JP Morgan’s neobank Chase goes live

JPMorgan Chase has launched its new digital banking brand ‘Chase’ in the UK in a bid to take on the likes of Monzo and Starling Bank at their own game.

The project has been underway for some time with news of the launch being revealed just a few months after the US bank acquired digital wealth managerNutmeg.

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

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

In a bid to attract customers, 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, small change round-ups will earn 5 per cent interest for 12 months.

Sanoke Viswanathan, CEO of the bank, said in a statement “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.” 

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

Chase will also match one of the original features to help neobanks such as Monzo and Starling gain traction in their early days: fee-free debit card use abroad including at cash machines.