JP Morgan / Chase - New digital Bank coming soon

adamp87

older_wiser said:

i can't see how they can just offer the services/benefits as many other banks do and think people will find that appealing 
interest for new accounts even if its just for the first year and regular saver at a decent rate will probably excite me enough to sign up though 

The fact they are looking to offer Cards and Loans set's them apart from Starling Monzo, you are right they aren't really that different to high street bank. 

jbrassy you can't really compare them to Marcus as Marcus only offers a savings account... 

jbrassy

adamp87 said:

jbrassy you can't really compare them to Marcus as Marcus only offers a savings account... 

True, they may not be a direct comparison, but it may be fair to compare them to Monzo. Initially Monzo offered unlimited fee-free ATM withdrawals abroad and this has gradually been eroded over time. 

The general point I was trying to make is that they may initially offer some perks as a loss-leader, then gradually scale it back as their customer base reaches a critical mass.  

huw01

scoot65 said:

Sasha Yanshin talks about this on his YouTube channel 
https://www.youtube.com/watch?v=uaDJdcr2_DM

I do like his videos, however I wish he would slow down a bit and take a breath. 

scoot65

huw01 said:

I do like his videos, however I wish he would slow down a bit and take a breath. 

I agree. I often have to pause the video and go back to catch what he was saying....  

Thrugelmir

jbrassy said:

This is basically what happened with Marcus. They offered a really great savings accounts with 1.5% interest, which slowly declined over time until they stopped accepting new customers (I accept the Bank of England interest rate cuts and COVID probably didn't help them).

Goldman Sachs had to be careful not to breach the £25 billion limit on deposits held. Once that limit is reached then deposits have to be ringfenced.  GS used the funds raised to underpin the capital requirements for their UK investment banking operation.