Chase UK has seen customer numbers triple over the past 12 months.

The UK digital bank said that it now has over 1.6 million banking customers, up from 500,000 during the same period of 2022.

JPMorgan Chase launched its new digital bank in the UK under the Chase brand in September 2021, going up against the likes of Revolut, Starling and Monzo in the challenger bank market.

Chase is the largest consumer bank in the United States and provides a broad range of financial services to more than 60 million American households.

Chase UK now holds £15 billion in deposits, almost double the amount disclosed in May last year.

“We’re pleased that consumers have responded so positively to our offer and are increasingly using Chase for a broader range of their banking needs,” said Sanjiv Somani, UK chief executive for Chase and Nutmeg. “Our intention is to offer a full suite of banking products over time – including fully integrating the Nutmeg investment products into the Chase app – creating a one-stop-shop for customers to spend, save, invest, or borrow, with Chase.”

The bank launched a new savings account for UK customers last March.

The saver account, which is linked to the Chase current account, is offering rates of 1.5 per cent AER.

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