JPMorgan officially announces UK digital bank

JPMorgan Chase has today officially announced the launch of its new digital bank in the UK under the Chase brand.

The bank’s opening was first reported in September.

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 Chase UK customers can sign up online and download the bank’s app, where they can open a current account.

JP Morgan said that a UK-led customer support team, available 24/7, will be a key part of the Chase banking experience.


“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,” said Sanoke Viswanathan, chief executive of the digital bank.

The Chase current account will launch with a rewards programme offering 1 per cent cashback on all eligible debit card spend for 12 months.


In addition, Chase also features:

• Customisable additional current accounts. Each Chase account comes with its own unique account number, and the Chase debit card can be linked to it instantly.

• Small change round-ups on they will earn 5 per cent 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 a year

• 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.

“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,” added Viswanathan. “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.”

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