New bank JN Bank launches new savings accounts | moneyfacts.co.uk

Michelle Monck

Michelle Monck

Consumer Finance Expert
Published: 08/10/2020

New bank JN Bank launches new savings accounts

JN Bank has launched its first range of savings accounts and personal loans since becoming a fully authorised bank in the UK in December 2019.

The new savings accounts include:

Product

Interest Rate

Deposit

Withdrawals

Servicing

Interest

Easy Access

Under £1,000: 0.10% gross AER

£1,000 or more: 0.55% gross AER

Minimum £1

Maximum £85,000

Unlimited with no penalties or notice period

Online Only

Calculated daily, paid monthly

1 Year Fixed Term

0.80% gross AER

Minimum £100

Maximum £250,000

None

Online Only

Calculated daily, paid annually

2 Year Fixed Term

1.00% gross AER

Minimum £1,000

Maximum £250,000

None

Online Only

Calculated daily, paid annually

3 Year Fixed Term

1.20% gross AER

Minimum £1,000

Maximum £250,000

None

Online Only

Calculated daily, paid annually

4 Year Fixed Term

1.25% gross AER

Minimum £1,000

Maximum £250,000

None

Online Only

Calculated daily, paid annually

5 Year Fixed Term

1.30% gross AER

Minimum £1,000

Maximum £250,000

None

Online Only

Calculated daily, paid annually

 




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Borrowers can now get a loan from JN Bank

UK consumers can also apply for an unsecured loan from JN Bank. Borrowers will need to be at least 21, a resident of the UK for at least two years and earning at least £1,000 per month after tax. Applicants need to hold a UK bank account that permits direct debits and will also need a UK mobile phone number and email address. The representative APR for a £5,000 loan over 36 months is 16.90%.

JN Bank to support local communities

Mr. Ian Marshall, Chairman of JN Bank UK, added:
“At launch, we will offer accessible products, and of course a warm and welcoming service. We are confident that JN bank, through its espoused values of fairness and mutual respect, will provide services that all people can trust. We will continue our long history of adding value to the lives of our customers.”

Mr. Dean Fensome, CEO of JN Bank UK is excited about the difference JN Bank will make in the communities it serves. ‘’The Bank aligns with three of the sustainable development goals primarily Quality education, Sustainable cities and communities, Partnership for Goals. We intend to give back to the community primarily through the provision of scholarships/bursaries for tertiary education and the branch will be made available for community activities, workshops and seminars. We are excited to bring these values and behaviours to the UK and recognise the different financial needs of the population.

What is JN Bank?

JN Bank is owned by The Jamaica National Group (JN Group), a group with a 145 history of operations in the Caribbean. The bank is also a mutual organisation, and this means all qualifying account holders are members of the bank with voting rights. JN Group has total assets of £1.2bn and customer deposits of £701.8m.
JN Group is focussed on supporting the communities it serves and own the Voice, Britain’s only national black monthly newspaper.

Disclaimer

Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

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