JP Morgan’s digital bank offering, Chase, has launched a new savings account for the UK market.
In Brief:
The account is easy access.
Savers can deposit up to £250,000 in total at any time.
It has a market beating interest rate of 1.5%.
What does this mean?
At a time when rates are low – the second best rate, according to Finextra, is Virgin Money’s savings account at 1% – this should encourage some new customers to try JP Morgan’s digital bank which launched in the UK late last year. As well as the savings account it offers various PFM functions.
The launch mirrors JP Morgan’s fellow US bank, Goldman Sachs, which opened an account called Marcus in the UK offering a 2.15% return in 2016, and this did prove a differentiator – but by 2020 this was reduced to a middling 1.05%.
