Chase enters Germany with digital savings account

The new account pays 4% annual interest for the first four months. After that introductory period, a variable standard rate of 2% a year will apply.

According to the bank, the German business will operate through a mobile-only model.

Interest on the savings account will be worked out daily and credited each month.

New customers can open an account through the app within minutes, with identity checks carried out through VideoIdent or the eID function on the German national identity card.

The bank said users would be given a breakdown of taxes linked to their returns and could submit their tax exemption order directly in the app.

In Germany, Chase operates through J.P. Morgan SE. Deposits are covered up to €100,000 per customer at each bank under the country’s statutory deposit insurance scheme.

J.P. Morgan SE also belongs to the voluntary Deposit Protection Fund of the Association of German Banks, which covers individual deposits up to a current maximum of three million euros.

The German launch is part of a broader plan to widen the group’s consumer banking offer. By 2028, Chase intends to add current accounts, investment services and lending products. The business has also set up a Berlin office with a team of more than 150 specialists.

Chase has more than 80 million customers in the US and the UK. Germany is its second market in Europe after the UK, where the bank began operations in 2021 and now has more than three million customers.

JPMorganChase International Consumer Banking CEO Mark O’Donovan said: “We’re excited to introduce German consumers to the Chase experience for the first time, and this is just the beginning. In the long run, our ambition is to establish Chase as the digital bank of choice in Germany, offering consumers a suite of innovative products that leverage our extensive international expertise and deep local presence.”

Earlier this year, JPMorgan Chase said it would increase its branch network in the US by opening more than 160 locations across over 30 states and refurbishing about 600 existing sites in 2026.

That effort is part of a broader plan set out earlier in 2024. The strategy includes opening more than 500 additional branches, upgrading 1,700 sites and hiring 3,500 staff over three years.

"Chase enters Germany with digital savings account " was originally created and published by Retail Banker International, a GlobalData owned brand.

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