A new banking institution in the UK has been introduced today after undergoing a significant rebranding. JN Bank UK is now known as This Bank, stylized as thisbank, and has been relaunched with a variety of savings products. This Bank is offering an easy-access account with a competitive interest rate of 3.82%, exceeding the average easy-access rate of 2.45%, although there are higher rates available elsewhere.
For instance, Chase is providing a rate of 4.5% specifically for new customers, comprising a 2.25% variable rate along with a 12-month introductory bonus rate of 2.25%. This Bank also presents fixed saving accounts ranging from one to five years.
The one-year fixed account at This Bank offers a 3.99% interest rate, while the top rate for a one-year fixed account elsewhere stands at 4.55% from Marcus. Deposits at This Bank can start from as low as £1 and go up to a maximum of £500,000.
Under the Financial Services Compensation Scheme, your savings up to £120,000 are safeguarded. This Bank does not provide current accounts and does not operate physical branches.
Chris Waring, the CEO, who previously held positions at Lloyds and Barclays, emphasized that customer satisfaction is a top priority at This Bank, ensuring direct access to customer support. Waring stated, “We have established a profitable and rapidly growing bank in less than a year. Our focus is on delivering competitive savings rates, investing in unique assets, and maintaining a people-centric approach in banking.”
Declan Halton-Woodward, the Chief Transformation Officer, highlighted the customer-centric nature of thisbank, emphasizing the importance of human interaction alongside technological advancements. JN Bank, established in 2019, introduced its initial savings products in 2020 and currently serves approximately 65,000 customers with deposits totaling around £600 million.
Easy-access savings accounts provide flexibility for withdrawals, although some providers may impose withdrawal limitations annually. Notice accounts require advance notice for withdrawals, while fixed-rate accounts typically restrict access until the end of the term.
ISA, or Individual Savings Account, signifies tax-free interest earnings. Each year, individuals can allocate up to £20,000 across their ISA accounts.