Fixed-rate bonds
GB Bank savings rates
GB Bank offers a broad range of savings accounts with interest rates up to 4.4%.
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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 4.4% 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 4.4% is very slightly lower than today's market-best rate of 4.5%.
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How we picked theseNotice savings accounts
Table: sorted by interest rate
GB Bank's best notice savings account rate of 4.33% is very slightly lower than today's market-best rate of 4.5%.
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How we picked theseRegular 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 7.5%.
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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 | 4.4% |
| Best notice account rate | 4.33% |
| Best regular saver rate | 4% |
| Fixed bond terms | 6 months - 5 years |
| Notice account periods available | 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
- You have a permanent UK address and are a resident in the UK for tax purposes
- You have your own email address
- You have your own mobile phone number
- You have a UK current account in your name
GB Bank’s fixed rate savings accounts are 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.
How to apply?
You can sign up for a GB Bank savings account online. 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.
Once your account is up and running, you can also manage it via the GB Bank app.
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 £120,000 of your savings will be protected by the Financial Services Compensation Scheme (FSCS).
If you have more than £120,000 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
- Range of accounts
- Your savings will support residential and commercial community developments
- FSCS protected
- Online and app account management
Cons
- No face-to-face customer service
- You won’t have access to your funds in a bond until maturity
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. The bank now offers a range of different accounts, whether you’re looking to put money aside on a regular basis or lock away a lump sum.
However, it’s worth comparing these accounts with other savings options on the market to be sure they are right for you.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.
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