A new bank in the UK has been introduced today after undergoing a significant rebranding. JN Bank UK has transformed into This Bank, stylized as thisbank, and it has officially relaunched with a variety of savings products. This Bank presents an easy-access account offering a 3.82% interest rate, surpassing the average rate of 2.45% for easy-access accounts, although other institutions may offer higher rates.
For instance, Chase provides a rate of 4.5% exclusively for new clients, comprising a 2.25% variable rate and an additional 2.25% bonus rate for the first 12 months. This Bank also provides fixed-term saving accounts for one, two, three, four, and five years.
The one-year fixed account offers a 3.99% interest rate, while the leading rate for a one-year fixed account elsewhere currently stands at 4.55% from Marcus. Deposits at This Bank can range from a minimum of £1 up to a maximum of £500,000.
Safeguarded by the Financial Services Compensation Scheme, deposits up to £120,000 are secure. This Bank does not offer current accounts and operates without physical branches.
Chris Waring, the CEO, previously affiliated with Lloyds and Barclays, emphasized the bank’s dedication to prioritizing customers, ensuring direct communication with individuals. He expressed that the bank’s strategy focuses on providing customer-centric savings rates, investing in specialized assets, and maintaining a people-centric approach in banking operations.
Declan Halton-Woodward, Chief Transformation Officer, highlighted that thisbank emphasizes human interaction, ensuring customers always have access to personalized assistance. While embracing technology, the bank upholds a customer-first ethos.
Established in 2019, JN Bank initiated its savings products in 2020, amassing approximately 65,000 customers and holding deposits totaling around £600 million. Easy-access savings accounts enable flexible withdrawals, subject to withdrawal limitations per year with specific providers. Notice accounts necessitate advance notice for withdrawals, while fixed-rate accounts typically restrict withdrawals until the term concludes. ISAs, or Individual Savings Accounts, offer tax-free interest, permitting an annual deposit limit of £20,000 across multiple accounts.