JN Bank has rebranded itself as This Bank in the UK and has launched new savings accounts alongside it.
JN Bank launched in 2019 and was the first Caribbean owned bank to get a banking licence when it was authorised in December 2019. It launched its first savings products to market in October 2020.
It now has around 65,000 customers and looks after £600million in deposits.
This Bank will be headed up by chief executive Chris Waring who previously worked at Lloyds and Barclays.
The bank does not offer current accounts, but it has launched easy-access and fixed-rate savings products, across one, two, three four and five year terms.
Minimum deposits start at £1 and a maximum of £500,000 can be deposited in This Bank’s savings accounts.
JN Bank has rebranded to This Bank and launched a crop of new savings accounts at the same time
Savings accounts can be opened online on This Bank’s website and can be managed online or through This Bank’s app.
There are no restrictions on how many times you can withdraw your money from This Bank’s easy-access account.
Money with This Bank is protected under the Financial Services Compensation Scheme limit of £120,000.
How do the rates stack up?
This Bank offers an easy-access account paying 3.82 per cent. While not the very best rate available it is still competitive.
Spring savings currently offers the best easy-access account paying 4.11 per cent.
This Bank’s easy-access account pays well over the average easy-access rate of 2.45 per cent.
The one-year fixed rate account pays 3.99 per cent and a customer would earn £399 in interest after a year if they deposited £10,000 in this account.
The best one year fixed-rate account currently comes from Marcus and pays 4.55 per cent.
After a year a saver would earn £455 if they deposited the same amount.
This Bank offers 3.99 across its two year, three year, four year and five year accounts.
By comparison the best two and three-year fixed-rate accounts pay 4.2 and come from Access Bank.
The best four-year account pays 4.07 per cent and is offered by Market Harborough Building Society while the best five year account comes with a rate of 4.27 per cent and is offered by Hampshire Trust Bank.
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