Innovative digital SME bank, Recognise, announces the launch of a new fixed term savings accounts for businesses with a fixed rate of 4.50% AER.
The 12-month fixed term business savings account launched today has an interest rate of 4.50% AER, which is comparable with rates given to personal savers.
Recognise offers a range of savings products to businesses customers, from easy access to short term notice accounts and now a longer term fixed term account, providing tailored savings solutions for their needs.
Monna Patel, Head of Savings Operations at Recognise Bank, explains:
“We 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.
Savers also benefit from the fact that interest is paid monthly or annually, unlike many other fixed terms savings accounts which often pay on maturity.”
Recognise also offers easy access and 95 day notice business savings accounts with interest rates of 2.65% AER and 3.25% AER respectively as well as a variety of personal savings accounts.
The bank launched its first business savings account in April 2022 and now has nearly £200m worth of combined business and personal savings across 4000+ active accounts.
All business savings accounts are FSCS protected up to the maximum of £85,000 and have been designed to be quick to open and simple to manage online, with telephone customer service support if required.
Customers have 30 days to make their initial deposit and savers don’t need to have a current account or any other product with Recognise to be able to open a savings account.
Recognise is best known for its innovation in providing lending to small and medium sized businesses (SMEs) and savings to both personal and business customers and was voted best variable rate business savings provider by Moneynet in 2023 and highly commended for the best business variable rate deposit account provider by Business Moneyfacts in 2023.
A business savings account launched in April 2022 had, by the summer, been ranked 1st on Moneyfacts Best Buy Tables for over 8 weeks.