Savings Interest Rates, Switch Offers and Guides for GB Bank

Who they are

GB Bank was founded in 2017 and gained full banking authorisation in 2022, backed by the Teesside Pension Fund. The Middlesbrough-based bank has carved out a niche by using retail savings deposits to fund bespoke loans to property developers regenerating underserved communities in the UK - namely the North East, Yorkshire and the North West. In 2024, a significant investment from Hera Holdings boosted its lending capacity to a maximum loan size of £20 million. It is not a household name, but it holds a full UK banking licence and is authorised and regulated by both the FCA and the Prudential Regulation Authority. If the idea of your savings quietly supporting regional regeneration appeals, that is a genuine part of what GB Bank does - not just a marketing line.

Savings accounts

GB Bank's range is focused on fixed-rate bonds and notice accounts, all with a minimum deposit of £1,000. There are no current accounts or ISAs on offer here.

On the fixed side, terms run from 6 months up to 5 years, with rates currently ranging from 4.49% AER on the 6-month bond up to 4.98% AER on the 5-year bond. The 1-year, 2-year and 3-year bonds sit in between at 4.92%, 4.85% and 4.87% AER respectively. None of these allow access before maturity, so only commit what you can genuinely leave untouched for the full term.

If you want a middle ground between easy access and a fixed lock-in, there are two notice accounts - a 120-day option at 4.08% AER and a 150-day option at 4.38% AER, both variable rate. Notice accounts suit savers who can plan ahead but prefer not to tie money up completely.

One thing worth flagging on protection: GB Bank is covered by the FSCS, with savings protected up to £120,000 per person - higher than the standard £85,000 limit at most UK banks, which is reassuring if you have a larger pot to place.

Practicalities

You can sign up for a GB Bank savings account online, but you will need to provide details of a linked current account to fund your savings - if money arrives from any other account, it will be returned to you. This is a security feature designed to protect against fraud, and once your account is up and running, you can manage it via the GB Bank app. There are no switch bonuses currently on offer, so if that is a priority it is worth looking elsewhere too.

GB Bank's savings products are only available for a limited time with limited availability and can be withdrawn from the website at any time - the bank does this to ensure it offers competitive rates at any given moment. Rates shown on this page are kept up to date, so always check the live figures here before you apply.