Easy access
GB Bank savings rates
GB Bank offers a broad range of savings accounts with interest rates up to 5%.
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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 5% is available on one of its fixed-rate bond accounts.
Easy access savings accounts
Table: sorted by interest rate
GB Bank's best easy access rate of 4.85% is significantly lower than today's market-best rate of 7.49%.
1 - 2 of 2
Fixed-rate bonds
Table: sorted by interest rate
GB Bank's best fixed-rate bond rate of 5% is very slightly lower than today's market-best rate of 5.21%.
1 - 2 of 2
Notice savings accounts
Table: sorted by interest rate
GB Bank's best notice savings account rate of 4.91% is very slightly lower than today's market-best rate of 5.25%.
1 - 5 of 6
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 | 4.85% |
| Best fixed-rate bond rate | 5% |
| Best notice account rate | 4.91% |
| Fixed bond terms | 3 months - 6 months |
| Notice account periods available | 7 days - 95 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.”
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 has the source: Moneyfacts Group PLC. In other cases, Finder has sourced data directly from providers.
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