The initial products on offer include 95 Day Notice Account – 1.00% AER/1.00% gross P.A./1.00% gross P.M. variable rate and Five Year Fixed Rate Account – 2.00% AER/2.00% gross P.A./1.98% P.M. fixed rate.
Jason Oakley, chief executive of Recognise Bank, said: “Recognise’s presence in the personal savings market is an important part of our mission to support the UK’s growing small and medium sized businesses.
“Our founding ethos, and the reason for the bank’s name, is to focus on the SME community, which has been so overlooked and neglected by mainstream banking.
“By saving with Recognise Bank, customers will not only have a safe home for their money, they will also know that their FSCS-protected savings are helping ambitious SMEs, so they are directly supporting the UK economy as well.”
Damian Trussler, head of savings and payments at Recognise Bank, added: “We call it saving with a purpose. People want a compelling rate for their savings and to know that their money is safe and secure, but they also want to be sure that their hard-earned savings are being put to good use.
“By saving with Recognise Bank, people are helping ambitious businesses grow.
“With Recognise, when people save for their own future, they are also directly supporting the plans of hardworking business owners.
“Small and medium sized firms are the engine room of the UK economy, and as we recover from the impact of the pandemic, those businesses need our backing more than ever before.”
