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.

Huge savings market

Germany has traditionally been regarded as a nation of savers. Analysts estimate that, with deposits of around €3 trillion, it is by far the largest deposit market in the European Union.

According to the Bundesbank, Germans hold more than one-third of their gross financial assets in highly liquid current accounts and overnight deposits. Savings banks and cooperative Volksbanken in particular, which serve the largest number of retail customers, often pay only very low interest rates on these deposits. Chase’s market entry is therefore likely to increase pressure on major institutions such as Deutsche Bank and Commerzbank, on digital lenders including ING, DKB and N26, but also on savings banks and cooperative banks.

No mortgage lending

«Consumers in Germany receive far too little interest on deposits overall», Llano told Handelsblatt. The Spanish banker joined JPMorgan from ING Germany in April 2025. By the end of 2028, Chase plans to gradually expand its product range. «Next, we want to introduce a current account and investment products, followed by loans». Lending activities will focus on consumer finance, such as car loans or renovation financing. «We are currently not planning more complex products such as mortgage lending».

Big ambitions

Chase’s plans are ambitious. «We are investing in a technology platform for millions of customers», Llano explained. Initially, the bank expects to incur losses in Germany. New direct banks typically require three to four years to break even. «That is also a realistic timeframe for us», Llano said. «But we can also take more time if additional growth opportunities arise.»

The move marks JPMorgan’s first entry into EU retail banking.

«For the first time, we had to fully adapt our systems to European requirements – in regulation, payments and reporting», Llano said in the interview with Handelsblatt. Unlike European banks, JPMorgan could not rely on existing local platforms. «As a result, the initial effort and investment – both in terms of time and personnel – are significantly higher.»

A long-term approach

«It takes years to build a brand», Llano said. «But we have patience.» JPMorgan already serves more than 86 million retail customers globally and therefore brings substantial experience to the business. Until now, JPMorgan in Germany has focused on investment banking, corporate banking and wealth management. Nevertheless, Germany is already the bank’s third-largest market outside the United States after the UK and Canada.

«What matters to us is not how many customers we gain in the first few months, but what we build over the long term», Llano explained. In addition to digital services, Chase also wants to offer personal customer support. «Our customer service teams will answer questions in German and English, via chat or telephone», Llano said.

The bank’s Berlin headquarters now employs around 160 staff.