A new banking institution in the UK has been introduced today after undergoing a significant rebranding. JN Bank UK has transitioned to the name This Bank, stylized as thisbank, and has reemerged offering a variety of savings products. This Bank features an easily accessible account that yields a 3.82% interest rate, surpassing the average rate of 2.45% for such accounts, although better rates may be available elsewhere.
For instance, Chase offers a 4.5% rate exclusively for new customers, comprising a 2.25% variable rate and a 12-month introductory bonus rate of 2.25%. Additionally, This Bank provides fixed saving accounts ranging from one to five years.
The one-year fixed account accrues interest at 3.99%, while the highest rate for a one-year fixed account elsewhere currently stands at 4.55% from Marcus. Deposits with This Bank range from a minimum of £1 up to a maximum of £500,000.
Under the Financial Services Compensation Scheme, savings up to £120,000 are safeguarded. This Bank does not offer current accounts and does not operate physical branches.
Chris Waring, the CEO, formerly associated with Lloyds and Barclays, emphasized This Bank’s dedication to prioritizing customers. He assured direct communication with individuals will always be guaranteed, stating, “We’ve established a successful, rapidly expanding bank within a year. Our approach is straightforward: provide customer-oriented savings rates, invest in specialized assets for a competitive edge, and maintain a people-centric banking philosophy.”
Adding to this sentiment, Waring affirmed, “Our goal is not merely to keep pace with the market but to meet our customers’ needs. Our commitment is simple – offering competitive and sustainable savings solutions.”
Declan Halton-Woodward, Chief Transformation Officer, highlighted the customer-centric ethos of thisbank, emphasizing the emphasis on human interaction despite leveraging technology.
Established in 2019, JN Bank launched its initial savings products in 2020. With approximately 65,000 customers, it currently holds deposits totaling around £600 million.
Easy-access savings accounts enable flexible withdrawals, though some providers impose limits on the number of withdrawals allowed annually. Notice accounts necessitate advance notice for withdrawals, while fixed-rate accounts typically restrict withdrawals until the end of the term.
ISAs, denoting Individual Savings Accounts, offer tax-free interest on earnings, allowing a yearly deposit cap of £20,000 across all ISA accounts.
