Recognise Bank increases interest rates on all its variable rate savings accounts

Digital challenger bank increases rates by 25bps for personal and business savers

Recognise Bank has increased the interest rate on all its variable rate personal and business savings accounts by 25 basis points. The increase applies to new and existing customers, including accounts no longer on sale.

The interest rate increase means that the Recognise Bank’s Business Easy Access Account is now 1.50% AER. Recognise also aligned the rates on its current 95 Day Notice Personal and 95 Day Notice Business Savings Accounts, with both accounts now paying savers 1.85% AER.

The Bank’s 35 Day Notice Personal Account has also been increased to 1.00% AER. Savers with variable rate accounts that are no longer on sale will also benefit from the 25bps rise today.

Recognise said it wanted to support businesses and personal savers struggling with the current economic challenges. Dean Carter, Group Treasurer, Recognise Bank, said: “People’s finances continue to be squeezed by rising prices, eroding whatever value their savings have. Yet, all too often the big banks are still paying very low interest rates.

“We want to give hard pressed business and personal savers as much help as possible, offering them a choice of accounts with competitive rates, making their savings work harder.”

All of Recognise Bank’s business and personal savings accounts are FSCS protected up to the maximum of £85,000 and can be quickly opened and easily managed via the Bank’s website, with telephone customer support.

The Bank’s business accounts have been designed to be straightforward to open and manage because many SMEs don’t bother putting their spare cash into savings accounts as they think it is too much hassle. Research* by Recognise Bank found that, while 30% of SMEs keep spare cash as a buffer against cashflow problems, 49% of small companies surveyed leave this money in their business current account, usually paying zero interest.