JPMorganChase, the American multinational banking and financial services giant, has officially brought its digital banking brand, Chase, to Germany.
This marks the company’s second European market entry with its first product being a fee-free savings account offering a market-leading interest rate.
The new account delivers a guaranteed rate of 4% per annum for the first four months, after which a variable base rate of 2% per annum applies. The product is available now via the Chase app, which can be downloaded from all major app stores, and is built around a fully digital experience with access to personal customer support through phone or chat.
The savings account comes with a range of features designed for the German market. Interest is calculated daily and paid out monthly, giving customers regular visibility of their returns. Account opening is handled entirely within the app, with identity verification available through VideoIdent or the eID function on a German national identity card.
Customers can also track their savings progress, monitor interest earned, and set savings goals through the app. Additionally, a transparent tax breakdown is provided within the app, and customers can configure their tax exemption order directly from their account.
Deposits are protected up to €100,000 per customer under German statutory deposit insurance, with Chase in Germany operated by J.P. Morgan SE. J.P. Morgan SE is also a member of the voluntary Deposit Protection Fund of the Association of German Banks, which extends protection for individuals up to a current maximum of three million euros.
Looking ahead, Chase intends to establish itself as a primary digital bank in Germany by 2028, with plans to roll out a broader suite of products including current accounts, investment offerings and lending products. To support this expansion, Chase has assembled a team of more than 150 specialists at its newly opened Berlin office.
Chase head of Germany Daniel Llano Manibardo said, “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.
“We have a strong savings culture in Germany with significant untapped potential. With Chase, customers will get a market-leading interest rate offer – and a long-term commitment to help them make the most of their money via a competitive ongoing rate.”
JPMorganChase CEO international consumer banking Mark O’Donovan said, “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.”
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