A new bank in the UK has been unveiled today after undergoing a significant rebranding. JN Bank UK is now known as This Bank, stylized as thisbank. It has been reintroduced with a variety of savings products. This Bank presents an easy-access account with a competitive interest rate of 3.82%, surpassing the average easy-access rate of 2.45%, although there are higher rates available elsewhere.
For instance, Chase offers a rate of 4.5% exclusively for new customers, comprising a 2.25% variable rate and a 12-month introductory 2.25% bonus rate. Additionally, This Bank features fixed saving accounts ranging from one to five years.
The one-year fixed account offers a 3.99% interest rate, while the best one-year fixed rate from another provider is currently at 4.55% provided by Marcus. Deposits at This Bank can 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. Notably, This Bank does not offer current accounts and does not maintain physical branches.
Chris Waring, the CEO, emphasized the bank’s commitment to prioritizing customers, ensuring direct communication with them. He stated that their approach focuses on customer-centered savings rates, investments in specialized assets, and maintaining a human-centric banking experience.
Declan Halton-Woodward, Chief Transformation Officer, highlighted the customer-centric ethos of This Bank, emphasizing the importance of direct customer interaction despite being technology-oriented.
Established in 2019, JN Bank launched its first savings products in 2020 and has attracted approximately 65,000 customers with deposits totaling around £600 million.
Easy-access savings accounts allow flexible withdrawals, with some providers imposing limits on annual withdrawals. Notice accounts require prior notice for withdrawals, while fixed-rate accounts typically restrict withdrawals until the term ends.
Individual Savings Accounts (ISAs) offer tax-free interest, allowing up to £20,000 to be deposited across various ISA accounts annually.