Recognise Bank has announced it is entering the personal savings market with the launch of a range of fixed rate and notice accounts.

The bank launched at the end of last year, initially providing commercial loans and mortgages to the SME business sector.

After last week it announced the removal of deposit restrictions by the Prudential Regulation Authority (PRA), Recognise has now unveiled its first personal savings accounts, to be followed by business savings accounts later in the year.

All of Recognise’s personal savings accounts will be covered by the Financial Services Compensation Scheme (FSCS), meaning that savers’ money is protected up to the scheme’s limit of £85,000 per person and £170,000 for joint accounts.

Recognise Bank CEO, Jason Oakley, commented: “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, 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.”

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