A significant new player has entered the UK banking landscape today, as JN Bank completes a major rebrand to become This Bank, stylised as thisbank. The relaunch is centred on a fresh range of savings products, coupled with a firm commitment from its leadership to prioritise customer service and human interaction.
A New Identity with a Clear Savings Focus
The newly christened This Bank has debuted with several savings options designed to attract depositors. Its headline offering is an easy-access account paying an annual equivalent rate (AER) of 3.82%. While this figure surpasses the current market average for easy-access accounts, which stands at approximately 2.45%, it is not the market leader. For instance, Chase Bank provides a more competitive rate of 4.5% for new customers, comprising a 2.25% variable base rate plus a 12-month introductory bonus of 2.25%.
Beyond the easy-access product, This Bank is also introducing a suite of fixed-term savings accounts. Customers can lock away their money for one, two, three, four, or five years. The one-year fixed account currently offers a rate of 3.99%. However, savers seeking the best possible return can find a superior one-year fixed rate of 4.55% available through Marcus by Goldman Sachs.
Account Details and Protections
Prospective customers should note the practical details of banking with This Bank. The minimum deposit required to open an account is a very accessible £1, while the maximum deposit cap is set at a substantial £500,000. Crucially, all deposits up to £85,000 are protected under the UK's Financial Services Compensation Scheme (FSCS), providing a vital safety net for savers.
It is important for consumers to understand what This Bank does not offer. The institution will not provide current accounts, and it operates entirely without physical branch networks, positioning itself as a digital-first entity.
Leadership's 'Promise' of a People-First Bank
The launch is being championed by a leadership team with deep roots in traditional UK banking. Chief Executive Chris Waring, whose career includes senior roles at Lloyds and Barclays, articulated a clear vision for the new bank. He emphasised a strategy built on customer-centric savings rates and investments in specialist assets.
"We've built a profitable, fast-growing bank in under a year," stated Mr Waring. "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."
He further solidified the bank's ethos with a direct promise to customers: "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." A key pillar of this promise is the assurance that customers will always have the ability to speak directly to a human representative, a feature often lost in purely digital banking models.
This human-centric philosophy was echoed by Declan Halton-Woodward, Chief Transformation Officer at This Bank. "thisbank is built around people," he explained. "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."
Solid Foundations for Growth
This Bank is not a start-up in the traditional sense but a rebranded entity with established foundations. Originally established as JN Bank in 2019, it launched its first savings products in 2020. The bank has since cultivated a customer base of approximately 65,000 individuals and manages around £600 million in customer deposits, providing a solid platform for its renewed public launch.
Understanding Your Savings Options
For consumers navigating the savings market, it is helpful to understand the different account types available:
- Easy-access savings accounts: These allow you to withdraw your money at will, though some providers may impose limits on the number of annual withdrawals. Always check the specific terms and conditions.
- Notice accounts: These require you to give your bank advance notice, typically 30, 60, or 90 days, before you can make a withdrawal.
- Fixed-rate accounts: These normally do not permit access to your funds until the agreed term (e.g., one year) has ended, in exchange for a guaranteed interest rate.
- ISAs (Individual Savings Accounts): Any interest earned within an ISA is completely free from UK income tax. In the current tax year, you can deposit up to £20,000 across all your ISA accounts.
