A new British bank has been unveiled today after undergoing a significant rebranding. JN Bank UK has been renamed This Bank, stylized as thisbank, and has reintroduced itself with a variety of savings products. This Bank now offers an easy-access account with a competitive interest rate of 3.82%, surpassing the typical easy-access rate of 2.45%, although better rates are available elsewhere.
For instance, Chase provides a rate of 4.5% exclusively for new clients, comprising a 2.25% variable rate and a 12-month introductory bonus rate of 2.25%. Additionally, This Bank presents fixed saving accounts for one, two, three, four, and five years.
The one-year fixed account offers a 3.99% interest rate, while the leading rate for a one-year fixed account elsewhere currently stands at 4.55% from Marcus. Deposits ranging from a minimum of £1 to a maximum of £500,000 are accepted by This Bank.
Financial Services Compensation Scheme safeguards savings up to £120,000 with This Bank. The bank does not provide current accounts and lacks physical branches.
Chris Waring, the CEO, previously associated with Lloyds and Barclays, emphasized the bank’s commitment to prioritizing customers and ensuring direct communication with them. Decentral Halton-Woodward, Chief Transformation Officer, highlighted the human-centric approach of thisbank, combining technology with customer-centric values.
Established in 2019, JN Bank introduced its initial savings products in 2020, attracting approximately 65,000 customers and securing deposits of roughly £600 million. Easy-access savings accounts offer flexible withdrawal options, while notice accounts require prior notification for withdrawals, and fixed-rate accounts lock funds until the end of the term.
ISAs, or Individual Savings Accounts, guarantee tax-free interest earnings, allowing up to £20,000 in annual deposits across multiple accounts. Readers can select Daily Mirror as a ‘Preferred Source’ on Google News for convenient access to valued news updates.