Chase, the digital retail arm of US-based lender JPMorgan, has launched a new savings product for its customers in the UK.

The digital bank, which opened its doors to UK customers in September 2021, said that its Chase saver account will offer a variable interest rate of 1.5%.

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The new offering is linked to the Chase current account and is available to all new and existing Chase current account holders.

Deposits in the savings account will be capped at £250,000 and customers can access their funds as many times as they wish, with no fees, charges, or loss of interest.

The digital bank also allows customers to open multiple accounts to meet their savings goals.

Chase UK savings and investments managing director Shaun Port said: “With the cost of living increasing, we know that consumers want to maximise the interest they can earn with the reassurance of being able to access their savings instantly.

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“We have designed the Chase saver account to provide our customers with maximum flexibility alongside a competitive rate. Savers can set up multiple accounts via the Chase app, each with a unique account number, making it easy to organise their savings for specific goals.”

Notably, Chase is JPMorgan’s first step into the overseas retail banking market and counts startups such as Monzo, Revolut and Starling as its competitors.

In December 2021, JPMorgan international consumer business head Sanoke Viswanathan revealed that the bank plans to increase Chase’s headcount to over 1000 in 2022 to further its expansion plans.