A new banking institution in the UK has been introduced today after undergoing a significant rebranding. JN Bank UK has now transformed into This Bank, with a unique stylized name “thisbank,” and has reemerged with a selection of savings products. This Bank is offering an easy-access account with a competitive interest rate of 3.82%, surpassing the standard easy-access rate of 2.45%, although higher rates can be found elsewhere.
One of the alternatives is Chase, providing a rate of 4.5% exclusively for new clients, comprising a 2.25% variable rate along with a 2.25% bonus rate for the initial 12 months. Furthermore, This Bank offers fixed-term saving accounts ranging from one to five years.
The one-year fixed account yields 3.99%, while the top rate for a one-year fixed account elsewhere currently stands at 4.55% offered by Marcus. Deposits at This Bank can range from a minimum of £1 up to a maximum of £500,000.
The Financial Services Compensation Scheme safeguards savings of up to £120,000 at This Bank. Notably, This Bank does not provide current accounts and does not maintain physical branches.
Chris Waring, the Chief Executive, formerly associated with Lloyds and Barclays, expressed the bank’s commitment to prioritizing customers. Waring emphasized that direct communication with a person will always be available to customers at This Bank.
Waring stated, “We have established a profitable, rapidly expanding bank within a year. Our approach is simple: deliver customer-focused savings rates, invest in specialized assets where others cannot compete, and always remember that banking is about people, not just numbers.”
He added, “Our goal is not merely to follow the market but to provide what our customers truly require. Our pledge is straightforward: competitive, sustainable savings for customers.”
Declan Halton-Woodward, the Chief Transformation Officer, highlighted the customer-centric foundation of thisbank. He emphasized the bank’s commitment to ensuring customers can always engage with a representative, despite being technology-driven.
Established in 2019, JN Bank introduced its initial savings products in 2020 and has since garnered approximately 65,000 customers, holding deposits of around £600 million.
Easy-access savings accounts permit withdrawals at any time, with some providers imposing withdrawal limits annually. Notice accounts necessitate advance notice for withdrawals, while fixed-rate accounts typically restrict withdrawals until the term ends.
An ISA, or Individual Savings Account, ensures tax-free interest on your earnings. Each year, you can allocate up to £20,000 across your ISA accounts.
