A new bank in the UK has been unveiled today after undergoing a significant rebranding. JN Bank UK has been transformed into This Bank, branded as thisbank, and has officially relaunched, introducing a variety of savings products. This Bank offers an easy-access account with a competitive interest rate of 3.82%, surpassing the average rate of 2.45% for easy-access accounts, although better rates can be found elsewhere.
For instance, Chase provides a rate of 4.5% exclusively for new customers, comprising a 2.25% variable rate along with a 12-month introductory 2.25% bonus rate. Additionally, This Bank presents fixed saving accounts for one, two, three, four, and five years. Their one-year fixed account yields 3.99%, while the top one-year fixed rate available elsewhere currently sits at 4.55% offered by Marcus. Deposits at This Bank range from a minimum of £1 to a maximum of £500,000.
The savings of up to £120,000 with This Bank are safeguarded by the Financial Services Compensation Scheme. This Bank does not provide current accounts and operates without physical branches. Chris Waring, the chief executive, emphasized the bank’s commitment to prioritizing customers by ensuring direct communication with a person at all times.
Waring stated, “We have successfully built a profitable and rapidly growing bank in less than a year. Our focus is clear: offering customer-centric savings rates, investing in specialized assets where others cannot compete, and emphasizing that banking is about individuals, not just numbers.” He added, “Our aim is not to merely follow the market but to fulfill our customers’ needs. Our pledge is straightforward – competitive and sustainable savings for customers.”
Declan Halton-Woodward, Chief Transformation Officer, highlighted that thisbank revolves around people, ensuring customers always have access to human support. While maintaining a technology-forward approach, the bank maintains a customer-first ethos. JN Bank was founded in 2019 and introduced its initial savings products in 2020. Presently, it serves approximately 65,000 clients and holds deposits totaling around £600 million.
Easy-access savings accounts offer the flexibility to withdraw funds at any time, although some providers may impose withdrawal limits annually. Notice accounts necessitate advance notice for withdrawals, while fixed-rate accounts typically restrict withdrawals until the term’s conclusion. ISA, or Individual Savings Account, interest is tax-free, with an annual deposit limit of £20,000 across ISA accounts.