In the United States, Chase is a long-established universal retail bank with a vast branch network. In the UK, however, the bank launched in autumn 2021 as a purely digital bank and, according to its own figures, has since attracted more than three million customers. Now the long-awaited German expansion of the Americans’ online bank is officially underway.
The largest US bank is offering four percent interest – albeit only for four months – on balances of up to one million euros held in its instant-access savings account. According to the German business daily Handelsblatt, this is currently the highest savings rate available on the German market. «We need to give people an incentive to try Chase», said Daniel Llano, Head of Chase Germany. An «attractive interest rate» would help achieve this goal.
The four-percent offer is temporary. After the initial period, customers will receive a variable interest rate currently set at two percent. Interest is calculated daily and paid monthly. The fee-free savings account can be opened and managed entirely through the Chase mobile banking app. Requirements include residency and «tax residency» in Germany, a German mobile phone number, and a reference account with a German bank.
