A new British bank, born out of a significant rebranding effort, is making waves in the financial services sector by emphasizing human-to-human customer interactions and competitive interest rates. Thisbank, which evolved from the UK arm of Jamaica National Group (JN Group) after being sold in 2024, officially entered the UK market with its eye on displacing traditional banking models.
Interest Rates and Competitive Edge
While Thisbank’s interest rates—3.76% for easy access savings accounts and 3.99% on one- to five-year fixed deposits—are competitive, they fall behind the market leaders such as Chase and Santander’s Cahoot. Despite this, the bank’s leadership believes that its focus on customer service will set it apart from larger institutions. By addressing the issue of “loyalty penalties,” Thisbank promises existing customers will never receive a lower interest rate than new applicants, a key differentiator in an industry where many banks offer better deals to new clients.
In addition to savings products, Thisbank also offers a range of lending services, with the backing of both UK and US investors. It is led by Chris Waring, a seasoned banking executive known for his role in launching and growing financial ventures such as 118 118 Money and a consumer credit company sold to Tandem Bank. The bank is majority owned by Step One Money, which acquired the entity before its rebrand and is supported by US-based investment fund SPF.
Waring’s approach focuses on customer engagement that goes beyond simple transactions. “Our people-first approach means replicating the human-to-human connection you used to receive in your local banking branch to today’s times,” Waring said. The bank has promised that every customer will be “never more than one selection away from a human being at our call center” for support. This reflects their desire to provide personal service despite not having physical branches. Currently, all customer interactions will take place over the phone through the bank’s call center.
Looking to the Future
In just under a year, Thisbank has already achieved significant growth and profitability. Waring has emphasized that the focus is on making banking more human and accessible, rather than just focusing on numbers and profit margins. “We are building a bank that is about people,” he said. With a strong commitment to ensuring a seamless customer experience and competitive financial products, Thisbank aims to challenge the UK’s entrenched high street banks and carve out a space in the rapidly changing financial landscape.
