JP Morgan launches Chase in the UK: Can cashback, debit cards with no numbers and 5% interest on savings round-ups net it customers?

© Provided by This Is Money MailOnline logo

Timing can be everything in banking. If JP Morgan had launched Chase in Britain just two weeks earlier, it would have had an advertising and brand awareness campaign its executives could have only dreamt of.

That’s because it is one of the main sponsors of the US Open – and the almost 10million Britons who tuned in to watch Emma Raducanu win the final in New York would have seen its logo plastered all around the court,  creating a fantastic, but missed, advertising opportunity.

Nonetheless, the bank will hope that it can serve up an ace of its own with its new UK current account, which was demoed to This is Money last week.

© Provided by This Is Money (

Instead of offering cash bribes to attract customers like the big banking boys it’ll be hoping to emulate, it is pinning its hopes on cashback and savings round-ups.

Unlike nu-wave challengers, Chase will have some serious muscle behind it from the start. 

JP Morgan’s consumer brand already serves 60million households in the US and its parent firm is a colossus, with trillions of dollars in assets.

However, unlike the other side of the pond where it has branches, this will be a digital-only offering.  

And it is clear from the demo that it has cherry-picked some of the best bits of the digital-only banks like Monzo and Starling, and combined that with some nifty features of its own.

© Provided by This Is Money (

Aiming for real customers

It says it is aiming for customers who will use this as their primary account – a part of banking that some of the nu-waves have struggled with, especially from launch, with a large chunk of Britons loyal to their bank or not wanting the hassle of moving away.

The ‘big four’ – Barclays, HSBC, Lloyds and NatWest control seven in ten personal current accounts in Britain, despite all the hype of challengers and an easy switching service.

Chase says it can do this by offering 1 per cent cashback on all purchases, rather than offering in-balance interest which can often see customers simply open accounts and park cash.

This will run for 12 months on all purchases in shops, online and abroad, with exceptions on big ticket items such as buying a car and gambling. 

This, it hopes, will encourage people to spend from their account and thus use it as their go-to one.

The account comes without fees and the uncapped cashback pot can be transferred into a customer’s main account straightaway. 

On £1,000 of spending, it’ll mean £10 cashback. 

Chase will also be offering 5 per cent interest on round-up savings – a feature that has been popular at the digital-only banks.

When customers spend, they can round up purchases to the nearest £1 using a simple setting that can be switched on and off with the app.

This pot then earns the interest.  

What is Chase?

The bank can chase its history back to 1799 when it was called the Bank of The Manhattan Company (New York).

It merged with Chase National Bank in 1955 – which existed separately from 1877 to 1954 – to be called The Chase Manhattan Bank. 

It was bought by JP Morgan in 2000 and has seen a number of acquisitions since.

It has 4,700 branches and 16,000 cash machines, and it is one of the ‘Big Four’ consumer banks in the US.

It is also offering fee-free use abroad, with a clear exchange fee set by Mastercard which can be illustrated simply in the app, and this includes cash withdrawals at ATMs.

A quirky feature is a numberless debit card, with details stored behind its secure log-in on the app.

This means a smaller risk if the physical card is lost and a new card number can be generated straightaway, meaning a customer can continue to use the card digitally.

It’s also simple to customise new current accounts, with personalised sort codes and account numbers – and again, with a simple tap on the app, customers can choose where the spending comes from.

So, for example, customers can have a separate account for supermarket spend. 

Using a toggle, they can switch the debit card to be used from that account, rather than their main account.

The account comes without an overdraft, but it says this will be coming next year.  

© Provided by This Is Money (

A 24/7 call centre and chat feature

Chase says accounts can be opened within minutes via its app. One of the nifty features is a chat button option which has a Whatsapp style function to speak to staff, or you can tap to call someone, 24 hours a day, seven days a week.

Those that opt to this will be taken through without security steps, as customer services will see that the call has been made via the app, authenticated either by fingerprint, face recognition or a six digit passcode, with 250 staff in Edinburgh and also an outsourced centre in the Philippines.

Sanoke Viswanathan, chief executive of the bank, said: ‘We’re offering people in the UK 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.

‘Having spoken extensively to consumers across the UK, we know that people want good value combined with an excellent experience, from a trusted bank.

‘With cashback on everyday debit card spend and an interest boost on round-ups, we can help customers save while they spend on items they already buy every day.’

” It’s incredibly hard to crack the UK current account market but Chase is well backed to do it – if it can get its proposition right.” James Blower – Savings Guru 

Chase says it won’t be part of the current account switching service until next year. 

It also says that it plans to introduce more products in the future, including investment and savings accounts.

That makes sense given the fact earlier in the year it snapped up online wealth management firm Nutmeg earlier in the summer.

Three years ago Goldman Sachs-backed Marcus Bank shook-up the easy-access savings market, and Chase will be hoping for a similar impact with its current account.

Viswanathan has also hinted that it will be hoping to become a financial services ‘super app’ in the future, bolting on extra businesses quickly. He has also added that further acquisitions will be part of the mix.

It is likely rewards will form part of the offering in the future too. In the US, where it has both branches and an online presence, it has recently gobbled up a loyalty firm offering travel benefits and rewards to credit card customers who spend.

The launch also comes at a time where two supermarket banks – M&S and Tesco – have called time on their current accounts, with it being no secret that cross-selling other products is where banks can boost profits.

James Blower, founder of Savings Guru, says: ‘Chase seems to be launching in stages and is going about things differently to many of the newer banks we’ve seen enter the market over the past decade.

‘It’s focusing on the current account market and I believe they’ve decided to focus entirely on that and then add savings, loans and cards in later stages, rather than trying to do everything well straight away.

‘There’s two things that will be fascinating to see – can Chase attract the numbers of customers it needs to take a real chunk of the market and can it do so and be profitable?

‘Monzo has done incredibly well at attracting customers but isn’t profitable and RBS spent a rumoured £100m on Bo but only got 1,500 customers.

‘It’s incredibly hard to crack the UK current account market but Chase is well backed to do it – if it can get its proposition right.’

The project by Chase to launch in Britain has taken the best part of three years, suggesting it has taken its time to research to pitch the account right. 

This will be key in a country where banking competition is fierce and especially crucial to persuade people to open an account as their main one, especially without a branch network.

Internet Explorer Channel Network
News Related


UK pay awards set to regain pre-pandemic pace - XpertHR

By William Schomberg © Reuters/TOBY MELVILLE Workers travel on public transport as coronavirus disease (COVID-19) restrictions continue to ease in Britain, London LONDON (Reuters) – Pay awards for British private-sector ... Read more »

Unmasked NYPD officers push passenger out of subway station after being asked to cover faces

A New York subway passenger was aggressively pushed out of a subway station after asking a police officer put on a mask. © Twitter pjimage (5).jpg The unmasked officer was ... Read more »

Government taskforce to tackle sharp rise in scams during pandemic

A government taskforce is to meet on Thursday to discuss ways to tackle the sharp rise in scams that has hit the UK since the start of the pandemic. © ... Read more »

Stephon Gilmore eases back into practice and will play “whenever he's ready”

The Panthers traded for veteran cornerback Stephon Gilmore two weeks ago. He practiced with his new team for the first time Wednesday. © Provided by NBC Sports The Panthers are ... Read more »

What Is Oral Thrush? Experts Share Symptoms, Treatment, and Prevention Tips

© Jose Luis Pelaez Inc – Getty Images Candidiasis, or thrush, is a fungal infection that can occur in different parts of the body, including your mouth. Here, signs, treatments, ... Read more »

Bennett kündigt nach neuer Delta-Unterart in Israel Massnahmen an

© KEYSTONE/EPA/Sebastian Scheiner / POOL Nach dem Auftreten einer neuen Unterart der hochansteckenden Delta-Variante des Coronavirus in Israel ist Ministerpräsident Naftali Bennett zu einer Dringlichkeitssitzung mit Gesundheitspolitikern zusammengekommen. Israel werde ... Read more »

Upside risk to growth forecast despite bumpy economic recovery: RBH

© Provided by Singapore Business Review An uptick in external demand to support trade performance in Q4 is expected. Analysts are seeing upside risks to their 5.8% gross domestic product ... Read more »

Pique strike secures crucial win for Barcelona

© Provided by Free Malaysia Today Gerard Pique celebrates after scoring his side’s first goal against Dinamo Kyiv. (AP pic) BARCELONA: Gerard Pique scored the vital goal to earn Barcelona ... Read more »

Dua Lipa and Elton John unveil new plans for UK's Eurovision Song Contest entry next year

IT has long been a joke within the music industry – and one I’ve laughed along with – but for the first time Britain actually has a hope at next ... Read more »

Parents, family members of Parkland victims want Nikolas Cruz to die

The parents and family members of the Parkland school shooting say they want to see Nikolas Cruz be put to death for the 2018 massacre. Read more »

Parkland shooting: Nikolas Cruz's brother ‘pleased' with guilty plea as survivor calls for gun control measures

Nikolas Cruz’s brother has said he is “pleased” with his sibling’s guilty plea on all charges for the 2018 Parkland school shooting, while a survivor of the massacre renewed calls ... Read more »

Melbourne readies to exit world's longest COVID-19 lockdowns

FILE PHOTO: The first morning of a COVID-19 lockdown in Melbourne By Renju Jose SYDNEY (Reuters) – Millions in Melbourne are readying to come out of the world's longest COVID-19 ... Read more »

Burberry goes shopping for British Versace boss Jonathan Akeroyd to succeed Gobbetti

Burberry has revealed it has poached the boss of Versace to succeed Marco Gobbetti as chief executive. The luxury brand's shares plunged by 10% when Gobbetti – credited with turning ... Read more »

Teen taken to hospital with snake bite in Queensland

A teenager has been taken to hospital after suffering a snake bite in Queensland. Emergency services were called to the Capalaba residence in Redlands, Brisbane, at about 7.14am. A male ... Read more »

NSW a SPIKE in Covid cases with 372 new infections

© Provided by Daily Mail MailOnline logo New South Wales recorded 372 Covid-19 cases overnight and just one death. The figures announced on Thursday come almost two weeks after the ... Read more »

Rudd: Morrison should not be attacked for his faith. But he should tell us how it affects his politics

This story is part of a series. For the full series, go here. © Provided by Crikey Australians entrust their political leaders with extraordinary powers in our secular Commonwealth, and ... Read more »

Middlesbrough cruise past Barnsley

Middlesbrough claimed a second home victory inside five days with a 2-0 win over struggling Barnsley at the Riverside Stadium. Despite an encouraging start from the Tykes it was Boro ... Read more »

An amateur diver found a 3-foot sword off the Israeli coast - and filmed his discovery. It dates back to the Crusades.

© Ronen Zvulun/Reuters A sword that likely belonged to a Crusader lays on the beach in Caesarea, Israel on October 16, 2021. Ronen Zvulun/Reuters A scuba diver found a 900-year-old ... Read more »

Biden urges warring Democrats to come together to pass his agenda

© Provided by Daily Mail MailOnline logo Joe Biden showed his frustration with warring Democrats delaying the passage of his Congressional agenda on Wednesday, urging the moderate and progressive wings ... Read more »

The remote British island hoping for more visitors

© St Helena Government St Helena, pictured here is its capital Jamestown, has remained free of coronavirus Alasdair and Gill Maclean say they felt a bit guilty having spent much ... Read more »

Jets have C.J. Mosley injury worry ahead of Patriots rematch

The status of the heart of the Jets’ defense is up in the air for Sunday’s rematch against the Patriots. Linebacker C.J. Mosley is “day-to-day” with a hamstring injury that ... Read more »

Manhattan West — NYC's latest luxury playground — finally opens

The massive Penthouse 90 at 35 Hudson Yards comes with expansive terraces, a 1,000-square-foot great room and a $54.5 million pricetag. © Colin Miller Decades in the making, the last ... Read more »

'To death I say nananana boo boo': Escape artist speaks after 'America's Got Talent' accident

Jonathan Goodwin posted an Instagram from his hospital bed, taunting death after being seriously injured in a stunt for "America's Got Talent: Extreme." Read more »

AAP sees BJP hand in Capt move, says PM propped him

© Provided by The Indian Express The Aam Aadmi Party Wednesday saw a “BJP hand” behind Amarinder Singh’s decision to float a political party and alleged that the former chief ... Read more »

Supreme Court says UP govt must dispel doubts that it is dragging its feet on Lakhimpur Kheri incident

© Provided by The Financial Express Several videos of the incident have been received and sent for forensic examinations, the senior lawyer said, while seeking further time to file a ... Read more »

Sudan: Hundreds gather outside presidential palace, call for military to dissolve government

Hundreds of demonstrators gathered in front of the presidential palace in Sudan’s capital Khartoum on Tuesday, calling for the military to seize power and dissolve the existing government. Sudan has ... Read more »

A wealth tax is needed to fund our neglected public services and tackle inequality

We live in one of the richest nations on Earth, yet we have become one of the most unequal. We need to tackle the inequality of wealth distribution in Britain ... Read more »

Steph Curry Reacts To Season-Opening Win Against Lakers

© Provided by The Spun Stephen Curry clapping before the NBA 3-Point Challenge. Steph Curry was superb in the Golden State Warriors’ season-opening win over the Los Angeles Lakers, recording ... Read more »

Look: Someone's Missing From Sixers Promotional Video

The Philadelphia 76ers will tip off their 2021-22 season on Wednesday night in New Orleans against the Pelicans. However, Doc Rivers will be without one of his most talented players ... Read more »

PayPal plant Milliardenübernahme von Pinterest

© KEYSTONE/ALESSANDRO DELLA VALLE Der Internet-Bezahldienst PayPal plant laut Insidern eine milliardenschwere Übernahme der Online-Pinnwand Pinterest. PayPal wolle den Kauf bis Anfang November unter Dach und Fach bringen, sagten mit ... Read more »

Michael Wilbon Has A Bold Suggestion For The Lakers

The NBA season is back and for better or worse that means it’s time for ESPN’s Mike Wilbon to weigh in on what each team needs to do to get ... Read more »

Gabby Petito case: Police seeking Brian Laundrie find potential human remains

Potential human remains have been found along with items believed to belong to Brian Laundrie, whose girlfriend Gabby Petito was murdered, the FBI has said. © Chris O’Meara Items believed ... Read more »

House Intelligence Committee seeks information on alleged Trump-era plot to kidnap Julian Assange

The House Intelligence Committee is looking into an alleged CIA plot to kidnap Wikileaks founder Julian Assange in 2017, the committee’s chairman says. © Getty Images GettyImages-685268786.jpg “We have sought ... Read more »

New Caledonia separatists call for referendum boycott

Separatist leaders in the French Pacific territory of New Caledonia called Thursday for a boycott of a December independence referendum, urging the government to focus on the Covid crisis. © ... Read more »

‘Everyone should be very worried': Dems seek wake-up call as Virginia goes to the wire

A creeping sense of worry among Democrats about the Virginia governor’s race spilled into the open on Wednesday, after the release of a new Monmouth University poll showing former Democratic ... Read more »

Prosecutors charge KC man in killing following attempted robbery of PlayStation

Prosecutors accused an 18-year-old Kansas City man of participating in the Aug. 23 killing of a woman who had made arrangements to sell a PlayStation 4 gaming console. Jackson County ... Read more »

Majority of parents show warning signs of burnout amid pandemic – poll

The majority of parents are showing warning signs of burnout as they struggle to cope with the impact of the pandemic, a survey suggests. Parents feel like they are “drowning” ... Read more »

Almost two-thirds of Britons think society ‘is unequal'

The proportion of people who believe that British society is unequal is at its highest level in almost a quarter of a century, research suggests. Nearly two-thirds (64%) of people ... Read more »

Biden's endless list of broken promises and other commentary

On Sept. 9, President Joe Biden announced a vaccine-or-testing mandate. NICHOLAS KAMM/AFP via Getty Images Conservative: Biden’s Broken Promises On Sept. 9, President Biden announced a vaccine-or-testing mandate but his ... Read more »

Preston see off Coventry

Emil Riis’ strike saw Preston fight back to end their seven-match Championship winless streak with a 2-1 victory against play-off chasers Coventry. The visitors had not beaten Preston since 2013 ... Read more »