Specialist SME bank Recognise was founded in 2017 but only launched its business savings accounts in 2022. They offer easy access, notice and fixed-rate business savings accounts of varying lengths. 

In this review, I’m going to investigate the pros and cons of opening an account. Is this the best place to put your business savings right now? 

Recognise Bank Savings Account Review

Recognise Bank Savings Account Review: My Verdict

Recognise Bank is clearly positioning itself as a major player in the business savings sector with competitive rates and, at certain points during 2023, the best interest rates on the market.

I see them as an excellent option for businesses that don’t want to deposit large amounts of funds but still want to access attractive rates of up to 4.50% AER.

One point to note is that the maximum balance of £250,000 is significantly lower than other service providers which may make their accounts unsuitable for businesses with large savings.

They also have no mobile app, which some younger users may find to be a deal-breaker.

They have good UK-based Customer Service rated, but access is limited to between 9 am and 5 pm, Monday to Friday, which could be an issue if you experience any problems outside these hours. 

Recognise Bank Pros & Cons


  • Variety of Accounts: Offers a range from easy access to 1-year fixed-term accounts.
  • Competitive Rates: Interest rates vary from 3.15% AER to 4.50% AER.
  • Low Minimum Balance: Most accounts require only a £1,000 minimum.
  • No Fees: No monthly fees for business savings accounts.
  • Quick Application: Easy and fast online application process.
  • High Trustpilot Rating: Rated ‘excellent’ by users.
  • Regulated and Protected: FCA and PRA regulated, with up to £85,000 deposit protection.
  • Reliable Customer Support: Accessible via email or phone during business hours.


  1. Maximum Balance Limit: The maximum balance is capped at £250,000, possibly restrictive for larger savings.
  2. Deposit Restrictions: Only Limited Companies or LPS can deposit over £85,000.
  3. No Mobile App: Account access is through the website only, lacking a mobile app option.
  4. Weekday-Only Support: Customer support is available only on weekdays from 9 am to 5 pm, which could be less convenient for some.
  5. Relatively New Bank: Founded in 2017, Recognise has a shorter history compared to more established banks.

Recognise Bank Business Savings Account Features

  • Account Types: Easy-Access, Notice, or Fixed Savings Account options.
  • Interest Rates: Earn 3.15% to 4.50% AER.
  • No Fees: Free to open, no monthly fees.
  • Balance Limits: Save £1,000 to £250,000.
  • Interest Options: Monthly or annually, paid into your UK bank or Recognise account.
  • Deposit Deadline: Initial deposit within 14 days of account opening.
  • FSCS Protection: Up to £85,000.
  • Open In Minutes: Apply online quickly.
  • Online Account Management: Manage your account via Recognise website.
  • UK Customer Support: Phone or e-mail assistance from the UK.

Types of Recognise Bank Business Savings Accounts

Whether you need easy access to your savings or are willing to lock them away for 12 months, Recognise Bank has a wide range of business savings accounts for you to choose from.

The table below highlights some main differences.

TypeProductInterest AERGross AnnuallyGross MonthlyMin BalanceMax Balance
Easy AccessIssue 13.15%3.15%3.11%£1,000£250,000 for Limited Companies & LLPs, £85,000 for other eligible businesses
Easy AccessIssue 23.55%3.55%3.49%£85,001£250,000
Notice7-Day Issue 13.15%3.15%3.11%£1,000£250,000 for Limited Companies & LLPs, £85,000 for other eligible businesses
Notice35-Day Issue 13.25%3.25%3.20%£1,000£250,000 for Limited Companies & LLPs, £85,000 for other eligible businesses
Notice95-Day Issue 24.30%4.30%4.22%£1,000£250,000 for Limited Companies & LLPs, £85,000 for other eligible businesses
Notice120 Day4.40%4.40%4.31%£1,000£250,000 for Limited Companies & LLPs, £85,000 for other eligible businesses
Notice180 Day4.50%4.50%4.41%£1,000£250,000 for Limited Companies & LLPs, £85,000 for other eligible businesses
Fixed6 Month4.10%4.10%4.02%£1,000£250,000 for Limited Companies & LLPs, £85,000 for other eligible businesses
Fixed1 Year4.50%4.50%4.41%£1,000£250,000 for Limited Companies & LLPs, £85,000 for other eligible businesses

Recognise Easy Acess Business Savings

Recognise Bank offers two types of Easy Access Business Savings Accounts, Issue 1 and Issue 2, suitable for businesses looking for flexible savings options. Both accounts allow you to deposit and withdraw money anytime without penalties, but you must withdraw at least £500 each time.

The interest rates can change. If rates go up, your account’s rate increases immediately, and you’re informed within 30 days. If rates fall, you’ll get a 14-day notice if your balance is over £100; otherwise, they won’t notify you.

Issue 1 Account is for various business types. It offers a 3.15% AER interest rate, needs at least £1,000 to open, and accepts up to £250,000 for Limited Companies and LLPs, or £85,000 for other businesses.

Issue 2 Account, only for Limited Companies and LLPs, offers a higher interest rate of 3.55% AER. It requires a minimum deposit of £85,001 and a maximum of £250,000. Up to four people can manage this account, making it convenient for team use.

Recognise Business Savings Notice Accounts

Recognise Bank offers a selection of Business Notice Savings Accounts, each requiring a different notice period before you can withdraw funds. These accounts are a middle ground, offering better interest rates than Easy Access accounts but more flexibility compared to Fixed-Rate accounts.

  • Different Notice Periods: Choose from 7, 35, 95, 120, or 180 days’ notice before withdrawal.
  • Interest Rates: Rates vary by account type. For instance, the 7-Day Notice account offers 3.15% AER, while the 180-Day Notice account offers up to 4.50% AER.
  • Early Withdrawals: Generally not allowed, but Recognise may make exceptions in special cases, possibly with an interest penalty.
  • Variable Interest Rates: The rates may increase or decrease over time.
  • Minimum and Maximum Balances: Open an account with a minimum of £1,000. The maximum deposit is £250,000 for Limited Companies and LLPs, and £85,000 for other business types.

These accounts are ideal if you’re seeking higher interest rates than typical savings accounts but still want some access to your funds. Remember, you have a 14-day cancellation window after your initial deposit.

Recognise Fixed Rate Savings Accounts

Recognise Bank’s Fixed Rate Business Savings Accounts are ideal for businesses seeking a secure, fixed interest rate on their savings. These accounts, available in 6-month and 1-year terms, offer higher interest rates than other accounts but require locking your savings away for the chosen period.

As of November 2023, the 6-month account offers 4.10% AER (4.02% gross monthly), and the 1-year account offers 4.50% AER (4.41% gross monthly). The minimum opening balance is £1,000, with a maximum of £250,000 for Limited Companies and LLPs, or £85,000 for other businesses.

You can cancel within 14 days of your initial deposit. Near the end of the term, Recognise Bank will contact you for instructions. If you don’t respond, your savings will move to a Notice Savings Account.

Early withdrawals aren’t generally allowed, but exceptions may be made under special circumstances, possibly with an interest penalty. This account type may not suit businesses needing frequent access to their savings.

What are the Eligibility Criteria for Recognise Bank Business Savings Accounts?

If you wish to open an Easy Access (Issue 2) Business Savings Account, you must:

  • Have persons of interest (such as directors) of at least 18 years old who are residents of the UK.
  • Be a Limited Company or LLP
  • Be registered with Companies House
  • Have less than 250 employees
  • Have a turnover of less than £42.5 million or less than £36.5 million in assets.
  • Have a UK business bank account.

For all other Recognise Bank Business Savings Accounts, you must:

  • Be a UK-based small or medium-sized business
  • Have Persons of Interest (such as directors or ultimate beneficial owners) of at least 18 years old and be residents of the UK.
  • Be a sole trader, partnership, LLP or Limited Company 
  • Have less than 250 employees
  • Have a turnover of less than £42.5 million or less than £36.5 million in assets. 

You are ineligible to apply for a Recognise Bak Business Savings Account if:

  • You have an ownership structure which is more than 4 levels
  • You trade with sanctioned and Financial Action Task Force (FATF) listed countries

Fees and Charges of Recognise Bank Business Savings Account

Applying for a Recognise Bank Business Savings Account is free, with no account fees. 

Online Banking Experience with Recognise Bank

With no physical branches, your Recognise Bank Savings Account is managed entirely online. 

The user experience is clean and functional, allowing you to do all of the basic banking tasks very efficiently. You can fo the following:

  • Monitor your savings balance.
  • View current interest rates.
  • Execute deposits and withdrawals.
  • Provide instructions for the maturity of Fixed-Rate Savings Accounts.
  • Access account statements.
  • Update your personal and account information.
  • Close your account if needed.

For businesses such as limited companies, LLPs, and partnerships, the platform supports adding up to four authorised users to manage the account, enhancing team collaboration. Sole traders can assign one authorised user.

Keep in mind, Recognise Bank doesn’t have a mobile app. This could be important if you prefer managing your finances on your phone.

Recognise Bank Customer Service

Recognise Bank offers customer support services for its Business Savings Account clients.

  • Email Support: Customers can send their inquiries to bizsupport@recognisesavings.co.uk.
  • Telephone Support: Call 0345 872 7888 for immediate queries or issues related to business savings accounts.
  • Business Hours: The customer service team operates from 9:00am to 5:00pm, Monday to Friday, but it not open at weekends.

Is Recognise Bank Safe?

Yes, Recognise Bank is regulated by the Financial Conduct Authority (FCA) and authorised by the Prudential Regulation Authority (PRA).

Eligible deposits up to £85,000 are also covered by the FSCS, giving you added protection and peace of mind. 

Only Authorised Users will be able to manage your account, and you will be asked to provide security information when you create your account. 

Recognise Bank also uses Confirmation of Payee, which helps to confirm withdrawals and payments are made to the correct recipient and protects your account against fraud. 

How To Open a Recognise Bank Business Savings Account

To open a Business Savings Account with Recognise Bank, follow these simple steps:

  1. Check Eligibility: Ensure your business meets Recognise Bank’s customer criteria. Read the Product Terms and Conditions.
  2. Online Application: Apply on the Recognise Bank website. They may contact you for additional information.
  3. Nominate an Authorised User: Assign someone from your business to manage the account.
  4. Provide Security Information: Give necessary security details. Only authorised users can submit this information.
  5. Link a UK Business Bank Account: Connect a UK business bank account to your savings account. You can change this later with a written request and a bank statement of the new account.
  6. Confirm Deposit Legitimacy: Confirm that your deposit funds are legitimate.
  7. Account Opening Checks: Recognise Bank will verify identities and addresses of the individuals involved. Your account is usable after these checks.
  8. Initial Deposit: Make your first deposit within 14 days of account opening. If not, the account may be closed.

Recognise Bank Customer Reviews & Ratings

Recognise Bank has been rated as ‘excellent’ on Trustpilot, earning an average score of 4.7 out of 5, with 78% of users rating the bank 5 out of 5. 

The five-star reviews describe their experiences with adjectives like “courteous,” “straightforward,” “easy,” “competitive,” and “simple.”

Customers have praised the bank for its easy and quick account setup process, competitive interest rates, and responsive customer service. They highlighted the simplicity of the online application, efficient communication, and the fast acknowledgement of deposits, which gave them trust and confidence in Recognise Bank. 

Some customers mentioned confusion during the application process, delays in responses or issues with the bank’s website, such as broken links. They used language like: “difficult,” “confusing,” “glitchy,” “unresponsive,” “inefficient,” and “unreliable.”

However, they also acknowledged that the bank addressed these concerns promptly and effectively, leading to a positive resolution.

Alternatives to Recognise Bank Business Savings Accounts

Bank NameTypes of AccountMax Interest RateMinimum DepositMaximum BalanceFSCS Covered
Recognise BankEasy-Access, Notice & Fixed-Rate4.50% AER£1,000 or £85,001£250,000
Allica BankFixed-Rate5.10% AER£20,000£2,000,000
AldermoreEasy-Access & Fixed-Rate4.35% AER£1,000£1,000,000
CynergyEasy-Access3.65% AER£1£10,000,000
RedwoodNotice & Fixed-Rate4.85% AER£10,000£1,000,000


How is interest calculated and paid into Recognise Bank Business Savings Accounts?

Can I Have Multiple Recognise Bank Business Savings Accounts?

Can my business open an account with Recognise?

How do I withdraw money?

How do I close my account?

What if my balance falls below the minimum?