A new online bank offering internet-based savings accounts to UK consumers has been launched by GE Capital.
The new consumer bank (GE Capital Direct) is being branded as “a real alternative to the high-street banks” and offers two easy-access savings accounts – the GE Capital Direct Saver and the GE Bonus Saver.
The GE Capital Direct Saver pays a variable 2.35 per cent gross on deposits, while the GE Bonus Saver pays 2.65 per cent, boosted by a fixed 1.15 per cent bonus for the first 12 months. After this period, the rate will drop to 1.5 per cent gross, but customers will be notified of when the bonus is about to run out so they can switch to another account offered by the bank .
Both products are available to savers looking to deposit a minimum of £500 and come with no withdrawal restrictions.
GE Capital, which has long been a provider of finance to UK businesses and is backed by US conglomerate General Electric, said the online bank is a member of the Financial Services Compensation Scheme (FSCS) and will be managed by a UK-based customer service team.
It added that the money raised by the lender will be used to strengthen its capital and to increase its business of lending to small and medium-sized businesses in the UK.
Sheragh Beirne, managing director of GE Capital Direct, said: “GE is one of the largest global brands out there. When you bank with us, you are saving with a proud supporter of British business.”
