A new bank in the UK has been launched today after undergoing a significant rebranding. JN Bank UK has been rebranded as This Bank, stylized as thisbank, and has reintroduced itself with a lineup 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 provides a rate of 4.5% exclusively for new customers, comprising a 2.25% variable rate and a 12-month introductory 2.25% bonus rate. This Bank also presents fixed saving accounts ranging from one to five years.
The one-year fixed account offers a 3.99% interest rate, while the leading one-year fixed rate currently stands at 4.55% offered by Marcus. Deposits with This Bank can range from a minimum of £1 to a maximum of £500,000.
The Financial Services Compensation Scheme safeguards savings up to £120,000 at This Bank. Notably, the bank does not provide current accounts and lacks physical branches.
Chris Waring, the Chief Executive, emphasized This Bank’s commitment to prioritizing customers and ensuring direct communication with them. He expressed pride in establishing a profitable and rapidly growing bank within a short timeframe, focusing on customer-centric savings rates and unique asset investments.
Declan Halton-Woodward, Chief Transformation Officer, highlighted the human-centric approach of thisbank, ensuring customers always have direct access to support. Despite being technology-driven, the bank’s core philosophy remains customer-centric.
Established in 2019, JN Bank launched its initial savings products in 2020 and has since garnered around 65,000 customers with approximately £600 million in deposits. The bank offers various types of savings accounts catering to different withdrawal preferences, including easy-access, notice, and fixed-rate accounts. Additionally, ISAs (Individual Savings Accounts) provide tax-free interest earnings, with an annual deposit limit of £20,000 across accounts.