Recognise Business Savings Account Review (2025)

Recognise Bank was founded in 2017 and now holds a UK banking license which allows it to offer a broad range of savings and lending products to UK SMEs and sole traders. If you have some spare business cash, you may want to open a Recognise Bank business savings account to allow it to earn interest, rather than sitting idle in a low or no interest business account.

This guide to Recognise business savings accounts covers the account types available, the fees and the interest you may achieve.

Recognise Business accounts hold British pounds only - if you need to hold, send, spend and exchange multiple currencies, you may also want to take a look at Wise Business. Check out Wise for a powerful multi-currency account to hold and exchange 40+ currencies, and international debit cards you can use in 150+ countries.

💡 Learn more about Wise Business

What is Recognise Bank?

Recognise Bank was founded in 2017, and awarded a banking license in 2021. The founders wanted to help modern UK SMEs and sole traders manage their money in a better way, with options to save and access working capital as needed. They aim to be more flexible compared to other UK banks, and provide simple and streamlined processes for opening an account, transacting and managing your business finances.

Recognise can offer accounts for UK Sole Traders, Partnerships, Limited Liability Partnerships (LLPs) and Limited Companies. Your business must have fewer than 250 employees and either assets of less than £37.5 million or a turnover of less than £43.5 million annually.¹

This Recognise Bank review looks at some of the key savings products available to eligible businesses, and how they work.

Is Recognise Bank safe?

Recognise Bank Limited is a registered company which holds a banking license in the UK. It is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA). That means you can rest easy knowing that Recognise Bank is safe to use, and must adhere to very high safety standards to protect customers and their money.

Recognise Bank has anti-fraud measures built into the way it does business, and also offers a comprehensive guide to help customers avoid common fraud and scams. If you think you’ve been the victim of fraud you can contact Recognise Bank for help and advice. Eligible accounts are FSCS Protected (up to the legal limit of £85,000).¹

Recognise business savings - overview of accounts

Recognise Bank business savings accounts offer ways to earn from your excess business cash, and include accounts you can access any time, accounts which require notice of a withdrawal, and accounts which limit withdrawals for a fixed term.

The interest you earn varies depending on the terms of the account you pick. Generally if you are prepared to lock your money away for longer, or give more advance notice before you need to make a withdrawal from your account, you’ll get a better rate.

Here’s an overview of the savings accounts available at the time of research - bear in mind that interest rates can go up and down, so you’ll need to check the latest options online before you sign up:¹

*Details correct at time of research - 21st January 2025

Recognise Bank savings accounts reviews

This Recognise Bank review will cover the available interest rates, fees and the different access savings accounts you can choose from.

You can also learn more about Recognise Bank reviews and what existing customers say about the service they offer, from Trustpilot². Trustpilot aggregates live customer feedback to show an average score. At the time of research, Recognise Bank scores 4.5 out of 5 stars on Trustpilot, for an Excellent score. As the ratings are dynamic you can check up on the latest, and read what their customers have to say, before you open a Recognise Bank account.

Recognise business savings interest rate

Recognise Bank business savings accounts have varying interest rates depending on the specific account you select. You can choose from a range of different account products, which may have fixed interest rates for a certain amount of time, or which may have variable rates while offering instant access.

Generally the rate you get reflects how easily you can withdraw your funds. Lock your money away for longer, and you may get a better rate. Similarly if you choose a notice account which requires months of advance warning before you can make a withdrawal.

If you prefer easy access to get your funds instantly, you’ll usually get a less favourable interest rate but you’ll know you can withdraw and use your funds whenever you need to without penalty.

Interest rates can change a lot depending on market factors. At the time of research, rates include:

• Up to 4% AER for 6 month and 1 year term deposits (fixed rate for the duration)
• Up to 3.55% AER for instant access account where the rate may change
• Up to 4.5% AER for a notice account which requires 180 days advance notice prior to a withdrawal

Before you choose which account might suit your needs, weigh up the options here and with other business savings account providers, so you know you’re getting the best deal for your business.

Recognise business savings charges and fees

With Recognise, business customers can deposit from 1,000 GBP to 250,000 GBP. There are no account fees. However, a couple of important things to know include;

• If your account falls below the minimum deposit (usually 1,000 GBP) you won’t earn interest and your account may be closed
• If you withdraw from a term deposit account prior to the end of the term, or from a notice account without giving adequate notice, you’re likely to lose interest and/or pay penalties

Be sure to understand all of the terms and conditions for your preferred account before you begin to use it.

Do Recognise have an instant access savings account?

Yes. At the time of research, Recognise Bank offers 2 different instant access account products, which have interest set at 3.15% AER and 3.55% AER.

You can open the lower interest account - Issue 1 - with 1,000 GBP as a minimum deposit. To access the higher interest amount you need Issue 2, which has a higher minimum deposit amount of 85,001 GBP.

How to apply for a Recognise Bank savings account?

You can apply for a savings account with Recognise at the Recognise Business Savings Hub, which you can find on their website.

You’ll need to follow the steps below:

1. Select the account you would like to open
2. Read the Summary Box and Terms and Conditions and confirm
3. Click ‘apply now’ and follow the onscreen instructions to add your personal and business details
4. Once your account is approved you must make your first deposit within 14 days

You may be asked to provide documents showing your identity and address. There’s a long list of accepted documents³, including your passport and your driving license for ID, and documents from banks , HMRC or other government services to prove your address. You’ll be able to photograph your documents and upload them for verification if Recognise requires this step.

Wise Business Interest feature: Alternative to Recognise Savings Account

In the UK, there are numerous business account providers that you can choose from. Wise Business is one of the alternatives to Recognise that you may want to consider. If you open a Wise Business multi-currency account for your business, you can hold money in 40+ currencies, send money to 140+ countries, and spend money in 150+ countries.

You can also use the Wise Interest feature to earn a return. Your money is invested in an interest-earning fund that holds assets guaranteed by governments. The assets follow the Bank of England’s interest rate so when that rate changes so does yours. There’s a small service fee of 0.29% for this account and while your investment isn’t guaranteed, the risk is low.

Get started with Wise Business 🚀

If you hold a balance in GBP and want to make sure it’s working for you while you want to spend it, a Recognise Bank business savings account may suit your needs. Use this guide to decide - and if you need more flexible solutions which span different foreign currencies as well as GBP, take a look at Wise Business which offers comprehensive multi-currency account and card services for UK entrepreneurs.

Sources used in this article:

Sources last checked March 21, 2025