Recognise Bank

mills112

I can't keep up with the list of unheard of banks on the savings league table as they change every few days, lol.

My money matured this morning from Aldermore so I need to put it with another bank and now a new bank has come into the league table called "Recognise Bank".

Not seen any posts on here for this bank when I put that into the search bar.

Usual question, anyone got experience of this bank and can comment?

Zippy29

https://recognisebank.co.uk/

I've never heard of them before but I found their website.

mills112

https://forums.moneysavingexpert.com/discussion/comment/81889927#Comment_81889927

i seem to be using the wrong search bar all the time! i put the name into the correct search bar and one thread did come up in 2021, which was discussing the rate that was on offer with them for a 5 year bond.

reviews on them on google and Trust Pilot seems to be very good, which is unusual as banks always get slated on Trust Pilot and google even when they are a good bank, lol.

I have applied for the 12 months bond and the process was very quick so may chuck £1,000 over there later today to start the process. They have set up an account in my own name for the money credit so that is always comforting to see.

jimjames

reviews on them on google and Trust Pilot seems to be very good, which is unusual as banks always get slated on Trust Pilot and google even when they are a good bank, lol.

I certainly wouldn't use Trustpilot to decide whether to pay money to them. Many scams have excellent ratings until they go under. If they are FSCS protected then your money is safe

mills112

https://forums.moneysavingexpert.com/discussion/comment/81890017#Comment_81890017

yeah, i find trustpilot not to be great for banks as people always have a personal grievance with them sooner or later and it often is very personal to their situation and won't affect anyone else. and yes, Trustpilot reviews can also be faked.

i tend to focus more on the negative reviews on trustpilot than good reviews as they are more tell tale than the good reviews and by their nature, are less likely to be fake.

so how many bad reviews an organisation has on trustpilot is often a good indicator for how bad they are, except the banks don't seem to work so well for this purpose because of what I had already said. i use Trustpilot to find out how bad an organisation is rather than how good it is.

mills112

I just found them on companies house and their accounts for the last two financial years have been losses (I haven't looked further than the last two years so far!) £5.3m loss in 2025 and £9m loss in 2024 (at least their loss is getting better, lol)

should I pass them by? is this a worry?

https://find-and-update.company-information.service.gov.uk/company/10603119/filing-history

poseidon1

https://forums.moneysavingexpert.com/discussion/6655926/recognise-bank

It's a private limited company, with one of the key investors being an online gambling 'entrepreneur' as indicated below -

https://recognisebank.co.uk/news/casino-software-pioneer-ruth-parasol-investing-in-start-up-bank/#:~:text=Casino%20software%20pioneer%20Ruth%20Parasol%20investing%20in%20start%2Dup%20bank

Private limited companies do not benefit from quite the same level of scrutiny as PLCs, so that by itself would exclude this bank from my list of ' runners and riders'.

However on the plus side PWC are the auditors to the bank over its relatively short history.

intalex

I have a multi-year fixed rate account with them and it pays interest promptly each month, I've kept the balance within the old FSCS limit and so far I have no reason to fear anything…

mills112

https://forums.moneysavingexpert.com/discussion/comment/81890090#Comment_81890090

the process seems to be very slick with them.

Albermarle

https://forums.moneysavingexpert.com/discussion/comment/81890070#Comment_81890070

Lots of new financial providers, lose money as they get established, so not in itself a major red flag.

mills112

https://forums.moneysavingexpert.com/discussion/comment/81890118#Comment_81890118

yeah, well there is that aspect of it, hence my question.