The new account pays 4% annual interest for the first four months.
After that introductory period, a variable standard rate of 2% a year will apply
According to the bank, the German business will operate through a mobile-only model. Interest on the savings account will be worked out daily and credited each month. New customers can open an account through the app within minutes, with identity checks carried out through VideoIdent or the eID function on the German national identity card.
The bank said users would be given a breakdown of taxes linked to their returns and could submit their tax exemption order directly in the app. In Germany, Chase operates through J.P. Morgan SE.