A new banking entity in the UK has been introduced today after undergoing a significant rebranding process. Formerly known as JN Bank UK, the institution has reemerged as This Bank, represented as thisbank. This Bank has relaunched with a variety of savings products, including an easy-access account offering a competitive interest rate of 3.82%, surpassing the average easy-access rate of 2.45%, although better rates are available elsewhere.
For instance, Chase provides a rate of 4.5% specifically for new customers, comprising a 2.25% variable rate alongside a 12-month introductory bonus rate of 2.25%. This Bank also presents fixed saving accounts for one, two, three, four, and five years, with its one-year fixed account yielding 3.99%, while the leading rate for a one-year fixed account elsewhere is presently 4.55% from Marcus. Deposits at This Bank can range from a minimum of £1 up to a maximum of £500,000.
Under the Financial Services Compensation Scheme, savings up to £120,000 are safeguarded. This Bank does not provide current accounts and does not operate physical branches.
The CEO, Chris Waring, previously associated with Lloyds and Barclays, emphasized the institution’s commitment to prioritizing customers, ensuring direct communication channels with individuals. Waring stated, “Within less than a year, we have established a profitable, rapidly expanding bank. Our core strategy focuses on delivering customer-centric savings rates, investing in specialized assets to maintain a competitive edge, and acknowledging that banking is fundamentally about people, not just numbers.”
Waring further added, “Our objective is not merely to follow market trends but to cater to our customers’ actual needs. Our pledge is clear – providing competitive and sustainable savings opportunities for our customers.”
Declan Halton-Woodward, Chief Transformation Officer, highlighted the human-centric approach of thisbank, ensuring customers always have access to personalized service. Despite the institution’s technological advancements, its ethos remains rooted in prioritizing customer needs.
Originally founded in 2019, JN Bank introduced its initial savings products in 2020, amassing approximately 65,000 customers and holding approximately £600 million in deposits.
Easy-access savings accounts allow flexible withdrawals, with some providers imposing limitations on annual withdrawal frequencies, necessitating thorough review of terms and conditions. Notice accounts require advance notice for withdrawals, while fixed-rate accounts typically restrict withdrawals until the term concludes.
ISAs, or Individual Savings Accounts, offer tax-free interest on earnings, allowing a yearly deposit limit of £20,000 across various ISA accounts.