Chase Bank gains more than 500k customers in its first eight months

Chase Bank has attracted more than half a million current account customers in as little as eight months, new figures show.

The digital bank, part of US giant JP Morgan, launched in Britain last September and has already had more sign-ups than Monzo or Starling Bank managed in either of their first full year - although it has far more muscle behind it.

Chase already serves 56million digital customers in the US and its parent company JPMorgan manages trillions of pounds of assets.

As a newcomer to the UK banking market, some might have expected Chase Bank to make slower progress.

UK challenger Monzo Bank, which now claims to have more than 5million banking customers, gained 150,000 in its first year, albeit to its pre-paid debit card service at the time.

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App based Starling Bank, which reached more than 2.1million customers last year, grew from 50,000 to over 400,000 customers in its first full year.

After eight months in the UK market, Chase now holds 8billion in customer deposits, and has processed approximately 20million card and payment transactions.

A Chase spokesperson said: 'We're delighted that so many people in the UK have chosen to bank with Chase in such a short time since launch, but we're only just getting started.

'This shows that there is real appetite for good value banking products from a trusted brand, with around the clock customer support all delivered via an intuitive banking app.'