British consumers are set for a boost in choice when it comes to where to park their money, with the launch of a new bank.
The new entity, named This Bank – stylised as a single word, thisbank – aims to provide savers with competitive savings rates and an ability to have personal relationships.
“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,” said Chris Waring, CEO of the newly launched bank.
“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.
“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”.
While there will be no physical branches, thisbank clients will be able to access support and customer service by phone, with employees located in London, The Independent understands.
Branches have been declining across the UK banking scene, with few opting to maintain a significant high street presence amid the digitisation of financial services.
“Our people-first approach means replicating the human-to-human connection you used to receive in your local banking branch, adapted to today’s times,” Mr Waring told The Independent.
“We focus our people on ensuring our customer journey is as polished, easy and simple to use as possible. It is also about ensuring our customers are never more than one ‘selection’ away from a human being at our call centre – adequately trained, passionate and understanding enough to tackle the customer’s problem.”
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“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,” added chief transformation officer, Declan Halton-Woodward, speaking to The Independent.
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“Online, email, or phone, our customers will get a service that works for them – not an AI chatbot – our people treat your money better than our own, because it’s just that, yours – and it needs to work for you.”
Launching on Thursday, thisbank will offer savers a 3.76 per cent interest rate for an easy access account, while fixed-term deals across one to five years will earn a stable 3.99 per cent annually. Further products, including ISAs, are likely to be offered in the future.
While not at the top of easy access savings rates, The Independent understands thisbank intend to remain consistently among the front runners rather than attempting to lure in savers with high rates, before dropping them later – a common tactic which means savers must be alert to switch their money when bonuses expire. That, along with customer service, is instead intended as the defining traits of thisbank.
The likes of Chase and Revolut have the best easy access rates at present, while First Direct and Monzo have tended to rank highest among customer satisfaction surveys.
The new bank effectively comes out of the UK arm of JN Bank, which has now been sold, and has new leadership and investor backers. It is a fully licensed British bank.