For a century, JPMorgan Chase was targeting corporations, investment banking clients, high-net-worth individuals for private banking, and institutional investors in Germany. Now the bank finally moves into retail consumer services with the new digital bank entity called Chase.
Today JPMorganChase announced the launch of its first digital bank, Chase, in Germany. The initial offering of this new entity is a fee-free digital savings account with a rate of 4 % p. a. available to local customers for the first 4 months.
The promo rate offering is designed to attract customer attention to the market newcomer, as many major traditional German banks offer less than 1% interest on savings, while better online “Tagesgeld” (instant-access savings) account offerings commonly propose around 2%–3%. After the promotional 4-months period, Chase rate would get back to “normal” 2% market average.
Besides savings, Chase plans to introduce current accounts, investments, and lending products within its mobile banking app. However, the gradual rollout of these features would stretch far into 2028. Despite the digital-focused experience, the bank secures personal support access via phone calls or chat.
“Chase is designed to meet the needs of today’s savers by combining the best of both worlds: the reliability and expertise of a trusted global bank with the advantages of a newly built mobile banking experience”, says Daniel Llano Manibardo, Head of Chase in Germany.
The Chase bank account is designed to be fully digital, allowing users to onboard remotely via a mobile app, with identity verification completed through VideoIdent or the German national ID eID system.
The digital banking service includes in-app tools for viewing savings balances, tracking interest earned, and monitoring progress toward personal savings goals. It also provides an overview of applicable taxation on interest income and allows users to set a tax exemption allowance directly within the app.
In terms of protection, the account is operated in Germany by J.P. Morgan SE. Deposits are covered under the German statutory deposit guarantee scheme up to €100,000 per customer per institution. J.P. Morgan SE also participates in the voluntary deposit protection fund of the Association of German Banks, which extends coverage for eligible deposits beyond the statutory limit.
J.P. Morgan’s history in Germany dates back to 1924, when it opened its first representative office in Berlin. It was also one of the first foreign banks to reopen its branches in Germany in 1947, after the WWII. After Brexit deal reshaped European landscape, the bank moved about 200 billion euros ($234 billion) of assets from the United Kingdom to Germany. By 2022, JPMorgan folded the majority of its client-facing European Union units into a single Frankfurt entity.
With the new retail banking unit, Chase now competes with local neobank incumbents, including German-based N26, bunq, Revolut, Trade Republic, C24 Bank, and more.
“We’re excited to introduce German consumers to the Chase experience for the first time, and this is just the beginning. In the long run, our ambition is to establish Chase as the digital bank of choice in Germany, offering consumers a suite of innovative products that leverage our extensive international expertise and deep local presence.” said Mark O’Donovan, CEO International Consumer Banking, JPMorganChase
