Recognise Bank

gpman

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

Are you looking for specific feedback only from holders of a particular account of this bank?

https://forums.moneysavingexpert.com/discussion/comment/81888468/#Comment_81888468

mills112

https://forums.moneysavingexpert.com/discussion/comment/81890131#Comment_81890131

ideally from anyone who has an account with this bank in the past or present but general feedback to help me make a decision whether to invest with them or not is always appreciated, if it is constructive feedback.

to put things into context, i am planning to put £120k with them in a 12 months bond paying 4.22% interest.

gpman

For the sake of £120 on a deposit of £120k that is going to earn you almost £5k interest in a year, why not use a name you have probably heard of such as MBNA (Lloyds) or Virgin Money (Nationwide BS)?

mills112

https://forums.moneysavingexpert.com/discussion/comment/81890142#Comment_81890142

yes there is an argument for that but i have had savings / still have with less known banks and they have all been fine, and £120 is not a small amount of money, especially if you add it up over several bank accounts. if i only invested with well known banks, i would lose a lot of interest.

question is, whether the risk is worth taking as they are FSCS protected.

penners324

Have you looked at Flagstone or other similar sites to assist?

I think others include Raisin, Hargreaves Landsdowne

mills112

https://forums.moneysavingexpert.com/discussion/comment/81890150#Comment_81890150

i am taking my money out of HL and I don't like the idea of Raisin as that is an umbrella company like HL. i am looking to invest direct with the banks.

gpman

https://forums.moneysavingexpert.com/discussion/comment/81890147#Comment_81890147

May I enquire as to just how much cash do you hold in deposit accounts?

Maybe seek the advice of an IFA who may be able to advise on an investment strategy where you would probably get even better returns.

mills112

https://forums.moneysavingexpert.com/discussion/comment/81890159#Comment_81890159

the answer is too much! lol

gpman

https://forums.moneysavingexpert.com/discussion/comment/81890164#Comment_81890164

All the more reason to consider my suggestion then 😊

janusd

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

the same for me - i've saved with Recognise since 2021 - firstly with a notice account and I now have a 3-Year fixed rate @ 6.05% ending in August 2026 - absolutely no issues, monthly interest paid on time to my current account… I would have no hesitation in opening another account with them in the future. 👍️