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Chase, which launched in the U.K. last September, will offer a variable interest rate of 1.5%, which is more than double the rate offered by similar online banks including Goldman Sachs’ Marcus. While Chase is among the dominant retail banks in the U.S., it’s just striking out in the British consumer market that’s long been dominated by a handful of lenders.
“With the cost of living increasing, we know that consumers want to maximize the interest they can earn,” said Shaun Port, managing director for savings and investments at Chase in the U.K. Inflation in the country is at its highest in three decades.
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