A new banking institution in the UK has been unveiled today after undergoing a significant rebranding. JN Bank UK has now transitioned to This Bank, stylized as thisbank, and has reintroduced itself with a selection of savings products. This Bank offers an easily accessible account with a 3.82% interest rate, surpassing the average easy-access rate of 2.45%, although higher rates can be found elsewhere.
For instance, Chase provides a rate of 4.5% exclusively for new customers, consisting of a 2.25% variable rate and a 12-month introductory bonus rate of 2.25%. This Bank also presents fixed saving accounts for one, two, three, four, and five years.
The one-year fixed account yields 3.99%, whereas the best one-year fixed rate elsewhere currently stands at 4.55% from Marcus. Deposits ranging from a minimum of £1 to a maximum of £500,000 are accepted by This Bank.
The Financial Services Compensation Scheme safeguards savings up to £120,000. This Bank does not offer current accounts and lacks physical branches.
Chris Waring, the chief executive, formerly associated with Lloyds and Barclays, emphasized This Bank’s dedication to prioritizing customers. He highlighted the institution’s rapid growth and profitability within a year, focusing on customer-oriented savings rates and specialized asset investments. Waring emphasized the human-centric approach of banking and the importance of direct customer interaction.
Declan Halton-Woodward, Chief Transformation Officer, noted that thisbank centers around human connections, ensuring customers always have access to personalized assistance. Although technology-driven, the bank maintains a customer-centric ethos.
Established in 2019, JN Bank introduced its initial savings products in 2020 and has amassed approximately 65,000 customers with around £600 million in deposits. Easy-access savings accounts permit withdrawals at will, subject to withdrawal limitations per year. Notice accounts require advance notification for withdrawals, while fixed-rate accounts typically restrict withdrawals until the term concludes.
An Individual Savings Account (ISA) guarantees tax-free interest earnings, with a yearly deposit limit of £20,000 across ISA accounts.