Bank launches two new market-leading savings accounts paying interest up to 6.1%

Recognise Bank launches two market-leading savings accounts paying interest up to 6.1% (Image: Getty) Digital challenger Recognise Bank has announced the launch of two new personal savings accounts with market-leading interest rates , designed to help customers achieve their financial goals ‘quickly and confidently’. The two accounts in question include a new Two Year Fixed Rate and Three Year Fixed Rate account boasting rates of 6.1 percent and 6.05 percent, respectively. Monna Patel, head of savings at Recognise Bank, commented: “At Recognise, we understand the importance of maximising savings whilst ensuring our valued customers have peace of mind from downward rate changes, especially in this financial climate.’ “Our new Personal Savings Accounts feature our highest interest rates, which we hope will help savers achieve their financial goals quickly and confidently.” Customers can choose the account term that aligns best with their financial plans, whether it is two years or three years, and can opt to receive interest monthly or annually. Fixed rate savings accounts are offering some of the highest interest rates seen in decades (Image: Getty) Additionally, all eligible deposits are Financial Services Compensation Scheme (FSCS) protected up to £85,000 for individuals and £170,000 for joint accounts. Both accounts can be launched online with minimum deposits of £1,000, however, customers must be happy to invest their savings without dipping in as withdrawals are not permitted until the end of the terms. But while Recognise Bank may be the current market leader, competition isn’t too far behind. For two-year fixes, Hampshire Trust Bank’s Two Year Bond (Issue 83) is offering an Annual Equivalent Rate (AER) of 6.05 percent. The account can be opened with a minimum deposit of £1 and up to £250,000 can be invested overall. Interest is credited to the account annually on the anniversary of it being opened, and no withdrawals are permitted throughout the term. Ford Money’s Fixed Saver Two Year is also offering an AER of 6.05 percent and savers can get started with £500. Up to £2million can be invested overall, savers can opt for interest to be paid monthly or annually, and withdrawals are not allowed. For three-year fixes, Cynergy Bank’s Fixed Rate Bond is offering an AER of 6.02 percent on savings of up to £1million. The account can be opened with a minimum deposit of £1,000 and interest is calculated daily and paid annually. Savers must be aged 18 or over and similar to the rest, withdrawals are not permitted until the account matures. RCI Bank UK’s Fixed Term Savings Account offers an AER of six percent for a three-year fix and savers can get started with £1,000. Up to £1million can be invested overall and interest can be paid monthly or annually. Withdrawals are also not permitted.