Innovative digital bank, Recognise, continues to support its personal savings customers by launching two new fixed term savings accounts, as well as increasing rates on its newly launched three-year fixed term account to 5.85% AER, making it one of the best on the market.
The two new fixed term accounts for 18 or 24 months launch on Tuesday 27th June at rates of 5.70% AER and 5.80% AER respectively.
Recognise has also announced that it is increasing the interest rate on Friday 23rd June from 5.15% AER to 5.85% AER on its three-year fixed term account launched earlier this month.
Announcing the new products and rates, Monna Patel, Head of Savings Operations at Recognise Bank, said: “We want savers to know that they can rely on Recognise for a range of fixed terms at fantastic rates.We believe we offer some of the best fixed savings products on the market with some of the best interest rates around and are known for passing on any increase in benefits to customers as quickly as we can. 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.”
The fixed term accounts are targeted at those looking to deposit up to £85,000 (£170,000 for joint accounts) and require a minimum investment of £1,000.
All 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 to medium sized businesses (SME) and savings to both personal and business customers. Recognise was nominated for the best internet account provider by Moneyfacts in 2023 and was a finalist for best new savings provider by Savings Champion in 2023.
Recognise also offers 35 day and 95 day notice personal savings accounts with interest rates of 1.50% AER and 3.25% AER respectively.