You are here: Home - Saving & Banking - News -

JP Morgan eyes launching UK challenger bank – reports

0
Written by:
24/02/2020
US banking giant JP Morgan is gearing up to launch a digital challenger bank in the UK, reports suggest.

JP Morgan is set to launch a range of savings and loan products under its Chase brand, sources revealed to Sky News.

They claimed that JP Morgan Chase – the world’s biggest lender by market cap – has been in discussions with City and banking regulators about securing the necessary approvals for the launch.

A new service is purported to launch later this year.

And with an average deposit base of $708bn (£540bn), it could well be equipped to offer a market-leading deal for UK savers, echoing the move by Goldman Sachs.

In September 2018, Marcus, the retail banking arm of Goldman Sachs, launched a market-leading easy access account paying 1.5%. At the time, it was the highest rate seen in two years.

UK savers flocked to open the account by the relatively unknown Marcus brand, with 50,000 accounts opened in just two weeks.

As well as giving UK consumers a much-awaited boost to their savings, it also triggered a rate war with the Nottingham Building Society pipping it to the top of the best buy table with a 1.55% offering, which has since been withdrawn.

A JP Morgan Chase spokesperson declined to comment on the reports.

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

The savings accounts paying the most interest

If one of your jobs this month is to get your finances in order, moving your savings to a higher paying deal i...

Coronavirus and your finances: what help can you get?

News and updates on everything to do with coronavirus and your personal finances.

Everything you need to know about being furloughed

If you’ve been ‘furloughed’ by your company, here’s what it means…

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week

Read previous post:
New Monzo tool could help customers get a mortgage or loan

Monzo customers will soon be able to view their credit score via the app for free.

Close