Personal Savings Accounts FAQs

You can make deposits into your Recognise savings account by electronic transfer from either:

• Your nominated UK bank account (this is the bank, building society or online account in your name that you told us you wanted to receive withdrawals into when you applied for your Recognise savings account)
• Another one of your Recognise savings accounts (where eligible)

It is important that the payment instructions you provide are accurate and that you use the following information when making the transfer:

You can request withdrawals from your Recognise deposit savings account, where allowed, using your Online Account, which you can easily log into via our website.

Your money can be moved either to your nominated UK bank account or to one of your other Recognise deposit savings accounts, where eligible. You can choose which account to transfer your money to when making your withdrawal request.

For withdrawal eligibility, please refer to your deposit savings Product Terms and Conditions.

Just like all UK deposit savings accounts, we need to confirm and verify your identity and address before opening an account for you. We may do this electronically through an external agency or by asking you directly for documents.

We may also carry out further due diligence checks at any time whilst you have an account with us.

You can find more information on this in our Privacy Notice and your product Terms and Conditions, which explains why we do these checks and how we safeguard your data.

You’ll need to authenticate your nominated UK bank account before you can make any withdrawals from your Recognise savings account (this includes providing notice of withdrawal on your notice account). 

1. We will send you a letter containing a unique authentication code.
2. Once received, please log into your Online Account via our website.
3. You will see a banner which will pop up at the top of the screen asking you to input the code to complete the authentication.

Please note, you can make payments into your Recognise savings accounts whilst your nominated UK bank account is waiting to be authenticated.

Your initial deposit is the first deposit you make into your savings account.

You must make this initial deposit within 14 days of opening your Recognise savings account.

If we don’t receive your initial deposit within the specified timeframe, we will unfortunately have to assume that you no longer need the Recognise savings account and may close it.

Once you have submitted your application for a personal savings account, we will send you detailed instructions on how to make your initial deposit.

Yes – 14 days. 

We will close your account if you’ve not made your initial deposit within 14 calendar days of your account opening.

Confirmation of Payee is a new way of giving customers (both personal and business) greater assurance when sending payments to the intended recipient, helping to avoid accidental or misdirected payments to the wrong account holder, as well as providing another layer of protection in the fight against fraud and scams. Further information can be found on the UK Finance website.

We have added an extra security layer to protect your money. When you add or change your nominated UK bank account, you will see a ‘positive name match’ message. This confirms you are paying the right account, just like you may have experienced with other banks.

To further safeguard your funds, we might ask for a bank statement from new customers or when updating your nominated UK bank account details. However, this will only be required if the initial security check is unsuccessful.

Setting up a new payment has also changed. From 14th October 2024, please make sure you use the new funding instructions when making a payment to your Recognise Bank savings account.

Please note: Your terms and conditions remain unchanged.

You can apply to open a personal deposit savings account online through our website or through your Online Account if you are an existing customer. To view our personal savings accounts and apply now, visit our Personal Savings Hub and then follow the steps below:

1. Select the account you’d like to open and read the Summary Box and Terms and Conditions.
2. Click ‘apply now’
3. Follow the onscreen instructions and provide us with some personal details and existing nominated UK bank account information.
4. Make your first deposit within 14 days.
5. That’s it! Watch your savings grow.

Your account is available 24 hours a day, 7 days a week via your Online Account.

Logging into your account is simple:

• Click on a “log-in” button on this website
• Enter your User ID
• Enter your password (you chose one when you applied for your account)

Managing your account is simple, you just need to log into your Online Account from which you can:

• View your accounts and their balances
• Access statements and interest statements
• Make withdrawals
• Open new accounts
• Communicate with us via secure message
• Manage your personal details including your login and contact details

Fixed rate accounts

You can only close your Fixed Rate Account at the end of the fixed term, once it has matured. We will get in touch with you 21 days before your account matures and let you know what your options are.

Notice accounts

You’ll need to give us full notice for us to close your account. You can do this by logging into your account, and provided you choose to withdraw all your money your account will automatically close at the end of your notice period. We will move the money to your nominated UK bank account at the end of your notice period.

We will email you a minimum of 21 Calendar Days before your account matures, advising you of the maturity date and asking you to login to your account. From there select your maturity options and complete and return the instructions form.

The maturity options page will provide you with the choices for your matured deposits and details any interest that has accrued in the account. This will include options to invest in other Recognise savings accounts or return the funds to your nominated UK business bank account.

If we have not received your instruction, we will also email you 14 days prior to your account maturing to provide a further reminder and ask you to complete and return the instructions form online.

If we don’t receive an instruction from you 2 days prior to your account maturing, we will convert your fixed rate account into a notice account and will advise you on how to decide for your funds.

No.

Our deposit savings accounts are completely free to use.

Yes.

Your eligible deposits with Recognise are protected up to a total of £85,000 per person (£170,000 for Joint Account holders) by the Financial Services Compensation Scheme (FSCS), the UK’s deposit guarantee scheme. For more information visit www.fscs.org.uk.

Password

If you’ve forgotten your password, simply click on the ‘Forgotten Password?’ link on the Log In page. You’ll need your User ID, email address and memorable data. Once you’ve entered these details, the first half of your temporary password will be displayed on screen and the second half will be emailed to you within half an hour.

Memorable data or User ID

If you’ve forgotten your memorable data or User ID, please call us on 0345 872 7888* and we’ll be happy to help.

*We are open from 9.00am to 5.00pm, Monday to Friday and are closed on Bank Holidays. Please note that your calls may be monitored for training, quality and security purposes.

Your nominated UK bank account is the current account in your name or in the name of your joint account holders that you hold with a UK licensed bank. This is the account from which you make payments to and from your Recognise Bank savings account.

You can only have one nominated UK bank account allocated to your Recognise Bank savings account. You may change your nominated UK bank account by logging into your account, going to the ‘change my details’ section and following the instructions online.

You can find your application reference number:

• On the confirmation page which will be presented to you at the end of your successful online application.
• We’ll also email your application reference number to you, shortly after opening your Recognise savings account.

You can find your 7 digit account number in:

• Your Welcome Pack in your secure message inbox.
• In the account summary page when you log into your Online Account.

To open a personal savings account, the minimum balance is £1000 as per the Summary Boxes and product Terms and Conditions.

In all circumstances we require that you maintain the minimum specified balance in your Recognise savings account to receive interest.

If your Recognise savings account balance does fall below the specified minimum, you will not receive interest for the period it is below the minimum balance.

If you make a withdrawal which would take your Account Balance below its specified minimum, we may, depending on your
circumstances, automatically close it during the withdrawal process and transfer the whole account balance to your nominated UK bank account.

Each joint account holder has their own User ID and Password to log into their joint account via our website, where they can access and manage all the accounts they hold with Recognise Bank.

If we receive notice of a dispute we’ll only accept future instructions in writing, signed by both joint account holders. Under these circumstances, you’ll need to operate your joint account by post.

We are not responsible for any transactions made, or instructions given, by either joint account holder before we receive and validate the notice of the dispute.

We can remove a joint account holder at any time, as long as both Joint Account Holders agree in writing

Yes.

Recognise Bank can remove a joint account holder at any time, as long as both account holders agree in writing.

However, if we receive conflicting instructions, we may have to refuse to carry out any transactions or instructions until we’ve clarified and confirmed them with both joint account holders.

Please call us immediately on 0345 872 7888*.

We will check your account for you and set up a new account or security details straight away. You should also report it to Action Fraud by using the online fraud reporting tool at

www.actionfraud.police.uk or by calling 0300 123 2040.

We will never write, email or call to ask you to provide your password or memorable data. Although we will ask you to provide selected personal information to confirm your identity before we give you information about your Recognise savings account by telephone.

*We are open from 9.00am to 5.00pm, Monday to Friday and are closed on Bank Holidays. Please note that your calls may be monitored for training, quality and security purposes.

You can log into your Online Account via our website to view and print a full Account Statement or an Interest Statement at any time.

You can access both from the ‘Manage Account’ dropdown for each account.

A statement for each tax year will be available in your online account shortly after the start of the following tax year.

To help us make and receive payments to and from your Recognise savings account with your bank or building society, we need to use a clearing bank.

In the UK, a clearing bank is one that can exchange payments between two separate banks or customers. We use ClearBank as our clearing bank to help us make and receive payments to and from your Recognise savings account. This means that the ClearBank name may show up when making a payment into your Recognise savings account.

Please contact the Customer Service Team on 0345 872 7888 if you require further help.

General Terms and Conditions can be found here.

Product Terms and Conditions can be found here.

For general enquiries about your personal savings account, please visit our Contact Us page.

The government sponsored MoneyHelper website is a great place to start. Visit the link to access a range of information and advice, from savings and investing guides, to budget planners and savings calculators.