Recognise Bank has boosted the rate on two fixed-rate savings accounts shooting them to the top of the best buy tables, after a slight lull in top fixed deals being launched.
Its two-year fix is offering 6.1 per cent – now the highest overall rate a saver can get, beating Cynergy Bank which offers 6.06 per cent over the same timeframe.
The challenger bank has also boosted the rate on its three year fix to 6.05 per cent – meaning it is priced slightly below the shorter term fix.
Best of the rest: Recognize bank now offers market-leading rates on its two-and three year fixed-rate accounts of up to 6.10%
James Blower, of Savings Guru, says: ‘We expect this product will only be available for a few days so move quickly if it appeals.’
Savers need to deposit £1,000 to open the account and have 30 days to fund it once opened. It is only available online.
Savers in Recognise Bank are covered under the Financial Services Compensation Scheme to the tune of £85,000 in the event the firm goes under.
Recognise Bank was founded in 2017, gained a banking licence in late 2020. It is owned by by City of London Group and specialises in small business lending.
It does not have any branches and savings accounts can only be opened and managed online.
The best one year fix is 6.05 per cent from GB Bank. Earlier in the week, Tandem Bank boosted the rate on its easy-access account to 5 per cent, while NS&I boosted the underlying Premium Bonds rate to 4.65 per cent.
In terms of Isas, the best one year fix comes from Virgin Money at 5.76 per cent. NatWest has the best overall rate, with a two year tax-free deal paying 5.9 per cent.
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