A new UK financial institution has been unveiled today after undergoing a significant rebranding. JN Bank UK has transformed into This Bank, stylized as thisbank, and has reintroduced itself with a variety of savings products. This Bank is offering an easy-access account with a competitive interest rate of 3.82%, surpassing the average rate of 2.45% for similar accounts, although there are higher rates available elsewhere.
For instance, Chase is providing a rate of 4.5% exclusively for new clients, comprising a 2.25% variable rate and an additional 12-month introductory bonus rate of 2.25%. This Bank also features fixed saving accounts spanning one to five years.
The one-year fixed account offers a return of 3.99%, 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.
Protected by the Financial Services Compensation Scheme, This Bank focuses solely on savings products and does not operate physical branch locations. Chris Waring, the CEO, emphasized the institution’s commitment to prioritizing customers and ensuring direct communication with them.
Waring stated, “Our objective is to provide customer-centric savings rates, invest in specialized assets where others cannot compete, and emphasize the human aspect of banking.” He further added, “Our aim is to meet our customers’ needs by offering competitive and sustainable savings solutions.”
Declan Halton-Woodward, the Chief Transformation Officer, highlighted the customer-centric approach of thisbank, emphasizing the importance of personalized customer service alongside technological advancements.
Established in 2019, JN Bank launched its initial savings products in 2020, attracting approximately 65,000 clients and managing deposits totaling around £600 million. Easy-access savings accounts allow flexibility in withdrawing funds, subject to certain withdrawal limits. Notice accounts require prior notification for withdrawals, while fixed-rate accounts typically restrict withdrawals until the term’s end.
Individual Savings Accounts (ISAs) offer tax-free interest on deposits, with an annual limit of £20,000 across all ISA accounts. This Bank encourages customers to engage directly with its customer service representatives, blending a people-centric focus with innovative technology.