Good news for savers as bank launches ‘competitive range’ of new accounts

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Bank account security is important to many people who are looking to make their money grow. However, in recent months, many have been disheartened by the news of lower interest rates and less return on the money they are putting away. A new offering, though, is likely to peak the interest of many, as its interest rates are being described as ‘top rate’. 

JN Bank, which became fully authorised in the UK in December 2019, has put forward some attractive rates.

These are likely to entice savers who are looking to make sure their funds are secure amid the ongoing financial crisis.

The first account offered by JN Bank is the Easy Access account.

For those who deposit under £1,000, the interest rate stands at 0.10 percent, but those putting away higher sums can benefit from a 0.55 percent rate.

The maximum deposit for this account is £85,000, but withdrawals are unlimited with no penalties or notice period.

Other offerings from the bank are fixed term accounts, but for different lengths of time.

These can help Britons to lock in rates, which are particularly turbulent at the moment.

The one year fixed term account offers an interest rate of 0.80 percent with a minimum deposit of £100 and a maximum of £250,000.

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For the other fixed term accounts, the minimum investment stands at £1,000, and the maximum at £250,000.

But locking money away for a longer period of time can help savers benefit from higher interest rates.

The two year fixed term account offers a one percent interest rate, rising to 1.20 percent for a three year fix.

For a four year fixed term account the interest stands at 1.25 percent, and finally at 1.30 percent for the five year account. 

At present, the accounts are online only – however, this is likely to provide ease of access for individuals who need to monitor their money on the go. 

However, the bank also has a branch based in London. 

JN is also a bank with a strong reputation overseas too, as it is owned by the Jamaica National Group.

It has a 145-year history of operations across the Caribbean., money comparison experts, commented on the new offering and what it means for savers. 

Eleanor Williams, financial expert at Moneyfacts, said: “It is great news for savers to see a new bank entering the market, particularly during such turbulent times.

“They are FSCS registered and authorised by the FCA so savers can be confident their funds will be safe.

“They offer a competitive range of fixed rate products, one of which – the three-year fixed rate bond – secures a position in our top rate tables.”

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