A newly rebranded UK bank, formerly known as JN Bank UK, has launched under the name This Bank. The rebranding coincides with the introduction of a variety of savings products by This Bank, which includes an easy-access account offering a competitive interest rate of 3.82%, surpassing the industry average of 2.45%. However, other institutions like Chase provide higher rates, such as 4.5% for new customers, comprising a 2.25% variable rate and a 12-month introductory bonus rate of 2.25%. This Bank also offers fixed-term savings accounts ranging from one to five years.
With a one-year fixed account offering a 3.99% interest rate, This Bank competes with other providers like Marcus, currently offering 4.55% for a one-year fixed term. Customers can deposit a minimum of £1 and up to a maximum of £500,000 with This Bank. The bank is not equipped with physical branches and does not offer current accounts.
Chris Waring, the Chief Executive of This Bank and a former Lloyds and Barclays executive, emphasized the bank’s commitment to prioritizing customer needs by ensuring direct communication channels with customers. Waring expressed the bank’s focus on delivering customer-centric savings rates and investing in specialized assets to differentiate itself in the industry.
This Bank’s Chief Transformation Officer, Declan Halton-Woodward, highlighted the institution’s customer-centric approach, emphasizing human interaction despite being technology-driven. Established in 2019, JN Bank transitioned into This Bank in 2020, serving approximately 65,000 customers with deposits totaling around £600 million.
Different types of savings accounts are available, including easy-access, notice, and fixed-rate accounts, each with distinct withdrawal terms. Individual Savings Accounts (ISAs) provide tax-free interest earnings, allowing deposits of up to £20,000 annually across multiple accounts.