New UK Bank Enters Market with Human-First Philosophy
A newly rebranded British financial institution has officially launched, positioning itself as a challenger bank focused on human connection and customer loyalty in an increasingly digital landscape. The bank, formed from the UK arm of the Jamaica National Group (JN Group) following its sale in 2024, aims to distinguish itself through personalised service and transparent pricing structures.
Competitive Savings Products Launch
The bank enters the competitive UK savings market with an easy access account offering 3.76% interest and fixed deposit accounts ranging from one to five years with rates up to 3.99%. While these rates are competitive with many established high street banks, they currently trail behind market leaders such as JP Morgan's Chase and Santander's Cahoot.
The institution's core strategy involves addressing what it terms "loyalty penalties" – the practice where existing customers receive inferior rates compared to new applicants. The bank has committed to ensuring existing customers will never be offered lower rates than new customers, creating what it describes as a fairer banking relationship.
Human-Centric Service Model
Central to the bank's proposition is its emphasis on human interaction. The institution promises customers will always be able to speak directly to a person for support, with chief executive Chris Waring stating customers will be "never more than one selection away from a human being" at their call centre.
"Our people-first approach means replicating the human-to-human connection you used to receive in your local banking branch to today's times," explained Mr Waring, a banking and private equity veteran who previously developed a consumer credit company sold to Tandem Bank and helped launch the 118 118 money business.
Despite this focus on personal connection, the bank currently has no plans to open physical branches, with all customer contact managed through dedicated call centre staff trained to provide what the bank describes as "polished, easy and simple" customer journeys.
Ownership and Growth Ambitions
The bank, which also offers lending products alongside its savings accounts, is backed by both UK and US investment. It is majority owned by Step One Money, which acquired the entity prior to its rebranding, with additional backing from US-based investment fund SPF.
Mr Waring highlighted the achievement of building what he called a "profitable, fast-growing bank in under a year" and emphasised the institution's focus on making banking "about people, not just numbers." This launch comes at a time when consumer research indicates increased financial planning activity, with surveys showing approximately 12% of people plan to review their pension arrangements and retirement goals in 2026, while 10% aim to increase their pension contributions.
The bank's entry represents another option for UK savers seeking competitive returns combined with what promises to be a more personalised service experience than many digital-only competitors provide.
