JPMORGAN-CHASE

JPMorgan Chase today launched its new digital bank in the U.K. under the Chase brand. Chase is the largest consumer bank in the United States and provides a broad range of financial services to more than 60 million American households.

New customers can sign up at chase.co.uk , after which they will be invited to download the Chase app. Customers can open a current account in minutes via the simple and intuitive app. The account offers a range of features to help people budget, manage money, spend and save. A U.K.-led customer support team will be a key part of the Chase banking experience. With just a few taps in the Chase app, customers will be connected to a specialist – 24 hours a day, 7 days a week.

Sanoke Viswanathan, CEO of the bank, said: “We’re offering people in the U.K. 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.”

The Chase current account will launch with a rewards programme offering 1% cashback on all eligible debit card spend for 12 months* . This has been developed in line with U.K. consumer debit card spending habits in order to ensure all customers can benefit from rewards on many of the things they already buy every day, including but not limited to groceries, travel, meals, entertainment, fashion, homewares, electronics, as well as flights and holidays.

There will be no fees to open the Chase current account and start earning cashback rewards. Customers will receive the cashback rewards without needing to switch their banking provider, commit to a minimum account balance or set up direct debits. The 1% cashback is payable when customers use their Chase debit card in person or online, and will be offered at retailers at home and abroad.

In addition to a simple and straightforward rewards programme, Chase also features:

• Customisable additional current accounts to simplify money management: configurable through the Chase app in seconds and designed to help people budget, set aside, save and spend in the way that works best for them. Each Chase account comes with its own unique account number, and the Chase debit card can be linked to it instantly, so customers can spend at any time from the account of their choice.

• Small change round-ups on which they will earn 5% interest for 12 months: customers can 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. Round-ups will be rolled out to all customers over the coming weeks.

• Fee-free debit card use abroad: customers won’t be charged any fees by Chase when using their card while travelling, including for cash withdrawals at ATMs abroad.

• A numberless debit card: card details are stored behind a secure login on the Chase app, so customers don’t put their account details at risk if they lose their physical card. They can still continue to use their Chase card via their digital wallet. The debit card has been made from recycled plastic (rPVC) and all card packaging is made from recycled materials, and everything is fully recyclable.

“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. With cashback on everyday debit card spend and an interest boost on round-ups, we can help customers save while they spend on items they already buy every day,” said Viswanathan.

Chase intends to introduce a broad range of banking products in the future, including new current account features, savings and investment accounts, and lending products.

*Exceptions apply – see Terms and Conditions at chase.co.uk
**5% AER (4.89% gross, variable)

About Chase in the U.K.

Chase is the consumer and commercial banking business of JPMorgan Chase & Co (NYSE: JPM), a leading global financial services firm with assets of $3.7 trillion and operations worldwide.

Headquartered in Canary Wharf, London, the new U.K. service is designed specifically to meet the needs of customers in the country. It will provide a range of banking products and features – starting with a current account. In the U.K., Chase is a trading name of J.P. Morgan Europe Limited. J.P. Morgan Europe Limited is authorised by the Prudential Regulation Authority and regulated by both the Financial Conduct Authority and the Prudential Regulation Authority. For more information, go to chase.co.uk .

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