Personal Savings FAQ - Recognise Bank – Production

Sector: Retail/Industrial/Residential Location: South Amount: £950,000 Product: Owner Occupied Property Loan The Client: A successful family business supplying…

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Personal Savings FAQs

Am I eligible to open an account?

To open a Recognise Savings Account, you need to be a minimum of 18 years old and resident in the UK for tax purposes.

Can I use my account for Business Purposes?

Our personal savings accounts are meant for personal use and cannot be used for business purposes. However if you wish to open a Business Savings Account, we are planning on offering them in the near future, you can find more information on our website.

How do I apply for an account?

You can open a Recognise Savings Account online. 

Please visit the savings account page you are interested in and click on the “Discover and Apply” button. We recommend that you read the Summary Box and Terms and Conditions before you apply for your Recognise Savings Account.

The process is quick and simple and you’ll need the following information to hand when applying: your contact details, email address and details of your UK current account you wish to register as your Nominated Bank Account.

What is a Nominated Bank Account?

Your Nominated Bank Account is the UK current account in your name or in the name of your Joint Account Holders. This is the account from which you make payments to and from your Recognise Savings Account. You can only have one Nominated Bank Account allocated to your Recognise Savings Account.

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

Using a Nominated Bank Account helps keep your savings safe and secure, moving money only between your savings account and your Nominated Bank Account. It also helps us comply with money laundering regulations. 

Authenticating your Nominated Bank Account

Before you can use your Nominated Bank Account, we’ll ask you to authenticate it. This is a quick and simple process where we’ll send you a letter with an Authentication Code, which you’ll input into our Secure Online System. Once you log into your Recognise Account using our Secure Online System, a banner will pop up at the top of the screen asking you to input the code in order to complete the authentication.

Can I open a Joint Account?

Yes, you can open a Joint Account with a maximum of 2 account holders.

What account opening checks do you carry out?

As with all UK savings accounts, we check your identity and address before you open an account. To make this as easy as possible for you and if you consent, 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 by post. We will tell you this before you open an account. We also carry out a number of fraud checks when we open your account.

How will I know my account has been opened?

In the majority of cases, we’ll be able to confirm your account has been opened at the end of your application. We will then follow this up with two emails; the first confirming your Recognise Savings Account has been opened and giving you an Application Reference Number which you will need to make your Initial Deposit. The second email will confirm your account is ready to be accessed using our Secure Online System and will give you detailed instructions on how to login.

Sometimes, we won’t be able to open your account immediately, in this case we’ll email you with further information.

Is there any reason my application to open a Recognise 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 and verification of your identity and address. In these circumstances, if the evidence you provide us is satisfactory, you will receive confirmation of your account opening within 24 hours.

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 may assume you no longer require the account and close it for 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’ 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 have a change of circumstance and change their minds after applying for a Recognise 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 Summary Boxes and Terms and Conditions in the Literature and Guides section of this website.

  • Your eligible deposits with Recognise are protected up to a total of £85,000 per person (£170,000 for Joint Account Holders) by the Financial Services Compensation Scheme (FSCS), the UK’s deposit guarantee scheme. The protection with FSCS  means that in the unlikely event that Recognise were to fail or become insolvent, any deposits you hold below this limit will be protected under this scheme. Deposits above this amount are unlikely to be covered. For more information visit www.fscs.org.uk.
  • 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?

Managing your account is simple, you just need to log into our Secure Online System from which you can

  • View your accounts and their balances
  • Access statements and interest statements
  • Make withdrawals
  • Open new accounts
  • Communicate with us via secure message
  • Manage your personal details including your login and contact details

How do I log into my Recognise 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:

  • Click on a “log-in” button on this website
  • Enter your User ID
  • Enter your password (you chose one when you applied for your account)

Are there any further instances when I may not be able to access my Recognise 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.

How does my Joint Account work?

We assume that you both have equal share of the money in the account and you are both jointly liable for the account. 

How do I access my Joint Account?

Each Joint Account Holder has their own User ID and Password to log into their personal account on our Secure Online System, where they can access and manage all of the accounts they hold with Recognise Bank.

What happens if there is a dispute between Joint Account Holders?

We will usually act on a sole instruction from either of you unless you advise us of a dispute on the Account. To advise us of a dispute on the Account, please write to us. In this case you will need to operate the Account by post and include the signatures of both Account Holders until such time as you notify us otherwise.

Can I remove a Joint Account Holder from the account?

We can remove a Joint Account Holder at any time, as long as both Joint Account Holders agree in writing. However, if we receive conflicting instructions from Joint Account Holders, in your interest we may have to refuse to carry out any transactions or instructions until we’ve clarified and confirmed them with both Joint Account Holders.

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 for a single account and £170,000 for Joint Accounts, we will return the full amount of that deposit.

How do I make a deposit into my Recognise Account?

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

  • Your Nominated Bank Account (this is the bank, building society or online account in your name that you told us you wanted to receive withdrawals into when you applied for your Recognise Savings Account), or
  • Another one of your Recognise 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 Savings Account. 

Sort Code 04-06-51
Account Number 00000011
Beneficiary Recognise Bank
Reference For your Initial Deposit you can use: Application Reference Number and your Surname
e.g. 954996047 SMITH
For all deposits, use your 7 Digit Account Number and your Surname.
e.g. 1234567 SMITH
Account Type Business

How do I find my Application Reference Number?

At the end of your successful online application we’ll present you with a confirmation page, which contains your Application Reference Number. We’ll also email your Application Reference Number to you , shortly after opening your Recognise Savings Account.

How do I find my 7 Digit Account Number?

You can find your 7 Digit Account Number in your Welcome Pack in your secure message inbox and in the account summary page when you log into our Secure Online System.

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.

Currently, Barclays, HSBC including First Direct, Lloyds Banking Group, Nationwide Building Society, Royal Bank of Scotland Group and Santander UK participate in the scheme.

Because ClearBank is yet to join (it expects to be fully integrated this year) you may get a warning message from your Bank telling  you that the Payment Details you have given them for your Recognise Savings Account could not be verified or matched. 

Please do not worry about this as it is an additional security check that your bank or building society has set up for you and it is safe for you to confirm and continue with the payment to fund your new Recognise Savings Account, as long as you have entered the correct payment instructions.

Does my Recognise Savings Account have a MINIMUM balance requirement to earn interest?

Yes, your Recognise 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 Savings Account have a MINIMUM balance to stay open?

Yes, your Recognise 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 Savings Account have a MAXIMUM balance? 

Yes, your Recognise Savings Account has a maximum balance threshold of £85,000 for Single Account holders and £170,000 for Joint Accounts. 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.

What is the maximum total value of Savings I can hold with Recognise Bank?

You may hold a maximum of £85,000 across all your accounts including all of your Sole Accounts and all your shares in Joint Accounts. When calculating your combined balance across all of your Recognise Savings Accounts, we’ll treat any balances held in Joint Accounts as being shared equally between both account holders. For example, if you hold £20,000 in a Sole Account and hold £30,000 in a Joint Account with us, we’ll consider you to hold half of the joint account balance (i.e. £15,000) and therefore your combined balance is £35,000.

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

You can set up standing orders to make regular deposits into your Recognise Notice Accounts. Unfortunately, it is not possible to set up a standing order into a Recognise 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 Recognise Savings Account and I can start receiving interest?

We will credit any money you deposit, on the same Calendar Day we receive it. Your money will earn interest from that day. If we receive your deposit before 8pm, it will show on your Recognise Savings Account the same day, otherwise it will appear on the next Calendar Day.

How do you calculate the interest rate?

We calculate interest rates on your Recognise 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 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, or by calling us 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.

What happens if the balance in my 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 Savings Account to receive interest. You can find the minimum balance amount for your specific account type within the Summary Box and within the Product Terms and Conditions on the literature and guides section of our website.

If your Recognise 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 Recognise Savings Account using our Secure Online System to view and print an Account 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 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. 

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 Savings Account?

You can request withdrawals from your Recognise Savings Account, where allowed, using our Secure Online System. Your money can be moved either to your Nominated Bank Account or to one of your other Recognise 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 get my money back?

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 make a withdrawal request on a day that is not a  Business Day, you will receive your money back into your Nominated Bank Account on the next Business Day. 

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 log into your account through the Secure Online System. Within your online account your will find a message in your secure message inbox containing maturity instructions.

This message will provide you with your options for placing your matured deposits and any interest that has accrued on the account into other Recognise Savings Accounts or returning them to your Nominated 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 Recognise Notice Account, which is a Variable Rate Account and may pay a lower rate of interest than you’d have received on your Fixed Rate Account. Please 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. You can do this by logging into your account, by 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 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 savings account without giving you two months’ written notice.

If an account holder dies we ask that we see the original or a certified copy of the death certificate. If the account is in a sole name we may request to see additional documents before we are absolutely certain about releasing the funds. For Joint Accounts, we will move the balance to the surviving Joint Account Holder. We will remove the name of the deceased and make the account a sole account in the name of the surviving holder unless otherwise instructed.

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 check your account for you and set up a new account or security details straight away. 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 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 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 Bank Holidays. Please note that your calls may be monitored for training, quality and security purposes.

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

Email: Email us at [email protected]ngs.co.uk

Secure message: Send us a secure message by logging into your account using our Secure Online System.

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 Bank Holidays. Please note that your calls may be monitored training, quality and security purposes.

Write to us: You can write to us at – RUBH-ZZBS-LYAU, Recognise Bank, PO Box 921, Wallsend, NE28 5EJ.

How can we help?