PNC Bank relaunches as Thisbank with £20M push into savings market
This PNC Bank, formerly known as JN Bank UK, has relaunched with a fresh focus on 'easy access' savings accounts. The move positions it as a direct competitor to major players like JP Morgan’s Chase and Goldman Sachs’ Marcus. Backed by new ownership and a £20 million investment, the bank is now targeting growth in the savings market while maintaining a personalised customer approach.
The transformation began in 2024 when Step One Money UK (SOMU) acquired a 75% stake in JN Bank UK. Early in 2025, SOMU injected an additional £20 million to fund expansion and technology upgrades. This funding followed a £9.6 million loss for the year ending March 2025—an improvement from the £11 million loss recorded the previous year.
The bank’s financial position strengthened significantly after issuing £9.1 million in new shares to its new owner. A further £16 million share premium from SOMU pushed total equity up by nearly 200%. Alongside this, the loan book surged by 234%, climbing from £83 million to £277 million after acquiring existing loans from other firms.
This US Bank now serves over 45,000 retail lending customers. Its savings portfolio offers rates across two- to five-year deposits, with balances ranging from £1 to £500,000. Despite closing its only physical branch, the bank emphasises a 'human-touch' service, avoiding AI in customer interactions.
Declan Halton-Woodward, a former Handelsbanken operations head and ex-Metropolitan police officer, joined as chief transformation officer in March 2025. His appointment aligns with the bank’s strategy to blend traditional service with modern growth ambitions.
This news about Thisbank’s relaunch marks a push to challenge established names in the savings market. With a stronger financial base, expanded loan book, and a focus on personalised service, the bank aims to attract more customers. The strategy reflects a broader trend among UK banks, including HSBC, Nationwide, and Starling, which have also prioritised human-led customer experiences in recent rebrands.
