Overview
- J.P. Morgan's retail brand Chase has launched a German Tagesgeld (instant‑access savings) account offering new customers 4.0% annual interest for four months.
- Chase says the account will pay a variable base rate of 2.0% after the promotion and the promotional rate is reported to be capped at up to €1,000,000 per customer.
- Customer deposits at Chase in Germany are covered by the German statutory deposit insurance up to €100,000 per person.
- Competitors reacted immediately: Deutsche Bank's Norisbank matched a 4.0% headline rate for six months but requires customers to open a Girokonto and switch payment flows.
- The offers come against much lower average post‑promotion rates on the market, so savers can get higher short‑term yields but should watch the limited promo period, insurance limits and any account conditions when deciding to move funds.