Recognise Bank Business Banking

About Recognise Bank

Recognise Bank is a business bank that offers savings and SME-loans. They're new to the business savings market having only launched their business accounts in early 2022 but they've still made an impact to UK businesses with their high-interest offerings

See our full Recognise Bank business savings review of rates, fees and how they compare against other savings banks.

Recognise Bank pros & cons

Pros of Recognise

• Deposits protected by the FSCS
• Interest rates up to 4.50% AER
• Choice of saving style
• Start saving from £1,000 up to £250,000
• Offer business loans

Cons of Recognise

• Do not offer a business current account
• No mobile banking app
• No branches

Recognise Bank business savings

Recognise offer nine different business savings accounts with rates ranging from 3.15% to 4.50% AER. Each can be opened with an initial £1,000 deposit and you'll be able to hold up to £250,000, or £85,000 if you're a sole trader or partnership.

Here's a summary of Recognise Bank's most popular business savings accounts:

These are all the accounts offered by Recognise:

Easy access

Recognise have two business accounts with easy access, one for sole traders and the other for registered businesses.

The interest rates are a variable 3.15% and 3.55% AER (for the limited company savings account).

Notice accounts

There are five business notice accounts available, with terms from seven to 180 days, and rates from 3.15% to 4.50% AER, variable.

Fixed bonds

There are two fixed term business savings accounts offered, one with a six month term and the other with a yearly term. The interest rates are fixed at 4.10% or 4.25% AER, respectively.

Eligibility

To be eligible for a Recognise savings account your business must:

• Be an SME (less than 250 employees & turnover less than £42.5m)
• Be a limited company, partnership, limited liability partnership or sole trader
• Be a UK based business (registered in the UK & the persons of interest must be UK residents)

Opening an account

Here's how to open a Recognise business account:

1. Head over to their website to get started & choose an account
2. Complete their application - Recognise will confirm your eligibility
3. Verify your ID - with photo ID such as a passport or photocard driving licence
4. Once approved (usually same day) you can start saving

Recognise Bank reviews

Recognise Bank score an excellent 4.6 stars on Trustpilot, from over 550 reviews, with 77% rating them 5 stars.

Information correct as of 29th August 2024.