LONDON--(BUSINESS WIRE)--More than one million U.K. customers now bank with Chase, just 12 months after opening its digital bank in the U.K.
On its first anniversary, Chase now holds over £10 billion* in customer deposits in the U.K., and has processed approximately 92 million card and payment transactions since launch.
Chase launched with a current account available via a simple and intuitive app, with 24/7 customer support, and a fuss free rewards programme. The bank offers customers a range of features to help them budget, manage money, spend and save. In the last six months, it has added a new savings product, ran a highly successful refer a friend programme, and made enhancements to its current account. More widely, the firm also closed on its acquisition of Nutmeg, the U.K.- based digital wealth management platform which will form part of an extended investments offer for Chase customers.
In addition to its customer offering, Chase in its first year launched Chase Rewarding Futures, its initiative investing in a series of community based programmes to make a positive and measurable impact on people’s lives. Chase’s first programme, in partnership with the National Literacy Trust, transformed 156 primary school libraries across the UK, improving access to books and reading materials for 55,000 school children and supporting 19,000 families and carers in 7 underserved communities across the U.K.. Chase was also the Official Banking Partner of the Birmingham 2022 Commonwealth Games.
One year after launch, the digital bank can also reveal insights into how customers are using and managing their money with Chase:
- Customers have an average of £27,000 in their Chase Saver account compared to the national average for savings of £23,000**.
- Customers are actively using round-ups, with customers saving an average of £13 per month from the small change on their transactions.
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Chase’s 1% cashback on everyday debit card spending is proving hugely popular with customers. The top 3 transaction categories for customers earning cashback with their debit card are:
- Grocery and supermarket shopping
- Restaurants and fast-food outlets
- Public transport
- Using a Chase debit card abroad is fee-free from Chase, customers can earn cashback whilst they spend abroad, and the bank offers highly competitive exchange rates. Outside the U.K., the top five countries where customers are spending their money are – the United States, Ireland, France, Spain, and the Netherlands.
Sanjiv Somani, U.K. CEO of Chase and Nutmeg, commented: “We set out to offer customers good value banking products with a straightforward experience delivered through an easy to use app, and we’re excited that consumers have responded so positively to our offer in our first year. This is just the beginning and, as we broaden our product offering and fully integrate the investment products offered by Nutmeg, we look forward to playing a wider role in the financial lives of our customers in the future and supporting the communities we serve.”
Over time, Chase intends to introduce a broad range of banking products for U.K. customers that meet their financial needs. That will include new features and enhancements to the Chase current account, new savings options for customers, and lending products, such as a Chase credit card.
Chase has 1,000 U.K. based employees and has more hires planned as it grows.
*Internal JPMC data, from September 2021 to end August 2022, where applicable.
**FCA data from its Financial Lives 2020, published in February 2021.
18+, UK residents. Cashback exceptions apply and is available for the first 12 months. Chase current account required for saver account. T&Cs apply.
About Chase in the U.K.
Chase is the consumer and commercial banking business of JPMorgan Chase & Co (NYSE: JPM), a leading global financial services firm with assets of $3.8 trillion and operations worldwide.
The U.K. bank is designed specifically to meet the needs of customers in the country, providing a range of banking products and features. In the UK, Chase is a trading name of J.P. Morgan Europe Limited. J.P. Morgan Europe Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. For more information, go to www.chase.co.uk.
