Retail Investment Service launched by JP Morgan
JP Morgan, a significant banking institution worldwide, has announced its new retail investment service as of Thursday, July 11, 2019. The new retail investing solution will be managed by Chase Bank, a subsidiary financial institution of JP Morgan.
The Consumer Bank CEO, Thasunda Brown Duckett, spoke during the announcement by stating: “Customers can now bank, save, borrow and invest in one of our 5,000 branches as well as on the go. Our firm continues to invest in technology and experiences that help customers make the most of their money so that they can make the most of their lives.”
This new retail service from JP Morgan is called “You Invest” and has already been in a soft launch mode as of a year ago. Chase Bank provided exclusive clients in the New York City region with individual access to this service. However, this investing platform will now be released to all clients with Chase Bank & JP Morgan.
Customers with JP Morgan or Chase Bank wanting to use the “You Invest” retail platform will be required to make a $2,500.00 minimum deposit. However, the Head of Investment with Chase Bank wants to make this minimum deposit of $1,000.00 in the coming months. This would allow for the service to be viable for average consumers to maintain a banking account with Chase Bank.
During the trial period of “You Invest”, 96% of the clients have enough to fund their accounts throughout the last twelve months. The other 4% opted out not to use the service in favour of older platforms managed by Chase Bank.
The unique aspect of this service applies to clients with Chase Bank. These clients can put their money in “You Invest” accounts and trade with ETFs maintained by JP Morgan. The bank during the announcement noted that funds would be appropriated based on the investor’s financial goals, risk appetite and unique timelines.
This service isn’t free; investors will be changed with an annual percentage fee of 0.45%. The percentage is an industry average.