Fixed income savings hit 6%! London-based JN Bank launches new overall best-buy rate, which could see more providers break the benchmark
- JN Bank offers a four- and five-year fixed rate agreement, both of which pay 6%
- Deposits are covered by the Financial Services Compensation Scheme (FSCS)
Savers can now earn 6 percent interest from fixed savings rates after JN Bank launched a new best buy this afternoon.
The Brixton-based bank offers a four-year and five-year fixed rate agreement — both of which pay 6 percent interest.
All JN Bank deposits are covered by the Financial Services Compensation Scheme (FSCS), which protects depositors of up to £85,000 per person at any authorized UK bank.
Let’s talk six baby: Savers can now earn 6% interest from fixed savings rates, after JN Bank launched a new best buy this afternoon
Someone who puts £10,000 into the four-year deal can expect to earn £2,400 in interest over the full term.
Interest is calculated daily and the final balance is paid out at maturity. During the fixed term it is not possible to dispose of the money.
The account can only be opened online and depositors need a minimum deposit of £1,000 to get started. The maximum deposit is £100,000.
The second highest paying fixed rate savings in the market is currently offered by SmartSave, which offers one-year and two-year fixed interest rates and pays 5.86 percent.
Since June 1, SmartSave has changed the rate on its one-year fix 14 times to stay ahead of the competition.
JN Bank launched in December 2019 as an authorized UK bank regulated by the Prudential Regulation Authority and the Financial Conduct Authority. It comes with FSCS protection.
What is JN Bank?
JN Bank is the first Caribbean bank to be authorized in the UK, launched in October 2020.
It is part of the Jamaica National Group, which was founded nearly 150 years ago as the Westmoreland Building Society in Jamaica.
Depositors’ deposits will be used to fund key lending practices, including loans for home improvements, autos and debt consolidation.
The Bank has a 4.9-star rating on Trustpilot from nearly 1,500 reviews, but the feedback on Google Reviews is less favorable.