GB Bank

Who they are

GB Bank is a UK challenger bank with a clear sense of purpose. Founded in 2017, it provides financing solutions for commercial and residential property developments in underserved areas of the UK. The idea behind it is straightforward: GB Bank was founded to get Britain building, acting as a dedicated lender to SME property developers in the most underserved regions of the country. The bank's senior team is led by Chair Paul Rippon, who co-founded Monzo and Starling - so there is genuine fintech pedigree at the top.

The bank secured its full banking licence in the summer of 2022. It operates online, and account access is secured with Touch ID, Face ID, or fingerprint recognition through its mobile app - keeping things simple for savers who prefer to manage their money digitally.

Savings accounts

GB Bank's savings range is focused and unfussy. It offers fixed rate bonds, notice accounts, and an easy access account, so savers can choose the best option for their goals - though not all products are available at all times.

Currently on DepositScout, GB Bank has two fixed rate bonds. The 1 Year Fixed Rate Bond pays 4.73% AER and the 5 Year Fixed Rate Bond pays 4.77% AER. Both require a minimum deposit of £1,000. The rates are fixed for the full term, there are no bonus rate introductory periods to worry about, and interest is straightforward to understand.

The difference between the one-year and five-year rates is very slim - just four basis points. This reflects what the broader market is telling us right now: locking away your money for longer is not being heavily rewarded. That is worth thinking about before committing to five years.

On FSCS protection, GB Bank holds its own banking licence and your deposits are protected up to £120,000 per person - notably higher than the standard £85,000 limit that applies at most banks. GB Bank is covered by the FSCS, meaning your total savings are protected up to £120,000 per person. If you also hold money elsewhere, check whether those providers share a licence with GB Bank, as FSCS compensation is limited to £120,000 per banking licence rather than per account, and some brands operate under the same licence.

Is it right for you?

GB Bank suits savers who want a no-frills fixed rate bond from a fully licensed, FSCS-protected UK bank, with a higher-than-usual protection limit and a decent rate. It is not a high street bank, so if you want a current account, branch access, or a cash ISA, you will need to look elsewhere. There are also no switching bonuses or incentives here - this is purely about putting your money to work at a competitive fixed rate.

If you are happy locking funds away and want to support a bank with a mission tied to UK housing and regional development, GB Bank is worth a look. Just make sure the term length suits your plans before you commit, since access is restricted for the full fixed period.

As ever, the rates shown on this page are live and updated regularly - check the current figures before you apply, as savings rates can and do change.