Recognise Bank savings rates — compare every account, plus switch offers and guides

Who they are

Recognise Bank was founded in 2017 as BIZ Financial Services Limited by business owners who recognised the disconnect between traditional business banking and the needs of modern SMEs. It was awarded its banking licence in November 2020 and launched its first savings accounts in September 2021. The bank is relatively small but has grown steadily, and its model is straightforward: Recognise is focused on SME lending, financed by personal and business savings accounts.

On protection, Recognise Bank operates with a higher-than-usual FSCS limit. Your eligible deposits are protected up to £120,000 by the Financial Services Compensation Scheme - meaning that in the unlikely event the bank were to fail, any deposits below that limit are protected. That is notably above the standard £85,000 threshold you see at most UK banks, so it is worth bearing in mind if you are depositing a larger sum.

Savings accounts

Recognise keeps its personal savings range tight and focused. All three accounts currently on DepositScout require a minimum opening balance of £1,000.

The two fixed-rate options suit savers who can commit their cash and want certainty. The 2 Year Fixed Rate Account pays 4.86% AER with no access until maturity, while the 1 Year Fixed pays 4.76% AER on the same terms. If you want a little more flexibility, the 95 Day Notice Account pays 3.70% AER (variable) - you give 95 days' notice before making a withdrawal rather than locking your money away entirely. Interest can be paid into your Recognise Bank savings account or a nominated UK bank account, monthly or annually - the choice is yours.

There is currently no easy-access account or ISA in the personal range shown here, so if instant access or a tax-free wrapper is your priority, Recognise may not be the right fit right now.

Is it right for you?

Recognise suits disciplined savers who are happy to commit for one or two years in exchange for a solid fixed rate, or those who can live with a 95-day notice period. The £1,000 minimum is accessible for most people, and the elevated FSCS limit of £120,000 is a genuine plus for anyone sitting on a larger deposit.

There is no mobile app , and customer service runs 9am to 5pm, Monday to Friday only , so if you like managing money on the go at weekends, that is worth factoring in. There are no current account switching incentives on offer either.

Rates move regularly, so check the live figures on this page before you decide - what you see here reflects the most up-to-date numbers we have.