A new British bank has been introduced today after undergoing a significant rebranding. Previously known as JN Bank UK, it now operates under the name This Bank, stylized as thisbank, and has relaunched with a variety of savings products. This Bank offers an easy-access account with a competitive interest rate of 3.82%, surpassing the average easy-access rate of 2.45%, although better rates may be available elsewhere.
For instance, Chase provides a rate of 4.5% exclusively for new clients, comprising a 2.25% variable rate along with a 12-month introductory bonus rate of 2.25%. This Bank also presents fixed saving accounts ranging from one to five years.
The one-year fixed account at This Bank yields 3.99%, while the top one-year fixed rate 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.
Under the Financial Services Compensation Scheme, savings up to £120,000 are safeguarded. This Bank does not offer current accounts and operates without physical branches.
Chris Waring, the CEO with prior experience at Lloyds and Barclays, emphasized the bank’s dedication to prioritizing customers and ensuring direct communication with a person. Waring stated, “We have established a profitable, rapidly growing bank in less than a year. Our approach is clear: provide customer-centric savings rates, invest in specialized assets where others cannot compete, and remember that banking is about people, not just numbers.”
Furthermore, Declan Halton-Woodward, Chief Transformation Officer, highlighted the human-centric approach of thisbank, ensuring customers can always interact with a live representative. Despite being technology-driven, the bank’s primary focus remains customer satisfaction.
Originally founded in 2019, JN Bank launched its initial savings products in 2020 and has amassed approximately 65,000 customers, holding deposits totaling around £600 million.
Easy-access savings accounts offer flexibility for withdrawals, subject to withdrawal limitations specified in the terms. Notice accounts necessitate advance notice for withdrawals, while fixed-rate accounts typically restrict withdrawals until the term concludes.
Individual Savings Accounts (ISAs) provide tax-free interest, allowing individuals to deposit up to £20,000 annually across their ISA accounts.
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