A new banking institution in the UK has been introduced today after undergoing a significant rebranding process. JN Bank UK has now been renamed as This Bank, stylized as thisbank, and has officially relaunched with a variety of savings products. This Bank is offering an easy-access account with a competitive interest rate of 3.82%, surpassing 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% exclusively for new customers, comprising a 2.25% variable rate along with a 12-month introductory bonus rate of 2.25%. Additionally, This Bank is presenting fixed saving accounts ranging from one to five years.
The one-year fixed account offers a 3.99% interest rate, while the leading one-year fixed rate elsewhere currently stands at 4.55% offered by Marcus. Deposits with This Bank can range from a minimum of £1 up to a maximum of £500,000.
The Financial Services Compensation Scheme safeguards savings up to £120,000 with This Bank. Notably, This Bank does not provide current accounts and operates without physical branches.
Chris Waring, the CEO of This Bank, emphasized the institution’s commitment to prioritizing customers and ensuring direct communication with individuals. He highlighted the bank’s rapid growth and profitability achieved within a year, focusing on delivering customer-centric savings rates and investments in specialized assets. Waring underscored the importance of personal connections in banking, stating, “banking is about people, not just numbers.”
Declan Halton-Woodward, Chief Transformation Officer, emphasized This Bank’s customer-centric approach, emphasizing the significance of human interaction and prioritizing customer needs above all. While embracing technological advancements, the bank remains dedicated to a customer-first strategy.
Established in 2019, JN Bank initiated its savings product offerings in 2020 and has since garnered approximately 65,000 customers with around £600 million in deposits. Easy-access savings accounts provide flexibility for withdrawals, although some providers may impose withdrawal limits. Notice accounts require advance notice for withdrawals, while fixed-rate accounts typically restrict withdrawals until the end of the term.
ISA, short for Individual Savings Account, ensures tax-free interest on earnings. Individuals can deposit up to £20,000 annually across their ISA accounts.