Fixed rate savings hit 6%: London based JN Bank launches new best buy

Savers can now earn 6 per cent interest from fixed savings rates, after JN Bank launched a new best buy this afternoon.

The Brixton-based bank is offering a four-year and a five-year fixed rate deal – both of which pay a 6 per cent interest.

All deposits held by JN Bank are covered by the Financial Services Compensation Scheme (FSCS), which protects savers up to £85,000 per person with each authorised UK bank.

Someone stashing £10,000 in the four-year deal can expect to earn £2,400 of interest over the full term.

The interest is calculated daily, with the final balance paid out at maturity. It won’t be possible to access the cash during the fixed term period.

The account can only be opened online and savers will need a minimum deposit of £1,000 to get started. The maximum deposit is £100,000.

The next highest paying fixed rate savings deal on the market is currently offered by SmartSave, which is offering a one-year and two-year fix paying 5.86 per cent.

Since 1 June, SmartSave has changed the rate on its one-year fix 14 times in a bid to stay ahead of competitors. 

JN Bank launched in December 2019 as an authorised UK bank regulated by the Prudential Regulation Authority and the Financial Conduct Authority. It comes with FSCS protection.

What is JN Bank? 

JN Bank are the first Caribbean bank to be authorised in the UK and 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. 

Savers deposits will be used to fund its main lending practices, which include loans for home improvements, cars and debt consolidation.

The Bank has an 4.9 star rating on Trustpilot from almost 1,500 reviews – but feedback on Google Reviews is less glowing.