Easy access
GB Bank savings rates
GB Bank offers a variety of savings accounts with interest rates up to 4.99%.
No reviews yet.
Write a review
Newcomer GB Bank launched in summer 2022 after receiving a full UK banking licence the previous year. It’s aiming to carve out a niche for itself providing bespoke loans to property developers driving regeration in underserved regional communities (namely the North East, Yorkshire and the North West).
Easy access savings accounts
Table: sorted by interest rate
GB Bank's best easy access rate of 4.91% is significantly lower than today's market-best rate of 7.49%.
Compare more instant and easy access accounts up to 7.49%
Fixed-rate bonds
Table: sorted by interest rate
GB Bank's best fixed-rate bond rate of 4.99% is very slightly lower than today's market-best rate of 5.25%.
Notice savings accounts
Table: sorted by interest rate
GB Bank's best notice savings account rate of 4.85% is very slightly lower than today's market-best rate of 5.25%.
Compare more notice savings accounts up to 5.25%
What is GB Bank's best savings account with the highest interest rate?
The best savings account depends on what you want from your savings. If you're after fast access to your money, then an easy-access account should suit you. However, if you're happy to lock your money away for a time to access a higher rate, then a fixed-rate bond is a good option.Finally, if you're looking to maximise your returns and shield them from income tax, consider an ISA. Below, we've listed the different types of accounts GB Bank offers, plus the highest interest rate currently available.
| Savings account types include | Easy access, fixed-rate bonds, notice accounts |
|---|---|
| Best easy access rate | 4.91% |
| Best fixed-rate bond rate | 4.99% |
| Best notice account rate | 4.85% |
| Fixed bond terms | 3 months |
| Notice account periods available | 30 days - 95 days |
| Opening options | Website, mobile app |
Who are these accounts for?
You’re eligible to apply for GB Bank’s fixed rate savings account if you meet the following criteria:
- You are over 18 years old
- Have a permanent UK address and are a resident in the UK for tax purposes
- Have your own email address
- Have your own mobile phone number
- Have a UK current account in your name
GB Bank’s fixed rate savings account is also suited to someone who is happy to “lock” their savings away for a set period of time and receive a guaranteed rate.
How to apply?
Applications are all online, via GB Bank’s site.
You’ll need to provide details of a “linked” current account, which you’ll use to fund your savings. If you fund your GB Bank savings from any other account, your funds will be immediately returned to you. It’s also the account that withdrawn funds will be sent to. This is a security feature designed to protect against fraud.
Is GB Bank safe?
GB Bank secured its UK banking licence at the end of 2021 and is authorised and regulated to trade by the Financial Conduct Authority and Prudential Regulation Authority. As a result, savings held with the bank are protected up to £85,000 by the Financial Services Compensation Scheme (FSCS).
If you have more than £85,000 to save, you may prefer to spread the funds across more than one Bank.
Pros and cons
Pros
- Guaranteed rate of interest
- Your savings will support residential and commercial community developments
- FSCS protected
- Online account management
Cons
- Time-limited availability when launched
- No face-to-face customer service
- You won’t have access to your funds in a bond until maturity
- The online application process isn’t great on a mobile
Customer service information for GB Bank
| Email support | |
|---|---|
| Telephone support | |
| In-app or live chat | |
| Contact form | |
| Branch support |
Our verdict: Is GB Bank worth it?
If you are interested in your savings doing more than just earning you interest, then GB Bank offers a unique opportunity for you to help communities in the North East, Yorkshire and North West. As a fixed rate savings account you can earn a guaranteed rate of interest and support communities at the same time.
The bank’s first fixed-rate bond is certainly competitive. It remains to be seen whether GB Bank will consistently offer good rates and expand into other types of savings products, perhaps with easier access to funds. If it is something that piques your interest, it could be worth putting your name on the Bank’s mailing list. But remember to compare the accounts with other fixed-rate savings products once the details are released.
Frequently asked questions
We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you. Most of the data in Finder's comparison tables has the source: Moneyfacts Group PLC. In other cases, Finder has sourced data directly from providers.
More guides on Finder
-
Women-led firms lag behind in startup funding despite equality drive
The gulf between the amounts received by men vs women from government-backed startup loans has widened, despite calls for more funding for women entrepreneurs.
-
Kroo vs Monzo: Which is the best?
We take a closer look at two of the digital banking brands leading the way in the UK. Compare Kroo and Monzo in our side by side guide.
-
How to buy Rubrik (RBRK) shares when it goes public
Everything we know about the Rubrik IPO, plus information on how to buy shares.
-
Problems in the growth pipeline? The female startup funding gap
Is the UK leaving £250 billion in growth on the table? Our free report shows how female entrepreneurs aren’t getting the same startup funding as men.
-
Robinhood statistics 2024: Users, revenue and growth
We look at the latest statistics on global trading app Robinhood, including the number of users, revenue and profitability.
-
Financial adviser vs coach: Who to talk to about your money
From financial advisers to accountants – if you need help with your personal finances, here’s who to talk to about what.
-
Best ways to invest £20k
Discover how you can build wealth by investing £20,000 and explore some of the top strategies for investing your money.
-
Zing review: An international money transfers app from HSBC
The multi-currency account could be a cost-effective option for anyone who is going abroad, provided you don’t plan to withdraw lots of cash.
-
What is a good salary in London?
According to the latest figures, a single person living in London would need a gross salary of £37,000 to be financially stable.
-
1 in 4 Brits plan to open an ISA in the new tax year
More than 13 million Brits plan to open an ISA after the new financial year starts on 6 April, according to a new Finder survey.