A new banking institution in the UK has been introduced today after undergoing a significant rebranding. JN Bank UK has now transformed into This Bank, styled as thisbank, and has relaunched with a variety of savings products. This Bank offers an easy-access account with a competitive interest rate of 3.82%, surpassing the average easy-access rate of 2.45%, although there are better rates available elsewhere.
For instance, Chase provides a rate of 4.5% specifically for new customers, comprising a 2.25% variable rate along with a 12-month introductory bonus rate of 2.25%. Additionally, This Bank offers fixed saving accounts ranging from one to five years.
The one-year fixed account yields a rate of 3.99%, while the highest rate for a one-year fixed account outside This Bank currently stands at 4.55% from Marcus. Deposits with This Bank can range from a minimum of £1 up to a maximum of £500,000.
Your savings up to £120,000 are safeguarded by the Financial Services Compensation Scheme. This Bank does not provide current accounts and does not operate physical branches.
Chris Waring, the CEO, emphasized This Bank’s commitment to prioritizing customers, ensuring direct communication with a person at all times. He highlighted the bank’s rapid growth and profitability within a year, focusing on customer-centric savings rates and unique asset investments. Waring stressed the importance of personal relationships in banking over mere numbers.
Declan Halton-Woodward, Chief Transformation Officer, emphasized the human-centric approach of thisbank, guaranteeing customer accessibility to bank representatives. Despite being technology-driven, the bank’s core philosophy remains centered on customer satisfaction.
Established in 2019, JN Bank initially rolled out savings products in 2020 and has since acquired approximately 65,000 customers with around £600 million in deposits.
Easy-access savings accounts permit withdrawals at any time, though some providers may impose limits on annual withdrawals. Notice accounts necessitate advance notice for withdrawals, while fixed-rate accounts usually restrict withdrawals until the term ends.
ISA, or Individual Savings Account, interest remains tax-free, with an annual deposit limit of £20,000 across all ISA accounts.
