Chase digital bank review

New digital bank Chase is set to open its virtual doors in the UK in 2021. Here's what we know about it so far.

Banking powerhouse JPMorgan Chase is set to take on the likes of Monzo, Starling and Revolut by opening a new digital bank in the UK. We take a look at the details that have been revealed so far.

What is Chase?

American banking giant JPMorgan Chase announced in January that it will be launching a new digital bank in the UK at some point in 2021, operating under its Chase brand.

Chase is one of the largest consumer banks in the US, serving nearly half of the country’s households and boasting 55 million digitally active customers. It offers a variety of consumer banking products and is the largest bank in the country for deposit taking, digital banking and credit card issuance.

What banking products will Chase offer?

The new UK bank is still playing its cards close to its chest on this one, saying that it will “provide products and features tailored to meet the needs of customers in the UK, delivered via an innovative mobile app”.

But we do know that Chase intends to offer “a range of products” starting with a digital-only current account.

Who will be running Chase?

Sanoke Viswanathan has been appointed CEO of the new digital bank, having previously been chief administrative officer and head of strategy at JPMorgan’s corporate and investment bank.

The new venture is headquartered at Canary Wharf in London, and its customers will be served by a purpose-built customer contact centre in Edinburgh. The business has already created 400 jobs in the UK and says it plans to make more hires as it grows.

Is Chase safe?

A UK-based subsidiary of JPMorgan Chase is already licensed to operate the new bank. Its activities are regulated by both the Prudential Regulation Authority and the Financial Conduct Authority.

How can I sign up to Chase?

Chase isn’t yet operational, so you can’t open an account with it right now. The new bank says it’s currently piloting its services in an “internal testing phase”, prior to releasing its products to the public.

Our verdict (so far)

Although this will be its first venture into everyday retail banking in the UK, JPMorgan Chase has roots in this country going back 160 years. This, coupled with it global presence, deep pockets and digital banking expertise from the American market, will make Chase one to watch when it hits UK shores.

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