Chase looks to add Nutmeg account linking to its app

Posted: 12 January 2023 4:34 pm
News

Chase takes the first step towards Nutmeg integration with UK app redesign.

Chase, JP Morgan’s UK banking arm, has redesigned its app ahead of its integration with investment platform, Nutmeg.

The app’s home screen is now divided between “Spend” and “Save & Invest”. Chase’s current account lives under the Spend section. At the time of writing the Save & Invest section is made up of Chase’s savings account and round-ups, with a placeholder for investments from Nutmeg.

Chase & Nutmeg

Sanjiv Somani, UK CEO of Chase and Nutmeg, previously announced that Nutmeg would eventually be fully integrated into Chase’s app.

While there is no set date as to when this will happen, the app now has a tile in the Save & Invest section stating it is coming soon. Customers will either be able to sign up or link their existing Nutmeg account to their Chase app.

Digital banks and investing

It’s not a surprise that Chase is looking to integrate investing into its offering. Other digital banking and personal finance apps have already done the same. Chip offers funds from BlackRock, while Revolut and Plum offer their own investment services.

However, the likes of Starling and Monzo have not incorporated this into their features.

Chase has the advantage of Nutmeg already being a stand-alone investment platform acquired by JP Morgan in 2021. This should make the integration seamless and a natural progression.

It signals an intention to become more of a one stop shop for all financial services, much like Revolut’s plan to become a “super-app”.

Nutmeg offers a range of investment products including general investment accounts, pensions and ISAs.

All investing should be regarded as longer term. The value of your investments can go up and down, and you may get back less than you invest. Past performance is no guarantee of future results. If you’re not sure which investments are right for you, please seek out a financial adviser. Capital at risk.

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