GB Bank savings rates

GB Bank offers a broad range of savings accounts with interest rates up to 4.58%.

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GB Bank

Newcomer GB Bank launched in summer 2022 after receiving a full UK banking licence the previous year. The Middlesbrough-based bank is aiming to carve out a niche for itself by offering savings accounts which allow it to provide bespoke loans to property developers who are regenerating underserved communities in the UK (namely the North East, Yorkshire and the North West).

GB Bank's top savings rate of 4.58% is available on one of its fixed-rate bond accounts.

Fixed-rate bonds

Table: sorted by interest rate
GB Bank's best fixed-rate bond rate of 4.58% is very slightly lower than today's market-best rate of 4.62%.
Product Rate Invest Interest paid Withdrawals Open via Deposit protection Open via Incentive Table product description
GB Bank logo
GB Bank 1 Year Fixed Rate Bond
4.58% AER fixed for 1 year
From £1,000
Maturity
Withdrawals not permitted
Website
FSCS logo
protected
Open via: website.
Go to siteMore info
GB Bank logo
GB Bank 1 Year Fixed Rate Bond Monthly
4.58% AER fixed for 1 year
From £1,000
Monthly
Withdrawals not permitted
Website
FSCS logo
protected
Open via: website.
Go to siteMore info
GB Bank logo
GB Bank 6 Month Fixed Rate Bond
4.5% AER fixed for 183 days
From £1,000
Maturity
Withdrawals not permitted
Website
FSCS logo
protected
Open via: website.
Go to siteMore info
GB Bank logo
GB Bank 6 Month Fixed Rate Bond Monthly
4.5% AER fixed for 183 days
From £1,000
Monthly
Withdrawals not permitted
Website
FSCS logo
protected
Open via: website.
Go to siteMore info
GB Bank logo
GB Bank 5 Year Fixed Rate Bond
4.46% AER fixed for 5 years
From £1,000
Annually
Withdrawals not permitted
Website
FSCS logo
protected
Open via: website.
Go to siteMore info
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Notice savings accounts

Table: sorted by interest rate
GB Bank's best notice savings account rate of 4.58% is very slightly lower than today's market-best rate of 4.84%.
Product Account type Withdrawals Open with Deposit protection Rate Open via Incentive Table product description
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Regular savings accounts

Table: sorted by interest rate
GB Bank's best regular savings account rate of 4% is significantly lower than today's market-best rate of 8%.
Product AER Save Withdrawal notice Interest paid Deposit protection Open via Incentive Table product description
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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 Fixed-rate bonds, notice accounts, regular savers
Best fixed-rate bond rate 4.58%
Best notice account rate 4.58%
Best regular saver rate 4%
Fixed bond terms 6 months - 5 years
Notice account periods available 35 days - 120 days
Opening options Website, mobile app

Who are these accounts for?

You’re eligible to apply for a GB Bank 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 has a lump sum to save and who is happy to “lock” their savings away for a set period of time and receive a guaranteed interest rate.

You also ideally need a laptop or computer because its website doesn’t work very well on a mobile or tablet, and it doesn’t have an app.

How to apply?

GB Bank’s savings accounts aren’t always available, so you might not be able to apply for one. But you can go on its website and enter your contact details so that you’re the first to know when an account goes live.

If you can sign up, applications are all online, via GB Bank’s website. Its accounts are only open to applications for a limited amount of time.

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. When you withdraw money, that’s also the account that the 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, if the bank goes bust, up to £85,000 of your savings will be protected 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.

GB Bank certainly has a unique offer and could be worth checking out if you’d like your savings to be used to support underserved regions in the UK.”

Katherine Denham, award-winning personal finance expert

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
  • No banking app
  • 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, 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 was certainly competitive, but this is no longer available. 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 is provided by Defaqto. In other cases, Finder has sourced data directly from providers.
To make sure you get accurate and helpful information, this guide has been reviewed by Katherine Denham, a member of Finder's Editorial Review Board.
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Written by

Editor

Kate Steere is an editor at Finder, specialising in fintech, banking and cryptocurrency. She has previously written for The Motley Fool UK and Fitch Solutions, where she covered a wide range of personal finance topics and kept a close eye on market trends. Kate has a Bachelor of Arts in Modern History from the University of East Anglia. When not working, she can usually be found curled up with a good book or heading out for a run. See full bio

Kate's expertise
Kate has written 155 Finder guides across topics including:
  • Fintech
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