A newly rebranded UK banking institution, formerly known as JN Bank UK, has unveiled its new identity as This Bank, stylized as thisbank. Today marks the official launch of This Bank, introducing a variety of savings products to consumers. Among its offerings is an easy-access account yielding a competitive 3.82% interest rate, surpassing the average rate of 2.45% for such accounts but facing competition from other providers with potentially higher rates.
For instance, Chase presents a 4.5% rate tailored for new customers, comprising a 2.25% variable rate along with a 12-month introductory bonus rate of 2.25%. This Bank also provides fixed-term savings options ranging from one to five years. Notably, its one-year fixed account offers a 3.99% yield, although the leading rate for similar accounts currently stands at 4.55% by Marcus. Deposits at This Bank range from a minimum of £1 up to a maximum of £500,000.
Customers are assured protection for deposits up to £120,000 through the Financial Services Compensation Scheme. While This Bank does not offer current accounts or operate physical branches, its CEO, Chris Waring, emphasizes the institution’s dedication to prioritizing customer needs. Waring highlights the bank’s rapid growth within a year and its commitment to delivering customer-centric savings rates, investing in specialized assets, and maintaining a people-centric approach to banking operations.
Declan Halton-Woodward, the Chief Transformation Officer, underscores This Bank’s customer-focused ethos, ensuring direct communication channels with customers despite its technological advancements. Established in 2019, JN Bank transitioned into This Bank in 2020, garnering approximately 65,000 clients and managing deposits totaling around £600 million.
This Bank’s introduction of easy-access savings accounts allows flexible withdrawals, subject to specified withdrawal limits per year. Notice accounts necessitate advance notice for withdrawals, while fixed-rate accounts typically restrict withdrawals until the term concludes. Notably, Individual Savings Accounts (ISAs) offer tax-free interest earnings, permitting annual deposits of up to £20,000 across multiple accounts.
