Overview
- Chase launched its German Tagesgeld with a 4% introductory rate for new customers for four months on balances up to €1,000,000, operating via JP Morgan SE and an app-only account.
- Deutsche Bank responded through Norisbank with a rival 4% offer that runs for six months, is capped at €250,000 and requires opening and actively using a Norisbank Girokonto under the bank’s conditions.
- After the introductory period Chase’s rate automatically reverts to a variable base rate currently at 2%, while Norisbank’s post-promo rate falls back to its lower standard rate, so long-term returns differ sharply.
- Both banks point to Germany’s statutory deposit insurance cover of €100,000 and to voluntary industry protection schemes for larger sums, but those extra funds are not a legal entitlement for savers.
- The move intensifies competition for trillions in German household deposits, will test banks’ account onboarding and service operations, and is likely to trigger more short-term rate promotions and follow-up product launches through 2028.