THIS Bank

THIS Bank is a UK savings bank, previously known as JN Bank. It takes savings deposits and lends money, and it is an online-only operation: accounts are opened and managed through the app, internet banking or the phone, with no branches to visit¹.

Its savings range comes in two shapes. There are accounts you can get at without penalty, and there are fixed term accounts where the money is committed for a set period, with terms of two, three and four years⁴. Each account links to a nominated account, which the bank describes as any UK bank account, in your name, that you can link to your THIS Bank account so you can transfer funds into and from it¹.

Eligible deposits are protected by the Financial Services Compensation Scheme up to £120,000 per eligible person, which the bank states on its savings pages and in its account key features documents². The bank does not offer current accounts, credit cards or mortgages.

What THIS Bank offers

THIS Bank is a savings-led bank. Its product range is savings accounts, and it lends as well. It does not run a current account, so it is not somewhere to have your salary paid or your direct debits taken. If you want a current account, the current accounts guide sets out what is available and how switching works.

The savings range falls into two shapes. There are accounts you can get at without penalty, and there are fixed term accounts where the money is locked away for a set period. The bank's savings hub lists the accounts it currently offers¹.

On the lending side, the register records permission to enter into regulated credit agreements as lender, with high-cost short-term credit, bill of sale agreements and home collected credit all excluded⁹. That exclusion matters: it means the bank is not in the payday lending market. If you are weighing up borrowing options, the loans guide and the debt guide explain the main types and where to get help.

THIS Bank does not sell insurance, so there is no cover here that it arranges or underwrites.

Saving with THIS Bank: how its accounts work

The bank's savings accounts share a common structure. Each one links to a nominated account, which the bank describes as any UK bank account, in your name, that you can link to your THIS Bank account so you can transfer funds into and from it¹. Money moves between your nominated account and your THIS Bank account; you cannot walk into a branch with cash.

The easy access account can be opened and managed online². The triple access account can be opened online and managed online, by phone on 0808 196 1945 between 9am and 6pm Monday to Friday and 9am to 12:30pm on Saturday, or by email⁸. The fixed term accounts are opened and managed online, with terms of two, three and four years⁴.

Fixed term accounts work differently from easy access ones in one important way: the money is committed for the term. The bank's own key features documents for the two, three and four year accounts set out the terms, and each states that deposits up to £120,000 per eligible person are protected by the FSCS⁵. The rate you are paid, and any charge for taking money out early, are set out in those documents and on the account pages, and they change over time, so the bank is the place to check today's figures.

If you are comparing this with what else is on the market, the savings guide covers how interest is calculated and paid, and the ISAs guide explains tax-free savings, which is a separate wrapper from an ordinary savings account.

Borrowing from THIS Bank: the lending it provides

THIS Bank's lending permission is to enter into regulated credit agreements as lender, excluding high-cost short-term credit, bill of sale agreements and home collected credit⁹. In plain terms, it can lend, but not in the payday or logbook loan markets.

The bank does not publish a consumer loan range on the pages covered here, so the practical position for a borrower is that THIS Bank is not a mainstream source of personal loans, credit cards or mortgages. If you are looking for borrowing, the loans guide sets out the main types of borrowing money and where to get help, and the credit cards guide covers card borrowing¹¹.

Two things are worth knowing about borrowing generally, because they affect what happens if things go wrong. First, if you fall behind on a mortgage, Support for Mortgage Interest is a loan rather than a grant, which covers some of the interest on the mortgage and is repaid¹². Second, if you are in debt and worried about a bank taking money from your account, the right of set-off lets a bank use money in one account to pay a debt on another, and banks may offer to separate an overdraft from your existing account, set up a new basic bank account, or help you keep banking while you pay off debts¹¹.

From JN Bank to THIS Bank: what the rebrand means for customers

The register lists the firm's previous names as JN Bank UK, JN Bank, JN Bank UK Ltd and Jamaica National UK Limited⁹. THIS Bank is the current name of the same company¹.

For a customer, a rebrand of this kind changes the name on the paperwork, not the account. The company number, 11734380, is unchanged, and the firm number on the register, 832786, is unchanged⁹. Your account number, balance and terms stay as they are, and your deposits remain covered by the FSCS up to £120,000 per eligible person².

Rebrands are common in UK banking, and they can be confusing when a familiar name disappears. When the Halifax brand changes to Lloyds, for example, Halifax customers can also bank on Lloyds for a wide range of credit cards¹³. The pattern is the same: the brand on the door changes, the underlying account does not.

If you hold savings with JN Bank, there is nothing you need to do. You would only need to act if you wanted to close the account or move your money elsewhere, and the bank's support pages explain how to close an account¹⁴.

Banking with THIS Bank online

THIS Bank is an online bank. Accounts are opened and managed online, and there is no branch network to visit².

To use online banking you must already have an account with the relevant bank, so the account comes first and the login follows¹⁵. With most banks, online banking lets you check your balance at any time of day or night, check your statements, transfer money between your accounts, send money to people you know, and set up or cancel direct debits and standing orders¹⁵.

If you are new to managing money on a screen, Age UK publishes guidance on online banking that covers the basics¹⁵. If you are managing money for someone else, Scope has advice on doing that¹⁶.

Security is the part worth taking seriously. Check the online banking security options your bank may provide, and treat unexpected messages about your account with suspicion¹⁷. If you have revealed personal information or see unrecognised activity, contact your bank using the phone number on the back of your card or on a recent statement¹⁸. THIS Bank's own contact number for account servicing is 0808 196 1945⁸.

How to open a THIS Bank account

Opening an account with THIS Bank is done online. The bank's own instructions are to click to apply and fill in the application form, and the account is then opened and managed through the mobile app and internet banking². The two year fixed term account can be applied for online in around five minutes, and existing customers can open one through internet banking by clicking "Open new savings account" on the dashboard⁵.

You will need a nominated account, which is any UK bank account in your name that you can link to your THIS Bank account¹. The bank verifies the nominated account using Open Banking⁵.

For the fixed term savings account, the process is to apply online via the application form and then deposit £100 in the new account⁴.

Bank account applications generally ask for proof of identity including your full name, date of birth and address, and are usually completed online, in a branch or sometimes over the phone¹¹. If you need help completing an application because of a disability or because you are managing money for someone else, Scope publishes guidance on managing your own money and on managing money for someone else¹⁶.

Complaints and where to get help

If something goes wrong, the route is the same as with any UK bank. Complain to the bank's customer services first, then make a formal complaint, which gives the firm eight weeks to investigate and give a final response, and then take it to the free Financial Ombudsman Service¹⁹.

The Financial Ombudsman Service can be reached through its website or on 0300 123 9123²⁰. It is free to use and independent of the bank.

THIS Bank's own support pages set out how to close accounts. To close an easy access savings account, make sure the account balance is zero and then email customerservice@thisbank.co.uk to request account closure¹⁴. To close a loan account, email the same address to request a settlement figure¹⁴. To close an internet banking profile, call 0808 196 1945 or email customerservice@thisbank.co.uk¹⁴.

If you have been the victim of a scam, contact your bank using the phone number on the back of your card or on a recent statement¹⁸. Independent Age publishes guidance on what to do if you have been a victim of a scam¹⁸.

FSCS protection for THIS Bank deposits

Eligible deposits with THIS Bank are protected by the Financial Services Compensation Scheme¹.

The FSCS covers deposits, current accounts and savings accounts²¹. The limit applies per person, per bank, so money you hold with other banks is counted separately. The FSCS publishes a protection checker that uses data from the Financial Services Register, so you can confirm whether a firm is authorised before you deposit²¹.

Where a bank holds more than one brand under a single licence, the limit is shared across those brands, so it is worth checking which brands sit together before placing large sums.