A new British bank has been unveiled today after undergoing a significant rebranding. JN Bank UK, now known as This Bank (stylized as thisbank), has relaunched with a variety of savings products. This Bank is offering an easy-access account with a 3.82% interest rate, surpassing the average easy-access rate of 2.45%, although better rates can be found elsewhere.
For instance, Chase is offering 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 provides fixed saving accounts for one, two, three, four, and five years.
The one-year fixed account at This Bank yields 3.99%, while the leading rate for one-year fixed accounts is presently 4.55% from Marcus. Deposits at This Bank range from a minimum of £1 up to a maximum of £500,000.
Customers are protected by the Financial Services Compensation Scheme for savings up to £120,000. This Bank does not offer current accounts and does not operate physical branches.
Chris Waring, the CEO of This Bank and a former employee of Lloyds and Barclays, emphasized the bank’s commitment to prioritizing customers and ensuring direct communication. Waring stated, “We have established a profitable, rapidly growing bank in less than a year. Our focus is on providing customer-centric savings rates, investing in unique assets, and recognizing that banking is about people, not just numbers.”
Declan Halton-Woodward, Chief Transformation Officer, emphasized the human-centric approach of thisbank, combining technology with a customer-first mentality. JN Bank was founded in 2019 and introduced its initial savings products in 2020, attracting approximately 65,000 customers and holding deposits of around £600 million.
Easy-access savings accounts allow flexible withdrawals, while notice accounts and fixed-rate accounts have specific withdrawal criteria. ISAs (Individual Savings Accounts) offer tax-free interest, with an annual deposit limit of £20,000 across accounts.