JN Bank UK is now called This Bank – stylised as thisbank – and it has relaunched today with a range of savings products
JN Bank has rebranded as thisbank(Image: Getty)
A new UK bank has launched today following a major rebrand.
JN Bank UK is now called This Bank – stylised as thisbank – and it has relaunched today with a range of savings products. This Bank offers an easy-access account paying 3.82% which is higher than the average easy-access rate of 2.45% – but it can be beaten elsewhere.
For example, Chase offers a rate of 4.5% for new customers only, which includes a 2.25% variable rate, plus a 12 month introductory 2.25% bonus rate. This Bank also offers one, two, three, four and five year fixed saving accounts.
Its one-year fix pays 3.99% while the best one-year fixed rate elsewhere is currently 4.55% from Marcus. You can deposit a minimum of £1 with This Bank, up to a maximum of £500,000.
Your savings up to £120,000 are protected by the Financial Services Compensation Scheme. This Bank does not offer current accounts and it does not have any physical branches.
Its chief executive Chris Waring, who previously worked for Lloyds and Barclays, today said This Bank wants to make customers its priority and said they will always be able to speak directly to a person.
He said: “We’ve built a profitable, fast-growing bank in under a year. Our strategy is clear, deliver customer-focused savings rates, invest in specialist assets where others can’t compete, and never lose sight of the fact that banking is about people, not just numbers.”
Mr Waring added: “We don’t just want to follow the market, we want to deliver what our customers need. Our promise is simple – competitive, sustainable savings for customers”.
Declan Halton-Woodward, Chief Transformation Officer, said: “thisbank is built around people. Humans are complex, so we make sure our customers can always speak to one of ours. While we are technology forward, our approach will always be customer-first.”
JN Bank was established in 2019 and launched its first savings products in 2020. It now has around 65,000 customers and holds around £600million in deposits.
Different types of saving accounts explained
Easy-access savings accounts allow you to withdraw your money when you want. Some providers do limit how many withdrawals you can make per year, so do check the terms and conditions carefully.
Notice accounts require you to give notice when you want to withdraw your money. Fixed-rate accounts don’t normally allow you to withdraw your money until the end of the term.
ISA stands for Individual Savings Account and any interest you earn in an ISA is always free from tax. Each year, you can deposit £20,000 across your ISA accounts.