Challenger bank JN Bank UK hits £300m in deposits

Challenger bank JN Bank UK, has hit the £300m milestone for UK customer deposits.  The bank is part of the JN Group headquartered in Jamaica. It became a fully authorised bank in 2019, launching in October 2020. It is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.

JN Group has a 150-year heritage as a leading financial services group in Jamaica. It has had a presence in the UK for more than 35 years providing a Representative Office and money transfer services to the Jamaican diaspora.

JN Bank UK launches IGNITE easy access savings account

JN Bank UK has also launched its IGNITE: The Account for JN Members’ easy access savings account. This is a dedicated UK savings account for JN Group customers living in the UK. This new account not only provides an enhanced interest rate and rewards. It also seamlessly connects to the customer’s savings account held in Jamaica to support transferring funds.

JN Bank UK says that the rapid growth in deposits has been driven by its market-leading rates that offers fair value to savers. The bank has focused on passing on the current high interest rates in the UK to its customers, something it says many high street banks have delayed doing and as a result have come under intense scrutiny.

Paul Noble, CEO of JN Bank UK, said: “We are delighted to today share that we have hit an important milestone in our growth journey. We are committed to growing rapidly yet responsibly and sustainably into 2024 and beyond.

We are trusted by our fantastic customers thanks to our focus on providing fair banking products and services to our customers, we are propelled by our market-leading banking products. Smaller banks such as JN have a crucial role to play as savers look to make their money work harder than ever in the cost-of-living crisis.”

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