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Recognise Business Savings FAQs

Am I eligible to open a Recognise Business Savings Account?

To be eligible for a Recognise Business Savings Account your business must meet the following criteria:

  1. Be a Small to Medium Enterprise with
    • Fewer than 250 employees and
    • Either assets of less than £36.5m and / or turnover of less than £42.5m
  2. Be either a
    • Sole Trader
    • Partnership
    • Limited Liability Partnership (LLP)
    • Limited Company
  3. Be a UK based business
    • Established and operating in the UK
    • Persons of interest (including Ultimate Beneficial Owners and Directors of Ltd Companies) being resident in the UK and at least 18 years old
  1. Have an ownership structure of no more than 4 levels
  1. Not trade with sanctioned and FATF (Financial Action Task Force) listed countries
  1. Not fall into our list of ineligible Business Types:
    • Charities
    • Housing Associations
    • Clubs & Societies
    • Parish Councils
    • Banks/Building Societies
    • Insurance Companies
    • Corporate Trust
    • Borough Council
    • Cash/Liquidity Fund
    • Company Pension
    • Friendly Society
    • Life Policy
    • Investment and Unit Trusts
    • Limited partnership

How do I apply for an account?

You can open a Recognise Business Savings Account online.

Please visit the page of the Business Savings Account you are interested in and click on the “Open an account” button. We recommend that you read the Summary Box, the General Terms and Conditions and the Product Terms and Conditions before you apply for your Recognise Business Savings Account.

What documents do I need when I apply.

The process is quick and simple and you’ll need the following information to hand when applying:

1) The details of any Beneficial Owners who own 25% or more of the business and up to 4 partners, including:

a) Residential Address
b) Full Name
c) DOB
d) Nationality
e) Dual nationality status
f) Tax residence

2) The details of two Business Officials (Directors of Limited Companies and Designated Members of LLP’s) including:

a) Residential Address
b) Full Name
c) DOB
d) Nationality

3) Business information covering an explanation of:                      

a) Nature of your business
b) Trading jurisdictions
c) The amount of money you intend to deposit
d) Business contact details
e) Registration number(s)
f) Annual Turnover, Headcount and Total Assets
g) Details of Beneficial Owners within the corporate structure

4) Your Nominated Business Bank Account

Your Nominated Business Bank Account must be a UK Business Bank Account and must be in the same business name as your Recognise Business Savings Account. Your Nominated Business Bank Account must be the account from which you make payments to and from your Recognise Business Savings Account. You can only have one Nominated Business Bank Account allocated to your Recognise Business Savings Account.

You can also choose to have interest paid into this account.

By allowing you to only move money between your Business Savings Account and your Nominated Business Bank Account, helps us comply with money laundering regulations.

Authenticating your Nominated Business Bank Account

You’ll need to authenticate your Nominated Business Bank Account before you can make withdrawals from it (this includes providing notice of withdrawal on your Notice Account).

This is a quick and simple process where we’ll send your business a letter with an Authentication Code, which you’ll input into our Secure Online System. Once you log into your Recognise Business Account using our Secure Online System, a banner will appear asking you to input the code in order to complete the authentication.

What account opening checks do you carry out?

As with all UK Business Savings Accounts, before you open an account we make checks on your business and the individuals listed in your application, which will include the identity and address validation.

To make this as easy as possible for you and if you consent to us making those checks on your and anyone listed on the application, we do this by checking a number of electronic databases. In a minority of cases we may sometimes need to ask you to send us some identification and other documents by post, prior to opening your account. We also carry out a number of fraud checks when we open your account.

How will I know my account has been opened?

We will email you shortly after you’ve completed the online application, to confirm it has been successfully submitted.

A short while after the first email we send you, we’ll process your application and email you again to update you on its status, which will either be:

  • confirmation that your account has been opened (which will be for the majority of cases) or
  • that we need some more information from you.

Soon after your account has been opened, we’ll email you with the information you need to login to our Secure Online Service and access your account.

Is there any reason my application to open a Recognise Business Savings Account might be declined?

In certain circumstances we may require more information from you in order for us to open your account. However, if we feel you haven’t provided us with the satisfactory account opening details we may refuse to open the account. Normally the reasons for us to decline or delay your application will be dependent on our receipt of satisfactory evidence relating to your business or verification of your identity and address. In these circumstances, if the evidence you provide us is satisfactory, you will receive an email confirmation of your account opening.

Is there a time period in which I need to fund my account?

We’ll generally ask that you fund your account within 30 days of opening it, please check your Product Terms and Conditions for details. If you’ve not made a deposit within this time, we’ll assume you no longer require the account and close it for you. If after this time, you decide you want a Recognise Business Savings Account, we’d welcome a new application from you.

Your Initial Deposit must be the same or higher than the account’s minimum balance for interest to be paid, if it is lower, the deposit will be returned without interest.

Can I change my mind?

Our Notice Accounts require you to provide us with a specified period of notice before you can withdraw your money. For example, if you have a 95 Day Notice Account, you will need to provide us 95 days’ of notice before you can withdraw your money from it.  

Our Fixed Rate Accounts do not allow you to withdraw money before the account matures.

We do, however, recognise that some customers can have a change of circumstance and can change their minds after applying for a Recognise Business Savings Account. Because of this, we allow you to close your account early so long as we receive your request in writing within 14 Calendar Days of receiving your Initial Deposit into the account, in which case we’ll return your money without interest, without charge or penalty, and close your account.

Where can I find the Terms and Conditions I agreed to?

You can find copies of our accounts’ Summary Box, Product Terms and Conditions and General Terms and Conditions in the Literature and Guides section of this website.

Your deposits with Recognise are protected by the Financial Services Compensation Scheme (FSCS), the UK’s deposit guarantee scheme, providing you meet the eligibility criteria.

In order to check how much of your money is protected by the FSCS, please visit the FSCS protection checker at Bank & savings protection checker | Check your money is protected |FSCS

How do I manage my account?

You  can choose to have up to 4 Authorised Users to manage your banking relationship with Recognise Bank. Each Authorised User can access, operate and transact all of your business’ Recognise Business Savings Accounts.

An Authorised User must be one of the following:

  • Limited Company – Director
  • Limited Liability Partnership – Designated Member
  • Sole Trader – Proprietor/Owner (only 1 Authorised User permitted)
  • Partnership – Partner

Managing your Business Savings Account is simple, each Authorised User simply needs to log into our Secure Online System from which they can

  • View accounts and balances
  • Access statements and interest statements
  • Make withdrawals
  • Manage business and personal details including their login and contact details

How do I log into my account?

Your account is available 24 hours a day, 7 days a week via our Secure Online System.

Logging into and accessing your account is simple, each Authorised User can:

  • Click on the “Log-in” button on our website
  • Enter their User ID
  • Enter their password
  • Enter their memorable data

How do I add and / or change or remove Authorised Users of my Recognise Business Savings Account?

When you first apply for a Recognise Business Savings Account, the person applying for the account will be set up as the first Authorised User to your account.

You can then add up to 3 more Authorised Users to operate your business’ relationship with Recognise Bank, meaning you can have a maximum of 4 Authorised Users at any one time.

Each Authorised User can  access, operate and transact all of your business’ Recognise Business Savings Accounts.

Are there any further instances when I may not be able to access my Recognise Business Savings Account online?

Protecting our customers’ accounts from fraudsters is always at the top of our minds. For these reasons we may have to carry out regular technical maintenance, upgrades and updates on our website and online banking functionality for our customers. We will try our best to conduct these upgrades at times when you are least impacted. If the site is down for maintenance, we will communicate to you via email or you may get a notification when you try to log into your account. We will also clearly communicate to you when you can expect to access your account.

What is a Periodic Review and why do I have to update Recognise with information relating to the Business and the Individuals connected?

The Financial Regulators require all financial institutions to perform ongoing due diligence on a periodic basis throughout the lifecycle of an account. Recognise conduct Periodic Reviews to ensure that existing customer information is accurate and up to date.

What is an Initial Deposit and how long do I have to make it?

Your Initial Deposit is the first deposit you make into your account. Depending on your account we’ll generally ask that you make your Initial Deposit into your account within 30 days of opening it. Please check your Product Terms and Conditions for details. If you’ve not made a deposit within this time, we’ll assume you no longer require the account and close it for you. If after this time, you decide you want a Recognise Savings Account, we’d welcome a new application from you.

Your Initial Deposit must be the same or higher than the account’s minimum balance for interest to be paid, if it is lower, the deposit will be returned without interest.

Can I make more than one deposit into my account?

This will depend on your account, please refer to its Product Terms and Conditions for full information.

Generally, you are able to make multiple deposits into our Notice Accounts within reasonable volumes. If we suspect that you’re using your Recognise Savings Account for day to day transactions, we may ask you to stop or close the account.

You can make multiple payments into your Fixed Rate Account within the first 30 days.

In all cases, you cannot exceed the accounts’ maximum balance or Recognise’s Maximum Total Customer Deposit size. 

If we receive a deposit that takes your account over the maximum allowed amount of £85,000, we will return the full amount of that deposit.

What is a Maximum Total Customer Deposit size?

You may hold a maximum of £85,000 across all your accounts including all of your Recognise Business Savings and personal Recognise Savings accounts. This £85,000 limit applies to each legal entity that saves with us.

  • If your business is a Limited Company or LLP, then the maximum will be £85,000 for your business.
  • If your business is a Sole Trader and you also hold personal money with us in a Recognise Savings Account, then the total maximum amount you are able to save with us is a total of £85,000 across all of your Recognise Business Savings Accounts and personal Recognise Savings Accounts.
  • If you are a Partner in a Partnership business saving money with us in a Recognise Business Savings Account and you hold money in a personal Recognise Savings Account, the total amount you can save with us is £85,000.

If a deposit made to your Account, takes it over the maximum, we will return the whole amount, without interest, to you Nominated Business Bank Account.

If you choose to have your Account’s interest paid into that Account or another one of your Recognise Savings Accounts, where the interest your Account earns takes it over the maximum, we will pay the entire amount of interest to your Nominated Business Bank Account. To avoid this happening on a regular basis, we may at our own discretion, change the destination of your interest payments from the Recognise Account you have chosen to receive interest payments to your Nominated Bank Business Account; we’ll notify you once we have done this.

How do I make a deposit into my Recognise Business Savings Account?

You can make deposits into your Recognise Business Savings Account by electronic transfer from either 

  • Your Nominated Business Bank Account which must be a UK Business Bank Account and must be in the same business name as your Recognise Business Savings Account. Your Nominated Business Bank Account must be the account from which you make payments to and from your Recognise Business Savings Account. You can only have one Nominated Business Bank Account allocated to your Recognise Business Savings Account.
  • Another one of your Recognise Business Savings Accounts (where eligible)

It is important that the payment instructions you provide are accurate and that you use the following information when making the transfer from your Nominated Bank Account to your Recognise Business Savings Account. 

Sort Code04-06-51
Account Number00000011
BeneficiaryRecognise Bank
ReferenceFor all Deposits, use your 7 Digit Account Number e.g. 1234567
Account TypeBusiness

How do I find my 7 Digit Account Number?

You can find your 7 Digit Account Number in your Welcome Pack letter (which we send to you after we’ve opened your account) and by logging into our Secure Online Service.

Who are ClearBank and how do they fit in?

In order to help us make and receive payments to and from your Recognise Savings Account with your bank building society or online account, we need to use a clearing bank. In the UK, a clearing bank is one that can exchange payments between two separate banks or customers. We use ClearBank as our clearing bank to help us make and receive payments to and from your Recognise Savings Account. This means that the ClearBank name may show up when making a payment into your Recognise Savings Account.

What is Confirmation of Payee and how could this affect me?

Confirmation of Payee is a new way of giving customers (both personal and business) greater assurance that they are sending payments to the intended recipient, helping them to avoid making accidental, misdirected payments to the wrong account holder, as well as providing another layer of protection in the fight against fraud and scams. Further information can be found on the UK Finance website.

Does my Recognise Business Savings Account have a MINIMUM balance requirementto earn interest?

Yes, your Recognise Business Savings Account requires a minimum balance to earn interest, please refer to the Summary Box and Product Terms and Conditions for further information.

Does my Recognise Business Savings Account have a MINIMUM balance to stay open?

Yes, your Recognise Business Savings Account requires a minimum balance to stay open, this may be lower than the minimum balance to earn interest. Please refer to the Summary Box and Product Terms and Conditions for further information.

Does my Recognise Business Savings Account have a MAXIMUM balance? 

Yes, your Recognise Business Savings Account has a maximum balance of £85,000 per business customer. We have set this limit so all of your deposits with us protected by FSCS.

We are unable to accept deposits over the above maximum deposit amount and we will have to return any deposits over that amount. Where a deposit would take your account over its maximum balance, we will return the entire deposit amount without interest.

Can I set up a standing order to make regular savings deposits?

You can set up standing orders to make regular deposits as long as your accounts permit regular deposits (please check your Product Terms and Conditions). Unfortunately, it is not possible to set up a standing order into a Fixed Rate Account as you can only make deposits within the first 30 days of opening the account.

What time do you need to receive my deposit so you can credit it to my account and I can start receiving interest?

We will credit any money you deposit on the same Calendar Day we receive it, it will earn interest from that day.

How do you calculate the interest rate?

We calculate interest rates on your Recognise Business Savings Account on a daily basis and this is based on the balance in your account. It is calculated on a 365-day year basis and in a leap year we will add an extra day of interest on 29 February which we will include in the next interest payment we make to your account following that date. Interest rates applicable to your respective Recognise Business Savings Account type can be found within the Summary Box documents on the Literature and guides page of this web site. You can also find this by logging into your account on our Secure Online System and clicking on the ‘Interest Rate’ tab, or by calling us 0345 872 7888*.

*We are open from 9.00am to 5.00pm, Monday to Friday and are closed on weekends and Bank Holidays. Please note that your calls may be monitored for training, quality and security purposes.

What happens if the balance in my Business Savings Account falls below the specified minimum balance for interest? 

In all circumstances we require that you maintain the minimum specified balance in your Recognise Business Savings Account to receive interest. You can find the minimum balance amount for your specific account type within the product’s Summary Box and within the Product Terms and Conditions which can be found on our website.

If your Recognise Business Savings Account balance does fall below the specified minimum, you will not receive interest for the period it is below the minimum balance.

How do I get a statement or summary of interest? 

You can log into your account using our Secure Online System to view and print a Statement or an Interest Statement at any time. You can access both of these from the ‘Manage Account’ dropdown for each account. A statement for each tax year will be available in your online account shortly after the start of the following tax year.

Can I withdraw money from my Recognise Business Savings Account?

If you have a Fixed Rate Account you cannot make any withdrawals from your account before it matures. We will write to you a few weeks before it matures to explain your options to you.

If you have a Notice Account, you’ll need to give us notice before withdrawing your money. Your notice will be the number of days in advance of which we need to know of your intention to withdraw. The amount of time you need to give will be defined in the Summary Box and Product Terms and Conditions, and it is usually contained in the name of the Account. For example, if you have a 95 Day Notice Account you will need to provide us with 95 days’ notice.

If you have an Easy Access Account, you have instant access to the money in your Account provided the funds have cleared and are available for withdrawal.

What if there’s an exceptional circumstance?

In exceptional circumstances we might consider a request to withdraw money before the end of the fixed term or notice period. We’re not obliged to allow a request and we may deduct some of your interest if we do.

How can I withdraw money from my Recognise Business Savings Account?

You can request withdrawals directly from your account, where allowed, using our Secure Online System.

Your money can be moved either to your Nominated Business Bank Account or to one of your other Recognise Business Savings Accounts, where eligible.  You can choose which account to transfer your money to when making your withdrawal request.

What time do you need to receive my withdrawal request on my Notice Account and when will I receive my money?

If you make a withdrawal request before 2pm on a Business Day, we will action it that same day, if we receive the request after 2pm, we will action it on the following Business Day. A Business Day does not include weekends or Bank Holidays. If you If you make a withdrawal request before 2pm on a Business Day, we will action it that same day, if we receive the request after 2pm, we will action it on the following Business Day. A Business Day does not include weekends or Bank Holidays. You will receive your money on the same day as your withdrawal request is actioned.

Will you tell me when my account is about to mature?

We’ll email you a minimum of 21 Calendar Days before your account matures, telling you of the maturity date and asking you to login to your account, and select your Maturity options.

The Maturity Options page will provide you with your options for investing your matured deposits and any interest that has accrued in that account. These will include options to invest them in other Recognise Business Savings Accounts or returning them to your Nominated Business Bank Account.

We’ll remind you of your maturity by email around 14 days prior to your account maturing.

If we don’t receive an instruction from you 2 days prior to your account maturing, we’ll convert your Fixed Rate Account into a Notice Account. Refer to our Terms and Conditions for further detail.

How do I close my Notice Account?

You’ll need to give us full notice for us to close your account which you can do by logging into your account, using our Secure Online System and provided you choose to withdraw all your money, your account will automatically close.

We will move the money to your Nominated Business Bank Account at the end of your notice period.

How do I close my Fixed Rate Account?

You can only close your Fixed Rate Account at the end of the fixed term, once it has matured.

Exceptional Circumstances

In exceptional circumstances we might consider a request to close your account before the end of the fixed term or notice period. We’re not obliged to allow a request and we may deduct some of your interest if we do.

Would you notify me before you close my account?

There are only certain circumstances under which we have the right to close your account. We will generally not close your Business Savings Account without giving you two months’ written notice.

How do I protect my account?

Be aware of scams or phishing emails. Fraudsters may try to trick you into giving up your login details or sending money. If you’re ever in doubt, please contact us straight away before taking any other action.

What should I do if I suspect fraudulent activity on my Recognise Savings Account?

Please call us immediately on 0345 872 7888*. We will investigate, take action and protect your account. You should report it to Action Fraud by using the online fraud reporting tool at www.actionfraud.police.uk or by calling 0300 123 2040. We will never write, email or call to ask you to provide your password or memorable data. Although we will ask you to provide selected personal information in order to confirm your identity before we give you information about your Recognise Business Savings Account by telephone.

*We are open from 9.00am to 5.00pm, Monday to Friday and are closed on Bank Holidays. Please note that your calls may be monitored for training, quality and security purposes.

Can I access my Recognise Savings Account from any place?

We recommend that you do not access your Recognise Business Savings Account from a public computer, for example, a library or an internet café. It is possible your details may be traced or copied, and fraudsters may be able to access your account. If for whatever reason, you do need to access your account from a public computer, we request that you take a minimum precaution of locking the computer, if it is unattended, and logging off completely once you have finished.

I have forgotten my password/memorable data/User ID – what do I do?

If you’ve forgotten your password, simply click on the ‘Forgotten Password?’ link on the Log In page. You’ll need your User ID, email address and memorable data. When you’ve entered these details, the first half of your temporary password will be displayed on screen and the second half will be emailed to you within half an hour. If you’ve forgotten your memorable data or User ID, please call us on 0345 872 7888 and we’ll be happy to help.

*We are open from 9.00am to 5.00pm, Monday to Friday and are closed on weekends and Bank Holidays. Please note that your calls may be monitored for training, quality and security purposes. 

If you’d like to contact us to discuss your existing account or a new one, you can contact us in a variety of ways.

Email

Email us at [email protected]

Call Us

Call our UK based team on 0345 872 7888

We are open from 9.00am to 5.00pm, Monday to Friday and are closed on weekends and Bank Holidays. Please note that your calls may be monitored for training, quality and security purposes. 

Write to us

You can write to us at: RUBH-ZZBS-LYAU, Recognise Bank, PO Box, Wallsend, NE28 5EJ.

Your Initial Deposit is the first deposit you make into your account. Depending on your account, we’ll generally ask that you make your Initial Deposit into your account within 30 days of opening it, please check your Product Terms and Conditions for details. If you’ve not made a deposit within this time, we’ll assume you no longer require the account and close it for you. If after this time, you decide you want a Recognise Business Savings Account, we’d welcome a new application from you.

Your Initial Deposit must be the same or higher than the account’s minimum balance for interest to be paid, if it is lower, the deposit will be returned without interest.

You can find your 7 Digit Account Number in your Welcome Pack letter (which we send to you after we’ve opened your account) and by logging into our Secure Online System.

In order to help us make and receive payments to and from your Recognise Savings Account with your bank building society or online account, we need to use a clearing  bank. In the UK, a clearing bank is one that can exchange payments between two separate banks or customers. We use ClearBank as our clearing bank to help us make and receive payments to and from your Recognise Savings Account. This means that the ClearBank name may show up when making a payment into your Recognise Savings Account.

Confirmation of Payee is a new way of giving customers (both personal and business) greater assurance that they are sending payments to the intended recipient, helping them to avoid making accidental, misdirected payments to the wrong account holder, as well as providing another layer of protection in the fight against fraud and scams. Further information can be found on the UK Finance website.

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