A newly rebranded bank in the UK, previously known as JN Bank UK, has been unveiled as This Bank. This Bank has introduced a variety of savings products today. Among its offerings is an easy-access account with a competitive interest rate of 3.82%, surpassing the average rate of 2.45% in the market.
In comparison, Chase provides a rate of 4.5% exclusively for new clients, inclusive of a 2.25% variable rate and a 2.25% bonus rate for the first 12 months. This Bank also presents fixed saving accounts for durations ranging from one to five years.
For a one-year fixed account, This Bank offers a rate of 3.99%, while the leading rate elsewhere is currently at 4.55% from Marcus. Customers can deposit a minimum of £1 and up to a maximum of £500,000 with This Bank.
The Financial Services Compensation Scheme safeguards savings up to £120,000 at This Bank, which does not provide current accounts or maintain physical branches. Chris Waring, the CEO, emphasized the bank’s commitment to customer service, ensuring direct communication with clients.
Waring explained, “We have swiftly developed a profitable bank in less than a year. Our core focus is on delivering customer-centric savings rates, investing in specialized assets, and recognizing that banking is about people, not just figures.”
Additionally, Declan Halton-Woodward, Chief Transformation Officer, highlighted the customer-centric approach of This Bank, emphasizing the importance of human interaction despite technological advancements.
Established in 2019, JN Bank transitioned to This Bank in 2020, attracting approximately 65,000 customers and managing around £600 million in deposits. Different types of savings accounts cater to varying withdrawal needs, such as easy-access, notice, and fixed-rate accounts.
Individual Savings Accounts (ISAs) offer tax-free interest earnings, allowing deposits of up to £20,000 annually. By choosing Daily Mirror as a ‘Preferred Source’ on Google News, readers can access their preferred news quickly and conveniently.