Chase UK discussion

Ghostcrawler

soulsaver said:

Ghostcrawler said:

soulsaver said:

Or your GIA, Sipp and ISA?  I expect it'll be capped.

they say not on securities - stocks, bonds, commodities and mutual funds so I think wont get cashback by adding money on GIA, SIPP or ISA

Savings ac?

not sure, will get back....

[Deleted User]

Chase is to launch next week, according to the Telegraph. 

They didn't have an article, just came up in the business live page.

Edit: But Bloomberg do

https://www.bloomberg.com/news/articles/2021-09-17/jpmorgan-to-open-digital-retail-bank-in-u-k-next-week-ft-says

JPMorgan Chase & Co. will launch a digital retail bank in the U.K. next week, the first step in the firm’s plans to expand its consumer business overseas.
The operation, called Chase, will start on Tuesday with current accounts, according to a person familiar with the matter.  
The product offering will broaden over time with the bank planning to invest “hundreds of millions” in the venture, Sanoke Viswanathan, head of JPMorgan’s International Consumer division, said in an interview with the Financial Times, which reported the news earlier. 
Britain’s consumer-banking market has been roiled in recent years by the emergences of digital startups such as Monzo Bank Ltd. and Starling Bank Ltd. Goldman Sachs Group Inc. brought its online bank, Marcus, to the U.K. in 2018.
The move has been more than two years in the planning. The U.S. firm agreed to buy U.K. digital wealth manager Nutmeg Saving and Investment in June, and Viswanathan told the FT more acquisitions may be considered. Viswanathan also said the bank wanted to become a force in U.K. retail banking and could ultimately expand in Europe and Latin America.
Read more about JPM’s digital expansion plans
The Chase operation has about 600 employees in the U.K., including 500 new hires. That’s dwarfed by the roughly 19,000 staff in JPMorgan’s existing U.K. unit, which centers on the investment bank. That business hit the headlines earlier this year when the firm bankrolled soccer’s breakaway Super League, a decision that drew sharp criticism from fans before the project collapsed.

I am looking to sign up and finally ditch HSBC!

I think it's not totally impossible that they might buy up one of the small current players to get a foothold at once, once they get the ball rolling. Metro Bank possibly? 

jbrassy

Also announced in the FT:
https://www.ft.com/content/a2031a6f-827e-4e18-b81b-e607eb073988

"JPMorgan Chase will next week open the first overseas retail bank in its 222-year history, with the launch of a digital-only lender that aims to upend the UK banking market."

"Chase will initially offer only current accounts with a rewards programme, but intends to quickly expand into areas including personal lending and investment, and eventually even mortgages."

adamp87

After the hype their app is going to have to spank Starling and Monzo to succeed.

Offering credit products is going to set them apart from the two above admittedly 

Shakin_Steve

https://www.standard.co.uk/business/jpmorgan-chase-uk-launch-date-goldman-sachs-marcus-revolut-starling-monzo-b955855.html

[Deleted User]

adamp87 said:

After the hype their app is going to have to spank Starling and Monzo to succeed.

Offering credit products is going to set them apart from the two above admittedly 

Well I think people are far more likely to trust a big American bank than a small outfit.

Zanderman

[Deleted User] said:

adamp87 said:

After the hype their app is going to have to spank Starling and Monzo to succeed.

Offering credit products is going to set them apart from the two above admittedly 

Well I think people are far more likely to trust a big American bank than a small outfit.

Not sure why you think that.  Big American (and European) Banks have not been particularly trustworthy in the last decade or so.

Shakin_Steve

I've never considered any bank to be particularly 'trustworthy'. No matter how they dress it up, they are there to make money. They are all pretty much of a muchness regarding features these days as well. As long as the £85,000 guarantee is there, there's not much for the average Joe to worry about.

[Deleted User]

Zanderman said:

Deleted_User said:

adamp87 said:

After the hype their app is going to have to spank Starling and Monzo to succeed.

Offering credit products is going to set them apart from the two above admittedly 

Well I think people are far more likely to trust a big American bank than a small outfit.

Not sure why you think that.  Big American (and European) Banks have not been particularly trustworthy in the last decade or so.

Yes but it's about people thinking because a bank is big their money is safe (I am not saying that's true but that is the general belief) . It is evident that in most of the digital banks, very few people actually use the accounts for real day to day banking. One of the reasons for this is because people don't really trust the digital banks as much as they do the traditional ones. Chase while not a brand known in the UK, people may know who owns it, and believe their money is safe, so will be far more likely to use it.

Monzo and Sterling may end up being crushed like a bug, especially when the big boys catch up as well. An ethical digital bank, may just survive but we don't have one really. 

adamp87

[Deleted User] said:

Zanderman said:

[Deleted User] said:

adamp87 said:

After the hype their app is going to have to spank Starling and Monzo to succeed.

Offering credit products is going to set them apart from the two above admittedly 

Well I think people are far more likely to trust a big American bank than a small outfit.

Not sure why you think that.  Big American (and European) Banks have not been particularly trustworthy in the last decade or so.

Yes but it's about people thinking because a bank is big their money is safe (I am not saying that's true but that is the general belief) . It is evident that in most of the digital banks, very few people actually use the accounts for real day to day banking. One of the reasons for this is because people don't really trust the digital banks as much as they do the traditional ones. Chase while not a brand known in the UK, people may know who owns it, and believe their money is safe, so will be far more likely to use it.

Monzo and Sterling may end up being crushed like a bug, especially when the big boys catch up as well. An ethical digital bank, may just survive but we don't have one really. 

I think Monzo/Starling have a much bigger reputation and brand awareness in the U.K. than Chase, especially with younger adults under 50 I’d wager