A new British bank has been unveiled today after undergoing a significant rebranding. JN Bank UK has been renamed This Bank, styled as thisbank, and has reintroduced itself to the market 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 better rates can be found elsewhere.
For instance, Chase is providing a 4.5% rate exclusively for new customers, comprising a 2.25% variable rate and a 2.25% bonus rate for the first 12 months. This Bank also presents fixed savings accounts ranging from one to five years.
The one-year fixed account yields 3.99%, while the leading rate for a one-year fixed account elsewhere currently stands at 4.55% with Marcus. Deposits at This Bank can start from £1 up to a maximum of £500,000.
Customers’ savings up to £120,000 are safeguarded by the Financial Services Compensation Scheme. Notably, This Bank does not provide current accounts and operates without physical branches.
Chris Waring, the CEO, who previously held positions at Lloyds and Barclays, emphasized the bank’s commitment to prioritizing customers. He stated that direct communication with customers will always be facilitated at This Bank.
Waring expressed, “We have established a profitable and rapidly growing bank within a year. Our approach is simple: offer customer-centric savings rates, invest in specialized assets that set us apart, and remember that banking is about people, not just numbers.”
He continued, “We aim to provide what our customers truly need, not just following market trends. Our pledge is clear – competitive and sustainable savings for our customers.”
Declan Halton-Woodward, Chief Transformation Officer, emphasized the human-centered approach of thisbank. While the bank adopts advanced technology, the primary focus remains on customer welfare.
JN Bank was founded in 2019 and introduced its initial savings products in 2020. Currently, it serves approximately 65,000 customers with deposits totaling around £600 million.
Easy-access savings accounts provide flexibility for withdrawing funds at will, with some providers imposing limits on annual withdrawals. Notice accounts require prior notification for withdrawals, while fixed-rate accounts typically restrict withdrawals until the term ends.
ISA, short for Individual Savings Account, ensures tax-free interest on earnings. Each year, individuals can allocate up to £20,000 across their ISA accounts.