JPMorgan Launches Chase Retail Bank In Germany With 4 Pct Interest Rate

FRANKFURT, May 20 (Bernama-dpa) -- US bank JPMorgan Chase on Wednesday launched its digital retail bank Chase in Germany, intensifying competition in the country's savings market with a promotional 4 per cent interest rate on overnight deposits, reported German news agency dpa.

The move marks the latest push by a foreign lender into Germany's retail banking market after Spanish bank BBVA entered the market in June 2025 with a high-interest introductory offer.

Germany is seen as an attractive market for savings products. Household financial assets in Europe's largest economy reached a record €9.5 trillion (US$11 trillion) at the end of 2025, according to Bundesbank data. More than a third of that was held in cash and deposits such as overnight savings accounts.

Chase Germany chief Daniel Llano Manibardo said Germany had a strong savings culture with significant untapped potential.

Chase is offering 4 per cent interest on overnight deposits for four months as part of its launch campaign. By comparison, banks operating nationwide currently pay existing customers an average of 1.32 per cent interest on overnight deposits, according to comparison portal Verivox. New customers can temporarily receive rates of up to 3.5 per cent.

Verivox Managing Director Oliver Maier said temporary promotional offers mainly appealed to savers willing to move their money repeatedly between banks once introductory rates expired.

Chase said it plans to gradually expand its app-based offering in Germany and aimed to become a leading digital primary bank for consumers. Current accounts, investment products and lending services are due to be introduced by the end of 2028.

Germany is set to become Chase's second key European market after the United Kingdom, where the bank said it had attracted more than 3 million customers since launching in 2021.

--BERNAMA-dpa