JP Morgan’s neobank Chase launched



Digital bank

Chase is the largest consumer bank in the United States with more than 60 million American households as customers.

Image Source: JP Morgan Chase

JPMorgan Chase has launched its new digital banking brand ‘Chase’ in the UK with the aim of taking Monzo and Starling Bank up against their own game.

The project has been underway for some time, and news of the launch came to light just months after the U.S. bank acquired digital wealth manager Nutmeg.

The banking giant, which claims the title of the fourth largest bank in the world and the largest in the United States, will initially offer a free basic checking account and budget features.

Chase, however, said in a press release that he intends to introduce a wide range of banking products in the future, including new features of current account, savings and investment accounts. and loan products.

In an effort to attract customers, the Chase checking account will be launched with a rewards program offering 1% cash back on all eligible debit card spending for 12 months.

Plus, loose change roundups will earn 5% interest for 12 months.

Sanoke Viswanathan, CEO of the bank, said in a statement: “We are offering people in the UK the opportunity to experience Chase for the first time with a simplicity-based checking account, hassle-free rewards program and service exceptional customer. ”

Viswanathan says the bank has spoken “extensively to consumers” across the UK, and has learned that people want “good value combined with a great experience, from a trusted bank.”

Chase will also adapt to one of the original features to help neobanks like Monzo and Starling gain traction in their early days: free use of debit cards abroad, including at ATMs.

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