Near the beginning of the year, JPMorgan Chase made public its intentions to introduce a new digital bank option for the U.K. Now the bank’s overseas expansion, Chase Bank U.K., has become a reality. JPMorgan has instituted a number of promotions to encourage customer sign-ups, including fee-free enrollment, 1% cashback on debit card purchases, and 5% interest on savings generated through small change recovered from purchases.
Sanoke Viswanathan, the CEO of the new digital 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.” Viswanathan also shared that the bank has recruited around 500 staffers for its U.K. operations, and will add many more as its customer support needs grow.
Over the summer, JPM acquired Nutmeg, the U.K.’s most prominent investment robo-advisor, which indicates a desire to implement investment services into Chase Bank U.K. sooner or later.
Though JPM is understandably excited and optimistic about its U.K. foray, the bank will have to compete with many well-known brands with strong presences in the country. Time will tell if mainstays such as Revolut, Startling Bank, Zopa Bank, and others will make room for a new player or send Chase back across the pond.