Recognise Bank has increased the interest rates on its entire range of Business Savings Accounts to help small firms make more of their cash during the current challenging economic climate. But to ensure personal customers don’t miss out, it has also upped the rate on one of its most popular Personal Savings Accounts.
The new rates are:
- Business Easy Access Savings Account increases to 1.05% AER / Gross Annual. The rate was previously 0.90% AER / Gross Annual.
- Business 95 Day Notice Savings Account increases to 1.35% AER / Gross Annual. The rate was previously 1.10% AER / Gross Annual.
- Business 1 Year Fixed Rate Savings Account increases to 1.80% AER / Gross Annual. The rate was previously 1.45% AER / Gross Annual.
- Personal 95 Day Notice Savings Account Issue 4 and Issue 3 also increases to 1.35% AER / Gross Annual. The rate for Issues 4 and 3 was previously 1.10% AER / Gross Annual.
Announcing the new rates, Bryce Glover, CEO for Recognise Bank, said: “Businesses and consumers are facing a raft of different pressures on their pockets, from soaring energy costs to spiralling inflation, so we want to do what we can to give them a little extra help.
“Small businesses in particular miss out when it comes to savings because the rates paid by many of the big banks are so low, while almost half of SMEs* don’t use a business savings account at all and are missing out on hundreds or even thousands of pounds in interest income. That’s why we have launched our range of savings accounts and are determined to pay a competitive rate.
“We also feel that consumers shouldn’t miss out either, which is why we have aligned the rates on our 95 Day Notice Savings Accounts for both personal and business savers.”
All Recognise Bank Savings Accounts are FSCS protected up to a maximum of £85,000 and can be opened quickly and managed online, with dedicated telephone support.
Research* by the Bank ahead of the launch of its Easy Access Business Savings Account in April found that SMEs have an average cash surplus of £75,000. Recognise found that 30% of small firms keep their cash surplus as an emergency fund, 29% use it as a buffer in case of cashflow problems, while 23% save it for future investment into their business.
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. Despite only receiving its full authorisation in September 2021, Recognise has already achieved £100 million in lending.
In September 2021 it launched a range of Personal Savings accounts, which has so far attracted £95 million in deposits, launching Business Savings accounts in April this year. The Bank recently announced that it will benefit from an £8.7 million fundraise of fresh capital that will be used to support further lending and the development of its innovation and digital capability.
This press release is for media use only. Consumers should visit the product pages linked above for full details of our savings products.
*Research was carried out amongst the financial decision makers of 500 SMEs with between 1 and 49 employees by 3Gem in November 2021.