JP Morgan Chase has launched its new digital bank in the UK under the Chase brand, promising customers “simplicity” and “exceptional customer service”.
Chase is already the largest consumer bank in the US, where it provides financial services to more than 60 million households.
In the UK, Chase will offer a fee-free current account with money management features and a UK-based customer support team, with plans to introduce a broader range of banking products in the future, including new current account features, savings and investment accounts, and lending products.
New customers will be invited to download the bank’s app, through which they can open a current account “in minutes” and access customer support.
Chase announced that it will also be offering new UK customers a rewards programme, with 1% cashback available on all eligible debit card spend for 12 months.
Over the coming weeks, the digital bank will also roll out ‘small change round-ups’ which aims to help customers save as they spend by rounding up their debit card purchases to the nearest £1, and depositing the small change into a separate account where it will earn interest at 5% for 12 months.
Sanoke Viswanathan, CEO of Chase, said: “We’re offering people in the UK the opportunity to experience Chase for the first time with a current account that’s based on simplicity, a fuss-free rewards programme and exceptional customer service.”
Customers will be given a numberless debit card, with the card details stored behind a secure login on the Chase app, while the card itself is made from recycled plastic.
Viswanathan added: “Having spoken extensively to consumers across the U.K., we know that people want good value combined with an excellent experience, from a trusted bank.”
Nic Ziegelasch, an analyst at Killik & Co, said that with the launch of Chase in the UK, JPMorgan is aiming to disrupt established players and grow to be one of the country’s top banks.
“We believe that with a strong technology platform, significant financial resources and a global brand name, it could be a serious player in the UK retail banking space,” Ziegelasch added.