JPMorgan Chase has officially launched its UK digital bank, offering a fee-free current account that combines money management features with cashback rewards.
There are various tools to help people budget, manage money, spend and save, as well as a rewards programme offering one per cent cashback on all eligible debit card spend for 12 months.
A small change round up option lets 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 five per cent for 12 months.
A UK-led customer support team means that with just a few taps in the Chase app, customers will be connected to a specialist – 24 hours a day, seven days a week.
Sanoke Viswanathan, CEO of the bank, says: “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.”
Chase intends to eventually expand into personal lending, investment, and even mortgages in a bid to ‘upend the UK banking market.’ Over the summer, the US giant spent a rumoured £700 million on digital wealth manager Nutmeg to bolster the launch.
Viswanathan recently told the FT that JP Morgan would invest heavily to turn Chase into a serious force in the UK before potentially expanding into other countries in Europe and Latin America.
“This is a very big strategic commitment from the firm’s standpoint,” he explained.
“We will spend hundreds of millions before we get to break-even and get to a place where this is a sustainable business, and we’re not in a rush.”