A UK banking institution has been rebranded as This Bank and officially launched today, offering various savings products. This Bank provides an easy-access account with a competitive interest rate of 3.82%, surpassing the industry average of 2.45%. However, other banks like Chase offer higher rates for new customers, including a 4.5% rate with a 2.25% variable rate and a 12-month introductory bonus rate.
Furthermore, This Bank offers fixed savings accounts ranging from one to five years, with the one-year fixed account yielding 3.99%. While This Bank allows deposits as low as £1 and up to £500,000, the best one-year fixed rate elsewhere is currently 4.55% from Marcus.
This Bank, safeguarded by the Financial Services Compensation Scheme, focuses on customer service and direct communication. The bank’s CEO, Chris Waring, emphasizes a customer-centric approach, prioritizing competitive and sustainable savings rates. Declan Halton-Woodward, Chief Transformation Officer, highlights the bank’s human-centric values and customer-first technology-forward strategy.
Established in 2019, JN Bank, now This Bank, boasts approximately 65,000 customers and holds around £600 million in deposits. Savings options include easy-access, notice, and fixed-rate accounts, as well as Individual Savings Accounts (ISAs) that offer tax-free interest. Customers are encouraged to review account terms and conditions carefully before making decisions.