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Recognise Bank launches competitive notice savings account

Emma Lunn
Written By:
Emma Lunn
Posted:
Updated:
28/01/2022

The 35-Day Notice savings account by the challenger bank pays 0.75% AER.

The notice account can be opened with £1,000 and up to £85,000 deposited in the account. As the name suggests, savers need to give 35 days’ notice to make a withdrawal.

Recognise entered the personal savings market in September last year with a range of accounts that included a five-year fixed rate account paying 2% AER.

Recognise says it has designed the new 35-Day Notice account to give savers more choice and flexibility for their money, especially as we enter a period where the Bank of England Base Rate is likely to rise.

In comparison Secure Trust Bank pays 0.7% on its 30-day notice account, while Aldermore Bank and Chorley Building Society both pay 0.55%.

Recognise has also increased the rate on its existing 95-Day Notice Account to 0.85% AER, up from 0.75% AER.

Damian Trussler, head of savings for Recognise Bank, said: “By offering a 35-Day Notice Account we are giving people an account that will earn them interest on their savings, but doesn’t tie their money up for too long – they can still get access to their savings in 35 days.

“However, if they want to earn a bit more interest, and are happy to give us a bit more notice, then the 95-Day Notice Account gives people that option. It’s all part of our promise to give savers value, fairness and greater choice at a time when so many of the bigger banks are paying very low interest rates on their savings accounts.”

Recognise Bank launched at the end of 2020, initially providing commercial loans and mortgages to the SME business sector. The Prudential Regulation Authority (PRA) lifted Recognise Bank’s deposit restrictions in September 2021, allowing it to provide a wider range of services. It plans to launch business savings accounts next month.

All of Recognise Bank’s personal savings accounts are FSCS-protected.