Savings Interest Rates, Switch Offers and Guides for Recognise Bank

Who they are

Recognise Bank was founded in 2017 as BIZ Financial Services Limited by business owners who felt there was a real disconnect between traditional business banking and the needs of modern SMEs. The bank obtained its banking licence in November 2020 and has since grown into a focused digital challenger. Its model is built around SME lending, funded by personal and business savings accounts - so the deposits savers place with Recognise help finance real UK businesses.

Recognise Bank is authorised and supervised by the Financial Conduct Authority (FCA). Crucially for savers, deposits up to £120,000 are covered by the UK's deposit guarantee scheme - higher than the standard £85,000 FSCS limit that applies to most banks, which is worth noting if you have a larger pot to put away.

Savings accounts

Recognise keeps its savings range simple and to the point. There are currently three products on offer, all requiring a minimum of £1,000 to open.

The two fixed-rate options - a 1 Year Fixed and a 2 Year Fixed Rate Account - both pay the same rate (check the live figure on this page, as rates move over time). Your money is locked away until maturity, so these suit savers who know they won't need to touch their cash. The 95 Day Notice Account offers a variable rate and a little more flexibility - you give 95 days' notice to access your money rather than committing for a fixed term. All three accounts carry the same elevated FSCS protection of up to £120,000.

Customers consistently find the account opening process quick, easy, and straightforward, often completing it in minutes. Many appreciate the efficient communication, receiving immediate notifications via email and text when funds are deposited.

Is it right for you?

Recognise suits savers who want a clean, no-fuss digital experience and competitive fixed rates from a properly authorised UK bank. The higher-than-standard FSCS cover of up to £120,000 makes it worth a look for anyone sitting above the typical £85,000 threshold. There are no switch bonuses or ISA products here currently, so if those are your priority, you may want to cast a wider net. Customer service is consistently praised for being helpful, professional, and knowledgeable, with quick response times , and the team is available by phone or email Monday to Friday, 9am to 5pm, though closed on weekends and bank holidays.

As ever, rates shift - use the live figures shown on this page to make sure you're comparing the current numbers before you decide.