Britain has welcomed a new banking player as ThisBank officially launched operations, offering competitive savings rates alongside a customer service model that prioritizes human interaction over automated systems.
The digital bank, formed through the relaunch of JN Bank UK under new ownership, is entering the market with fixed-term savings rates of 3.99% across one, two, and five-year terms, plus an easy-access rate of 3.76%. While these rates don't top current best-buy tables, they challenge many established rivals and are designed to remain consistently competitive rather than relying on short-term introductory offers.
Rapid Growth and Profitability
Led by CEO Chris Waring, who previously held senior roles at Lloyds Banking Group and Barclays, ThisBank has achieved remarkable growth since formation. The bank has expanded its assets under management by a factor of 12 and now holds a balance sheet worth over £1 billion, with around 65,000 customers and approximately £600 million in deposits.
Notably, ThisBank achieved profitability in under a year—an uncommon milestone for newly launched banks. "We've built a profitable, fast-growing bank in under a year, but this is only the beginning," Waring stated.
People-First Banking Model
ThisBank distinguishes itself by offering direct access to trained staff based in London, despite operating without physical branches. The bank positions itself as an alternative to traditional and digital-first lenders where customers often struggle to reach human representatives.
"We've built ThisBank around people. While we are technology-forward, our approach will always be customer-first. Our goal is to deliver sustainable value and a service that feels human, not transactional," Waring explained.
Chief Transformation Officer Declan Halton-Woodward emphasized the bank's focus on serving customers who don't fit standard banking profiles. "We understand humans are complex—from the self-employed to the retired—not everybody fits in the 'mould' required by the high-street banks. That's where this can help," he said, adding that customers can always speak to a person rather than an AI chatbot.
Market Impact
Industry experts have welcomed the new entrant. Adam French, head of consumer finance at Moneyfactscompare.co.uk, told Express.co.uk: "Competition really matters in the savings market, and the launch of a new bank offering inflation-busting savings rates is welcome news, especially with many competitors' accounts failing to keep pace with rising prices."
French noted that the Moneyfacts Average Savings Rate has remained below inflation for nine consecutive months, making it difficult for savers to achieve positive real returns. "New providers like ThisBank can keep established banks on their toes and play a vital role in pushing better rates across the board," he added.
ThisBank requires a minimum deposit of £1, with a maximum of £500,000. Savings up to £120,000 are protected by the Financial Services Compensation Scheme (FSCS). The bank does not currently offer current accounts and operates entirely online, by email, or by phone.