A brand-new UK financial institution 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 offers an easy-access account with a 3.82% interest rate, surpassing the average easy-access rate of 2.45%, although better rates can be found elsewhere.
For instance, Chase provides a rate of 4.5% exclusively for new customers, comprising a 2.25% variable rate and a 12-month introductory bonus rate of 2.25%. Furthermore, This Bank offers fixed savings accounts for one, two, three, four, and five years.
The one-year fixed account at This Bank yields 3.99%, while the most competitive rate for a one-year fixed account elsewhere is presently 4.55% from Marcus. Deposits at This Bank range from a minimum of £1 up to a maximum of £500,000.
The Financial Services Compensation Scheme protects savings up to £120,000 with This Bank. Notably, This Bank does not provide current accounts and does not operate physical branches.
Chris Waring, the Chief Executive, a former employee of Lloyds and Barclays, emphasized that This Bank prioritizes customer satisfaction, ensuring direct access to customer service representatives. He stated, “We’ve established a profitable, rapidly growing bank within a year. Our focus is clear: offering customer-centric savings rates, investing in specialized assets, and maintaining a people-oriented banking approach.”
Waring added, “Our objective is not merely to follow market trends but to meet customer demands. Our commitment is straightforward: providing competitive and sustainable savings options for our customers.” Declan Halton-Woodward, Chief Transformation Officer, highlighted that thisbank’s foundation revolves around customer interaction, combining technology advancement with a customer-first approach.
Initially founded in 2019, JN Bank launched its initial savings products in 2020, attracting approximately 65,000 customers and managing deposits of approximately £600 million. Easy-access savings accounts offer flexibility for withdrawals, but some providers may limit annual withdrawals, necessitating scrutiny of terms and conditions.
Notice accounts require prior notification for withdrawals, whereas fixed-rate accounts typically restrict withdrawals until the term ends. ISAs, Individual Savings Accounts, offer tax-free interest earnings, allowing up to £20,000 in deposits across ISA accounts annually.
