The competition for British savers has intensified significantly with the emergence of a newly rebranded financial institution, poised to take on established players in the 'easy access' savings sector. Thisbank, the former UK subsidiary of the Jamaica National Group, has officially launched following a comprehensive operational overhaul after its acquisition in 2024.
A Strategic Rebrand and Financial Reinvention
Previously operating under the name JN Bank UK, the institution was sold in 2024, with a 75 per cent stake transferred to Step One Money UK (SOMU). This strategic move was followed by a substantial £20 million capital injection from SOMU in early 2025, designed to fuel aggressive market expansion and technological advancement. The bank retains the valuable banking licence originally secured by JN Bank UK back in 2018, providing a solid foundation for its renewed ambitions.
Under the leadership of Chief Executive Chris Waring, Thisbank enters the market with a clear and compelling promise. "We don't just want to follow the market, we want to deliver what our customers need," Waring stated emphatically. "Our commitment is straightforward – to provide competitive and sustainable savings products for our customers." The bank currently serves over 45,000 retail lending customers and aims to significantly increase pressure within the savings arena.
Financial Performance and Portfolio Focus
Thisbank's core offering revolves around 'easy access' savings accounts, with competitive rates available for deposit terms spanning two to five years. The bank caters to a wide range of savers, with minimum deposit limits starting from just £1, scaling up to a maximum of £500,000 for higher-net-worth individuals.
Financial records for the year ending March 2025 show that JN Bank UK, the predecessor entity, reported a loss of £9.6 million. This figure, however, represents a notable improvement from the £11 million loss recorded the previous year, driven primarily by a remarkable 60 per cent surge in net interest income. Furthermore, the bank's loan book expanded explosively by 234 per cent during the same period, growing from £83 million to £277 million, largely through the acquisition of existing loan portfolios from other financial firms.
The institution's total equity witnessed a dramatic increase of nearly 200 per cent, bolstered by the issuance of £9.1 million in new shares to its new owner. An additional £16 million boost was received from SOMU as part of a share premium arrangement, significantly strengthening the bank's capital position.
The Human Touch in a Digital Age
A pivotal aspect of Thisbank's relaunch strategy is its deliberate emphasis on human-centric service, consciously avoiding the integration of artificial intelligence into customer service channels. Despite closing its sole physical branch, the bank has made a firm pledge to deliver a "service that feels human," a sentiment that resonates with a growing trend across the UK banking sector.
To oversee this critical transformation, Declan Halton-Woodward was appointed Chief Transformation Officer in March 2025. With a background that includes heading business operations at Germany's Handelsbanken and prior service as a Metropolitan Police officer, Halton-Woodward brings a unique blend of financial and operational expertise to the role, tasked with steering the successful relaunch of Thisbank.
Industry-Wide Shift Towards Personalised Banking
Thisbank's rebrand and service philosophy echo a broader movement within UK retail banking, where several major institutions have recently sought to amplify their 'human touch' to retain existing clients and attract new ones. In December, banking giant HSBC pledged to keep all its branches open until at least 2027, following a similar commitment from Nationwide, which has guaranteed branch availability until 2030.
The trend extends to digital-native players as well. Starling Bank underwent a significant rebrand in the latter half of 2025, adopting the new motto "good with money" as part of the industry-wide rush to offer a more human alternative to purely automated services. Similarly, Vanquis Bank repositioned itself after its 2025 rebrand, presenting a new identity as "the bank that's got your back," further underscoring the sector's pivot towards trust and personal connection.
As Thisbank enters the fray, it does so at a time when consumer expectations are evolving, placing a premium on competitive financial products delivered with a genuine, personal touch. The bank's combination of refreshed capital, a clear savings focus, and a human-first service ethos positions it as a distinctive new contender in Britain's dynamic and competitive savings market.
