Recognise Bank launches market-leading 5.85%* Personal Savings Account

*As of June 23, 2023, the interest rate on the Personal 3 Year Fixed Account was increased from 5.40% AER to 5.85% AER.

One of the UK’s most innovative business banks, Recognise Bank, has cemented its presence in the personal savings market by launching a new account with one of the best interest rates available at 5.85% AER*.

Available from Monday 12th June 2023, the new three-year fixed term account is targeted at those looking to deposit up to £85,000 (£170,000 for joint accounts) and requires a minimum investment of £1,000.

Interest is paid monthly or annually, unlike many other fixed terms savings accounts which often pay on maturity. Savers also don’t need to have any other product with Recognise to be able to open a savings account.

FSCS protected up to the maximum of £85,000, the account has been designed to be quick to open and simple to manage online, with UK based telephone customer service support.

Recognise is best known for its innovation in providing lending and savings to small to medium sized businesses (SMEs) and was voted Best Variable Rate Deposit Account provider according to the financial decision makers of 500 SMEs with between 1 and 49 employees by 3Gem (November 2021).

This isn’t the first competitive savings interest rate from Recognise Bank. Their Business Easy Access savings account which launched in April 2022 secured the top of the table position and ranked 1st from August – October 2022. And more recently, Recognise Bank was awarded Moneynet Best Business Variable Rate Deposit Account Provider of 2023.

Announcing the new rates, Monna Patel, Head of Savings at Recognise Bank, said: “We have been blown away by the success of our savings products and are determined to offer consistently the best rates we can to our customers. 5.85% AER* is our highest ever interest rate, and we hope that it shows savers that they can rely on Recognise Bank.”