JP Morgan Chase launches new digital bank brand in the UK
The Chase current account offers 1% cashback on eligible debit card spending for 12 months and 5% interest on small change ’round ups’ from spending.
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Your support makes all the difference.A new digital bank brand offering cashback and money management features has been launched in the UK by JP Morgan Chase.
The Chase brand already provides a range of financial services to more than 60 million households in the United States.
Among its UK offerings will be a “numberless” debit card made from recycled plastic. The card details are stored behind a secure login on the Chase app, so customers do not put their account details at risk if they lose their physical card.
Chase will offer a fee-free current account combining money management features with cashback rewards on everyday debit card spending.
Features include small change round-ups on which people can earn 5% interest for 12 months. Customers’ spending on debit cards will be rounded up to the nearest £1 and the small change will be deposited into a separate account where it will earn interest at 5% for 12 months.
First impressions are that this new account will blow the competition out of the water
The current account’s rewards programme is also offering 1% cashback on eligible debit card spending for 12 months for items such as groceries, travel, meals, entertainment, fashion, homeware, electronics, as well as flights and holidays, subject to terms and conditions.
People will receive the cashback rewards without needing to switch their banking provider, commit to a minimum account balance or set up direct debits, Chase said.
It added that there will be a 24-hours a day, seven days a week, UK-led customer support team.
Future products in the pipeline include savings and investment accounts and lending products, Chase said.
Sanoke Viswanathan, CEO of the bank, 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.”
Laura Suter, head of personal finance at AJ Bell said: “First impressions are that this new account will blow the competition out of the water, with an attractive cashback deal and a market-beating interest rate on its savings feature.
“The 1% cashback is better than rivals as it’s on spending, rather than just certain bills or direct debits, and it also doesn’t require a minimum monthly deposit or come with a fee.”
She added: “A cash round-up feature has become fairly commonplace with banks now, and it means each transaction is rounded up to the nearest pound, with the difference siphoned off into a savings account. But the fact that Chase is paying 5% interest on its round-up savings makes it very attractive.”
Ms Suter added: “There will be some drawbacks for the account for some customers, as it doesn’t have any bank branches, all the help and customer support is online or on the phone, and it must be run from an app. What’s more, some people might be wary of the name as it’s new to the UK market, although has a long history in the US.”