Product Summary
| Account Name | 95-Day Personal Savings Account | Business Easy Access Account |
| AER % | 1.10% | 0.90% |
| Gross Per Annum % | 1.10% | 0.90% |
| Gross Per Month % | 1.10% | 0.90% |
| Can Recognise change the interest rate? | Yes – the account has variable interest | Yes – the account has variable interest |
| How can the account be opened and managed? | The account can be opened online and managed using our Online Secure System, with support from telephone. | The account can be opened online and managed using our Online Secure System, with support from telephone. |
| Minimum Deposit | £1,000 | £1,000 |
| Maximum Balance | £85,000 | £85,000 |
| Can money be withdrawn | Yes, with 95-Days notice | Yes, with immediate access |
AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year; Gross p.a. is the interest rate without tax deducted; Variable Rate means Recognise Bank can change the interest rate.
*Research was carried out amongst the financial decision makers of 500 SMEs with between 1 and 49 employees by 3Gem in November 2021
