A new bank in the UK has been launched today after undergoing a significant rebranding. JN Bank UK is now known as This Bank, presented as thisbank, and has reintroduced itself with a variety of savings products. This Bank offers an easy-access account with a 3.82% interest rate, surpassing the average easy-access rate of 2.45%, although higher rates are available elsewhere.
For instance, Chase provides a rate of 4.5% exclusively for new customers, comprising a 2.25% variable rate along with a 2.25% bonus rate for the first 12 months. This Bank also features fixed saving accounts ranging from one to five years.
The one-year fixed account pays 3.99%, while the best one-year fixed rate elsewhere currently stands at 4.55% from Marcus. Deposits at This Bank can be made starting from £1 up to a maximum of £500,000.
Savings up to £120,000 are safeguarded by the Financial Services Compensation Scheme. This Bank does not offer current accounts and lacks physical branches.
Chris Waring, the chief executive, who previously held positions at Lloyds and Barclays, emphasized that prioritizing customers is the core objective of This Bank. He highlighted the commitment to direct communication with customers and the focus on delivering competitive and sustainable savings rates.
Declan Halton-Woodward, Chief Transformation Officer, stressed the customer-centric approach of thisbank, ensuring customers always have access to personalized service. While the bank is technologically advanced, the primary focus remains on putting the customer first.
Established in 2019, JN Bank introduced its initial savings products in 2020. With approximately 65,000 customers, the bank currently holds around £600 million in deposits.
Easy-access savings accounts allow for flexible withdrawals, while notice accounts require advance notice for withdrawals. Fixed-rate accounts typically restrict withdrawals until the end of the term. ISAs (Individual Savings Accounts) provide tax-free interest, enabling individuals to deposit up to £20,000 across their ISA accounts annually.