A newly rebranded bank in the UK, now known as This Bank, has been launched today with a variety of savings products. This Bank offers an easy-access account with a competitive interest rate of 3.82%, surpassing the average rate of 2.45%. However, there are other banks offering higher rates.
For instance, Chase provides a rate of 4.5% exclusively to 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 yields 3.99%, whereas the best rate for a one-year fixed account elsewhere is currently 4.55% from Marcus. Deposits at This Bank can range from a minimum of £1 up to a maximum of £500,000.
The Financial Services Compensation Scheme safeguards savings up to £120,000 at This Bank. Notably, This Bank does not provide current accounts and does not operate physical branches.
Chris Waring, the CEO, emphasized the bank’s dedication to prioritizing customers and ensuring direct communication. He highlighted the bank’s rapid growth and commitment to offering competitive savings rates and personalized services.
Declan Halton-Woodward, the Chief Transformation Officer, stressed the customer-centric approach of This Bank, emphasizing the importance of human interaction despite being technologically advanced.
Established in 2019, JN Bank, now rebranded as This Bank, introduced its first savings products in 2020. It currently serves approximately 65,000 customers and holds deposits totaling around £600 million.
Easy-access savings accounts allow flexible withdrawals, while notice accounts require advance notice for withdrawals. Fixed-rate accounts typically restrict withdrawals until the end of the term. ISAs, or Individual Savings Accounts, offer tax-free interest, with an annual deposit limit of £20,000.
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