A new banking institution in the UK has been unveiled today after undergoing a significant rebranding. JN Bank UK has now transitioned to This Bank, stylized as thisbank, and has reintroduced itself to the market with a variety of savings offerings. This Bank presents an accessible account with a 3.82% interest rate, surpassing the average rate of 2.45% for such accounts but facing competition elsewhere.
For instance, Chase is providing a rate of 4.5% exclusively for new customers, comprising a 2.25% variable rate alongside a 12-month introductory bonus rate of 2.25%. This Bank also features fixed saving accounts ranging from one to five years.
The one-year fixed account yields 3.99%, while the leading rate for a one-year fixed term from another institution currently stands at 4.55% with Marcus. Deposits ranging from a minimum of £1 up to a maximum of £500,000 are accepted by This Bank.
Your savings up to £120,000 are safeguarded by the Financial Services Compensation Scheme. This Bank does not provide current accounts and has no physical branches.
The CEO, Chris Waring, formerly associated with Lloyds and Barclays, emphasized This Bank’s commitment to prioritizing customers and ensuring direct communication with individuals. Waring stated, “We’ve established a profitable, rapidly expanding bank within a year. Our focus is clear: deliver savings rates centered on customers, invest in specialized assets where competitors cannot, and acknowledge that banking revolves around people, not just figures.”
Waring further added, “Our objective is not merely to follow market trends but to cater to our customers’ requirements. Our pledge is straightforward: offer competitive, sustainable savings for customers.”
Declan Halton-Woodward, Chief Transformation Officer, highlighted that thisbank is founded on human interaction, ensuring customers always have access to personalized service. Despite being technology-driven, the bank’s approach remains customer-centric.
JN Bank was founded in 2019 and introduced its initial savings products in 2020, amassing approximately 65,000 clients and holding deposits of around £600 million.
Easy-access savings accounts grant withdrawal flexibility, although some providers may impose limitations on the number of withdrawals per annum. Notice accounts necessitate prior notification for withdrawals, while fixed-rate accounts typically restrict withdrawals until the term concludes.
ISA, which stands for Individual Savings Account, ensures that any interest earned within it is tax-free. Each year, individuals can deposit up to £20,000 across their ISA accounts.