Britain has a new bank entering the market today, promising savers a different approach to customer service alongside competitive interest rates.
Thisbank has officially launched in the UK, offering fixed-term savings rates of 3.99 per cent and an easy access rate of 3.76 per cent.
The new provider said it aims to distinguish itself by prioritising human interaction rather than relying heavily on automated systems and algorithms.
The bank is positioning itself as an alternative to traditional and digital-first lenders, where customers often struggle to speak directly to staff.
Its launch comes at a time when many high street banks are scaling back branch networks and reducing face-to-face customer service.
Thisbank is offering fixed-term savings accounts across one-year, two-year and five-year terms, all paying the same 3.99 per cent rate.
Its savings proposition is designed to remain consistently competitive rather than relying on short-term introductory offers, which is intended to reduce the need for savers to frequently move money between providers in search of better rates.
The bank is led by Chris Waring, who brings experience from senior roles in major UK lenders and private equity.
New provider enters UK market with competitive rates
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He previously worked at Lloyds Banking Group and Barclays before joining the new venture.
Since its formation, Thisbank has expanded rapidly, growing its assets under management by a factor of 12.
The bank said it now holds a balance sheet worth more than £1billion and plans to continue expanding beyond that level.
It has also reported achieving profitability in under a year, a milestone that is uncommon among newly launched banks.
Mr Waring said: “We’ve built a profitable, fast-growing bank in under a year, but this is only the beginning”.
It has also reported achieving profitability in under a year
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The bank is backed by a mix of British and American investors.
It was formed through the relaunch of the UK arm of JN Bank under new ownership and leadership.
Thisbank said it focuses on specialist lending and savings products where it believes larger competitors are less able to operate effectively.
The bank’s leadership said its strategy is designed to balance sustainable growth with customer-focused service.
Mr Waring said: “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”.
The bank’s Chief Transformation Officer, Declan Halton-Woodward, said the lender aims to serve customers who may not fit standard banking profiles.
The former private banker said: “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”.
Industry commentators said the arrival of a new savings provider could increase competition across the market.
Adam French, head of consumer finance at Moneyfactscompare.co.uk, said new entrants can help drive better outcomes for savers.
Data from Moneyfacts shows the average savings rate has remained below inflation for nine consecutive months
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“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”.
He said data from Moneyfacts shows the average savings rate has remained below inflation for nine consecutive months.
Mr French said this has made it difficult for savers to achieve positive real returns on their deposits.
He added new providers such as thisbank can help keep established banks competitive and encourage stronger savings rates across the sector.