Your eligible deposits with Recognise Bank are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK’s deposit guarantee scheme. Visit the FSCS website to see how your money is protected. In order to check how much of your money is protected by the FSCS, you can also visit the FSCS protection checker at Bank & savings protection checker | Check your money is protected |FSCS
New Customers
Product Benefits
- Earn 1.60% gross p.a. / 1.60% AER
- Open your account in minutes
- FSCS protection on your eligible deposits
- Deposit from £1,000 up to £85,000 across all of your Recognise Accounts
- Manage simply and securely online
- Up to 4 people in your business can manage your account
- Interest paid into your Business Notice Account or Nominated Business Bank Account*. You choose
- Instant access to your money, provided your funds have cleared
- Grow your savings by making regular deposits
- Available to UK Sole Traders, Partnerships, Limited Liability Partnerships (LLPs) and Limited Companies with fewer than 250 employees and either assets of less than £36.5 million and / or turnover of less than £42.5 million – see our eligibility criteria for more information
*Your Nominated Business Bank Account must be a UK Business Bank Account and must be in the same business name as your Recognise Business Savings Account. Your Nominated Business Bank Account must be the account from which you make payments to and from your Recognise Business Savings Account. You can only have one Nominated Business Bank Account allocated to your Recognise Business Savings Account.
Here is a time line of what you should expect once you have applied
Confirmation
of Receipt of
Application
Day 0 (Immediate)
Application
Approved –
Welcome
Pack Issued
As soon as we receive all required documentation
Day 0
(Immediate)
User ID
Immediately after application has been approved
Day 0 (Immediate)
Authentication Code
To withdraw funds from account
Within 5 Business Days (Following Application Approval)
Confirmation
of Deposit
Day deposit is
made
Confirmation
of Nominated Business Bank Account
Day authentication code is input into our Secure Online System
Day account
is
authenticated
Feedback
Day
Application
Approved
Summary Box
Business 95 Day Notice Account – Issue 1
| Annual Interest | Monthly Interest | ||
|---|---|---|---|
| Gross | AER | Gross | AER |
| 1.60% | 1.60% | 1.59% | 1.60% |
Interest is calculated daily.
You can choose to have your interest paid monthly or annually.
If you choose to have your interest paid monthly, interest will be paid on the same date each
month that you first paid money into your Account.
If you choose to have your interest paid annually, interest will be paid on the anniversary of
the date you first paid money into your Account.
You can choose to have your interest paid into your Business 95 Day Notice Account – Issue 1, or your Nominated Bank Account.
AER stands for Annual Equivalent Rate. This illustrates what the interest rate would be if
interest was paid and compounded once a year.
Gross is the interest rate payable before tax is deducted.
Yes, the interest rate is variable.
We can vary the interest rate for any reasons we set out in the Product Terms and Conditions, for example if the Bank of England Official Base Rate changes, if there is a change in market conditions, if the money market interest rate change, or to reflect an increase in costs of running the Account or where there is a change in regulation or legislation.
| Annual Interest | Monthly Interest | |||
|---|---|---|---|---|
| Initial Deposit |
Interest Earned |
Balance after 12 months |
Interest Earned |
Balance after 12 months |
| £1,000.00 | £16.00 | £1,016.00 | £16.02 | £1,016.02 |
The projection assumes that:
- your Initial Deposit is paid into the Account when it is opened
- it is not a leap year
- no further deposits or withdrawals are made during the 12 month period
- the interest rate does not vary during the 12 month period
The projection is for illustrative purposes only and does not take into account your individual
circumstances.
To open an Account you must be
- a Small to Medium Enterprise with fewer than 250 employees and either assets of less than £36.5 million and / or turnover of less than £42.5 million
- a UK based business operating as either a sole trader, partnership. Limited liability partnership (LLP), or limited company
- not be in our exclusion list, which is available on our website
The Account must be for business use only, not personal use.
You can apply online through our website at www.recognisebank.co.uk. You need to provide some personal and business details to open your Account.
There is a minimum deposit of £1,000. You can hold a maximum of £85,000 across all Recognise Savings Accounts (subject to any specific conditions of that Account). You have 30 Calendar Days from your Account being opened to make your Initial Deposit and any subsequent deposits.
You can view, access and manage your Account by using our Secure Online System.
You can contact us by:
- emailing [email protected]
- writing to us at Recognise Bank, RUBH-ZZBS-LYAU,PO Box 921, Wallsend, NE28 5EJ
- calling us on 0345 872 7888, 9am to 5pm Monday to Friday except for Bank Holidays
You have instant access to the money in your Account provided the funds have cleared
and are available for withdrawal.
You can close your Account or to make a withdrawal by logging on to our Secure Online
System.
Withdrawals can be made to your Nominated Business Bank Account or another
Recognise Business Savings Account that you hold (subject to any specific conditions of
that Account).
We reserve the right to withdraw this product from sale at any time.
Before you apply, please read our General Terms and Conditions and Product Terms and Conditions. You can also download a copy of this Summary Box for your records. These documents, together with your application make up our agreement with you.
The rates and information in this Summary Box are correct as at 28 June 2022 .
Make your business savings work for you
Half of all SMEs leave any spare cash they have in their business bank account, usually earning zero interest. With our Business Savings Accounts you can earn interest on the money you’re not using, but you can still access it when you need it, whether to pay a bill or to invest in your business. Our accounts are quick to open, easy to manage online and of course your money is FSCS protected. Start saving for your business today.
Guidance & Information
Important notices
Changes to help you open our business savings account and additional information of frauds and scams
A reminder of our interest rates
View all of our products and interest rates on one page
Frequently asked questions
Commonly asked questions and answers relating to our business savings accounts