Written by: Emma Lunn
Challenger bank 35 days notice savings account pays 0.75% AER.
The Notice Account can be opened with £1,000 and up to £85,000 deposited into the account. As the name suggests, savers must give 35 days notice to make a withdrawal.
Recognize entered the personal savings market in September last year with a range of accounts including a five-year fixed rate account paying 2% AER.
Recognize says it has designed the new account with 35 days notice to give savers more choice and flexibility for their money, especially as we enter a period where the Bank of England base rate is likely to rise. ‘to augment.
By comparison, Secure Trust Bank pays 0.7% on its 30-day notice account, while Aldermore Bank and Chorley Building Society both pay 0.55%.
Recognize also increased the rate on its existing 95-day notice account to 0.85% AER from 0.75% AER.
Damian Trussler, Head of Savings for Recognize Bank, said: “By offering a 35-day notice account, we’re giving people an account that will earn interest on their savings, but doesn’t tie up their money too much. long – they can still access their savings in 35 days.
“However, if they want to earn a bit more interest and are happy to give us a bit more notice, the 95 day notice account gives them that option. It’s all part of our promise to deliver value, fairness and greater choice to savers at a time when so many big banks are paying rock bottom interest rates on their savings accounts.
Recognize Bank was launched in late 2020, initially providing commercial loans and mortgages to the SME sector. The Prudential Regulation Authority (PRA) lifted Recognize Bank’s deposit restrictions in September 2021, allowing it to provide a wider range of services. It plans to launch business savings accounts next month.
All Recognize Bank personal savings accounts are protected by the FSCS.