A freshly rebranded UK financial institution, This Bank, has newly launched with a variety of savings products. The bank is offering an easy-access account with a competitive 3.82% interest rate, surpassing the average rate of 2.45%. However, other institutions may offer even higher rates.
For instance, Chase provides a 4.5% rate for new customers, which comprises a 2.25% variable rate and a 12-month introductory 2.25% bonus rate. This Bank also provides fixed saving accounts for one, two, three, four, and five years.
Their one-year fixed account offers a 3.99% interest rate, while the best rate elsewhere stands at 4.55% from Marcus. Customers can deposit a minimum of £1 and a maximum of £500,000 with This Bank. The institution prioritizes customer service and does not have physical branches, with savings up to £120,000 protected by the Financial Services Compensation Scheme.
Chris Waring, the CEO, emphasized the bank’s focus on customers and the importance of direct communication with clients. He highlighted the bank’s rapid growth and customer-centric approach, aiming to provide competitive and sustainable savings rates.
Declan Halton-Woodward, Chief Transformation Officer, reiterated the bank’s people-centric philosophy, ensuring customers always have direct access to bank representatives. Despite being technology-forward, the bank remains committed to a customer-first approach.
Established in 2019, JN Bank, now known as This Bank, introduced its first savings products in 2020 and has amassed approximately 65,000 customers with £600 million in deposits. Different types of savings accounts cater to varying withdrawal preferences, such as easy-access, notice, and fixed-rate accounts.
Individual Savings Accounts (ISAs) offer tax-free interest, allowing up to £20,000 in deposits annually across multiple accounts. Customers are encouraged to set Daily Mirror as a ‘Preferred Source’ on Google News for convenient access to relevant news updates.