More than a million UK customers now bank with US-based Chase just 12 months after opening its digital bank in the UK.
On its first anniversary since launching on these shores, Chase – owned by financial giant JP Morgan – holds over £10 billion in customer deposits in the UK, and has processed approximately 92 million card and payment transactions since launch.
Chase launched with a current account available via an app, with 24/7 customer support and a ‘fuss-free’ rewards programme.
The bank offers customers a range of features to help them budget, manage money, spend and save. In the last six months, it has added a new savings product and run a ‘refer a friend’ programme.
The firm closed its acquisition of loss-making robo-advisor Nutmeg, a digital wealth management platform, this year.
It has also launched Chase Rewarding Futures, its initiative investing in a series of community-based programmes to make a positive and measurable impact on people’s lives.
Chase says its first programme, in partnership with the National Literacy Trust, transformed 156 primary school libraries across the UK, improving access to books and reading materials for 55,000 schoolchildren and supporting 19,000 families and carers.
“We set out to offer customers good value banking products with a straightforward experience delivered through an easy to use app, and we’re excited that consumers have responded so positively to our offer in our first year,” said Sanjiv Somani, UK CEO of Chase and Nutmeg.
“This is just the beginning and, as we broaden our product offering and fully integrate the investment products offered by Nutmeg, we look forward to playing a wider role in the financial lives of our customers in the future and supporting the communities we serve.”
Chase has 1,000 UK-based employees and has more hires planned as it grows.