A new bank in the UK has been launched today after undergoing a significant rebranding. JN Bank UK has rebranded to This Bank, stylized as thisbank, and has reintroduced itself with a variety of savings products. This Bank is offering an easy-access account with a 3.82% interest rate, surpassing the average rate of 2.45% for easy-access accounts, although there are higher rates available elsewhere.
For instance, Chase is offering a rate of 4.5% specifically for new customers, consisting of a 2.25% variable rate and a 12-month introductory 2.25% bonus rate. This Bank also provides fixed savings accounts ranging from one to five years.
Their one-year fixed account offers a 3.99% interest rate, while the highest rate for a one-year fixed account currently stands at 4.55% from Marcus. Deposits with This Bank can range from a minimum of £1 to a maximum of £500,000, all of which are protected by the Financial Services Compensation Scheme.
This Bank does not offer current accounts nor have any physical branches. Chris Waring, the CEO, emphasized the bank’s commitment to customer-centric services, ensuring direct communication with clients. Waring stated, “Our focus is on providing competitive and sustainable savings for our customers, rather than just following market trends.”
Declan Halton-Woodward, Chief Transformation Officer, highlighted the customer-oriented approach of thisbank, emphasizing the importance of human interaction despite being technology-driven. Established in 2019, JN Bank launched its initial savings products in 2020 and has since acquired approximately 65,000 customers, holding deposits totaling around £600 million.
Easy-access savings accounts enable unrestricted withdrawals, subject to annual withdrawal limits set by some providers. Notice accounts require advance notice for withdrawals, while fixed-rate accounts typically restrict withdrawals until the end of the term. ISAs, or Individual Savings Accounts, offer tax-free interest, with an annual deposit limit of £20,000 across multiple accounts.