Anyone know when Chase bank is launching in th UK?

Thought we would have heard something by now
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  • StrictGold5208StrictGold5208 Forumite
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    I thought it was September or October if I remember back earlier in the year, but nothing confirmed. 
  • ZandermanZanderman Forumite
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    I think they just said 'autumn', which could mean anytime in the next 3 months or so.

    Just found this from This is Money last May, complete with some classic Daily Mail comments below the line.

    https://www.thisismoney.co.uk/money/markets/article-9533225/JP-Morgan-set-launch-UK-current-account-autumn.html

    Note that it implies Chase 'expect' salaries to be paid in. Which might make it less attractive to many here.  Not least those of us who don't have a salary.  But it's just a vague article, not hard facts!
  • maxximus75maxximus75 Forumite
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    The artical states it's "hoping" rather than "expecting" people pay in their salary so they can data mine in order to cross-sell other products.

    Chase are being very tight lipped about their new account, having everyone sign NDA's that has anything to do with this new account/launch.
  • edited 8 September at 4:32PM
    ThrugelmirThrugelmir Forumite
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    edited 8 September at 4:32PM
    Thought we would have heard something by now
    Doubt that much progressed over the summer with people on holiday. 
    It's not whether you're right or wrong that's important, but how much money you make when you're right and how much you lose when you're wrong." — George Soros
  • maxximus75maxximus75 Forumite
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    One of the reasons for the delay I believe, is due to the PR fallout from the financial backing of the European Soccer League.

  • GhostcrawlerGhostcrawler Forumite
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    They are still in a pilot phase offered only to JP employees in UK.  They have been making constant upgrades and changes and bringing in new features.  I am not sure how long the pilot phase is going to run.  I can only say they are closer to the launch.
  • block10block10 Forumite
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    Some details in this article:

    To date, only JP Morgan’s inner circle have seen the new digital bank in action. 

    But Sifted has secured first-hand access to the Chase UK pilot, offering up early new details.

    The card is a dark blue, featuring the Chase logo on the right, and the user’s name is printed in silver on the bottom. There is no number printed on the card itself, which is contactless and metallic. 

    The app itself mirrors those developed by the first neobanks. It has a slick, clean interface and several key tabs located on the bottom. That includes a transaction ledger and a ‘Pay’ tab which allows users to easily send money to Chase contacts or recent ‘payees.’ Notifications pop up after each payment and online shoppers can access their card number via the app.

    As promised, Chase will initially only operate as a current account, allowing users to spend and store deposits. Although the plan is to offer a “new take” on current accounts, Sifted saw no signs of any particularly innovative features (some ideas being floated include spending limits, financial wellness scores or in-app subscription management).

    Still, JP Morgan has already said Chase UK has a strong product roadmap ahead, looking to add a full body of wealth management and lending services. Its acquisition of robo advisor Nutmeg speaks to this ambition (the plan is for Nutmeg to remain an independent business initially but it’s eventually expected to be integrated in some form). 

    The acquisition also suggests Chase UK is going after an older, wealthier base than early neobanks, who will use Chase to store their salaries. Indeed, Nutmeg’s 140k users are broadly made up of middle-class professionals, with an appetite to borrow in large quantities.

    To lure this demographic, JP Morgan says it will offer users a “fast-to-access, personalised service around the clock”, delivered by a customer service hub in Edinburgh. It’s hoping this will compensate for its branch-free approach.

    It’s also worth noting that, like Monzo, Chase will be a licenced bank that can store British deposits on its own balance sheet. It will sit under JP Morgan Europe Limited, which has been authorised by the Bank of England for decades and has had its licence upgraded to service retail customers.





  • ZandermanZanderman Forumite
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    block10 said:
    Some details in this article:

    To date, only JP Morgan’s inner circle have seen the new digital bank in action. 

    But Sifted has secured first-hand access to the Chase UK pilot, offering up early new details.

    The card is a dark blue, featuring the Chase logo on the right, and the user’s name is printed in silver on the bottom. There is no number printed on the card itself, which is contactless and metallic. 

    The app itself mirrors those developed by the first neobanks. It has a slick, clean interface and several key tabs located on the bottom. That includes a transaction ledger and a ‘Pay’ tab which allows users to easily send money to Chase contacts or recent ‘payees.’ Notifications pop up after each payment and online shoppers can access their card number via the app.

    As promised, Chase will initially only operate as a current account, allowing users to spend and store deposits. Although the plan is to offer a “new take” on current accounts, Sifted saw no signs of any particularly innovative features (some ideas being floated include spending limits, financial wellness scores or in-app subscription management).

    Still, JP Morgan has already said Chase UK has a strong product roadmap ahead, looking to add a full body of wealth management and lending services. Its acquisition of robo advisor Nutmeg speaks to this ambition (the plan is for Nutmeg to remain an independent business initially but it’s eventually expected to be integrated in some form). 

    The acquisition also suggests Chase UK is going after an older, wealthier base than early neobanks, who will use Chase to store their salaries. Indeed, Nutmeg’s 140k users are broadly made up of middle-class professionals, with an appetite to borrow in large quantities.

    To lure this demographic, JP Morgan says it will offer users a “fast-to-access, personalised service around the clock”, delivered by a customer service hub in Edinburgh. It’s hoping this will compensate for its branch-free approach.

    It’s also worth noting that, like Monzo, Chase will be a licenced bank that can store British deposits on its own balance sheet. It will sit under JP Morgan Europe Limited, which has been authorised by the Bank of England for decades and has had its licence upgraded to service retail customers.





    Thanks for the info, though none of those features, as Sifted point out, seem particularly innovative.  Going after an older demographic is intriguing - I wonder whether that demographic wants or needs features like spending limits and 'financial wellness' scores though.

    The suggestion of decent customer service sounds good.  But even that is arguably of limited value as, if the account and app is operating properly, most people will never need customer service interaction. 

    Nothing to attract, so far, for me.
  • edited 16 September at 7:02AM
    wmb194wmb194 Forumite
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    edited 16 September at 7:02AM
    I've just finished a survey which asked my opinion on an advert for Chase's new current account and it looked like a finished product. The rate was given in the voiceover so this will give it scope to be varied but in it it stated that it would offer 1% cashback on 'everyday'* debit card spending for the first twelve months. *"Exclusions apply"

    The rest was similar to what has already been posted, about how it will be app based, your card won't have a number on it but instead it will be available in the app, it'll have a call centre where you can quickly speak to a human and not have to deal with robots.
  • SebHSebH Forumite
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    Sounds like they might be trying to go for a mashup of First Direct style telephone service with the advanced app features of Monzo and Starling, plus a sweetener to attract customers.

    If true, it sounds rather appealing!
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