GB Bank savings rates

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 4.5% is available on one of its notice accounts.

Easy access savings accounts

GB Bank's best easy access rate of 4.12% is significantly lower than today's market-best rate of 6.89%. Compare more instant and easy access accounts up to 6.89%

Fixed-rate bonds

GB Bank's best fixed-rate bond rate of 4.46% is very slightly lower than today's market-best rate of 4.65%. Compare more fixed-rate bonds up to 4.65%

Notice savings accounts

GB Bank's best notice savings account rate of 4.5% is very slightly lower than today's market-best rate of 4.85%. Compare more notice savings accounts up to 4.85%

Regular savings accounts

GB Bank's best regular savings account rate of 4% is significantly lower than today's market-best rate of 7.5%. Compare more regular savings accounts up to 7.5%

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, regular savers
Best easy access rate	4.12%
Best fixed-rate bond rate	4.46%
Best notice account rate	4.5%
Best regular saver rate	4%
Fixed bond terms	6 months - 5 years
Notice account periods available	35 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.

Pros and cons

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

• How do I change my nominated 'linked current account'?

  Good news: this is straightforward! Log in to your "Customer Portal", navigate to your profile, go to the "Linked Current Account" tab and hit "Update". You'll need the sort code and account number. Note the the account must be held in your name.

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.