GB Bank savings rates

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). So where does the money for these loans come from? Well, like all banks and building societies, GB Bank also offers savings products. A proportion of the money in those savings is is loaned out to generate an income. This is mostly very standard stuff. What’s different to, say, Halifax, is that plan to focus on fixed-rate bonds on the savings side, and property development loans on the lending side.

Its savings became available to new customers in March 2023 but it’s likely that GB Bank will only offer new acccounts for a limited time initially. You can sign up to its mailing list in order to be the first to know when new accounts become available. We’ll present the rates and terms here as they come onlline, with quick links so you can compare GB Bank against the rest of the market.

Easy access savings accounts

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Name	Product	Account type	Withdrawals	Min. opening balance	Interest rate	Deposit protection	Open via	Incentive	Apply link
GB Bank – Raisin UK - Easy Access Account GB Bank – Raisin UK - Easy Access Account		Variable	Instant access	£1,000	3.7% AER variable	protected	Open via: website		Go to site View details		loading Fetching your data...

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Notice savings accounts

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Name	Product	Account type	Withdrawals	Open with	Deposit protection	Interest rate	Open via	Incentive	Apply link
GB Bank – Raisin UK - 95 Day Notice Account GB Bank – Raisin UK - 95 Day Notice Account		Variable	95 days notice needed	£1,000 - £85,000	protected	3.8% AER variable	Open via: website		Go to site View details		loading Fetching your data...
GB Bank – Raisin UK - 65 Day Notice Account GB Bank – Raisin UK - 65 Day Notice Account		Variable	65 days notice needed	£1,000 - £85,000	protected	3.75% AER variable	Open via: website		Go to site View details		loading Fetching your data...
GB Bank – Raisin UK - 35 Day Notice Account GB Bank – Raisin UK - 35 Day Notice Account		Variable	35 days notice needed	£1,000 - £85,000	protected	3.7% AER variable	Open via: website		Go to site View details		loading Fetching your data...

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Overview of GB Bank savings

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

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

• 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.