Maybe it’s just me, but I can’t get excited about a US mega bank launching a current account in the UK
I’m really not excited about it to be fair, I just want to see if it is any better than what already exists.
That’s because in the U.S, even for a basic Current (checking) account, you need to pay monthly
An update to the Chase UK app () just dropped - ‘v257’
Performing a teardown and comparing it with the last version reveals… absolutely no changes at all.
So a minor update.
Interesting you’d think they’d be lots of changes initially
So maybe the app is basically ready
I think it’s that the app is just a waiting list/holding place (if I’ve read @davidwalton right). If true, it means big changes means release imminent…
I think you are probably both right!
The “real app” is likely to be ready, but that is not the version on the Play Store - that is only a placeholder. The real app will be the one testers are currently using, and will be distributed via beta testing channels (not the store).
When the launch is about to happen, they will flip a switch and update over the placeholder app to bring the “real app” to the store.
Well of course! Beta testers can’t be testing a sign up app!
At least, I hope not!
“9/10 good sign up flow. Knocked a point off for harsh blue and white”
Perhaps I phrased it poorly - what I meant was that the placeholder will be totally separate, but setup in such a way that the app ID, etc is the same so that upgrading over it is seamless.
The real app will obviously be receiving regular updates, etc (but only in the beta testing channels for now).
I think we’re just saying the same thing!
Yes, I think we are - I just thought from your last post that you might have misinterpreted my original comment.
It’s all good anyway, they look to be close to launch which is the main thing!
Knowing Chase, they’re likely to offer the classic bank things out of the gate
I’d be very suprised if these were all available at their launch.
Just on the idea that people might be tempted to switch to Chase because they’re a big US bank ‘too big to fail’, couldn’t you have said the same thing about Citigroup when that first launched in the UK?
Of course, back then (early 2000s?), the Branch Network was key and I don’t think they ever expanded it outside of London (and now they only have 1 branch in their Canary Wharf offices?).
I think now they’ve realigned their Current Account product to be aimed at high earners needing multi-currency type of accounts and wealth management services, but would that indicate what challenges any new entry to the market is going to have? In the US what sort of bank is Citigroup? Is it an ‘everyday’ bank or is it targetted at the higher earners?
Did they launch as a general bank? I always thought it was very specifically aimed at a market.
Yep - I’m sure they definitely launched a (fairly) ‘standard’ current account initially as I used to live in Lewisham and work in Docklands and remember looking into it as I was moving away from my old Lloyds account. I think it had a slightly higher than normal ‘minimum monthly payment into the account’ to qualify but I wasn’t earning that much and I could have got one if I wanted.
Eventually I actually moved to Smile instead so didn’t follow up.
Did you live in Lewisham when Citibank was headquartered there, in the nineties?
Yes, Citi used to offer “normal” accounts in the UK and even purchased Egg in 2007 (for those who remember that brand!)
Yep - I had an Egg credit card and also an Egg FTSE 100 tracker fund
The first card I ever had with a chip in it (which I don’t think could be used for anything at the time), and the only one I ever had that was cloned (the restaurant where that happened later featured in a local TV news item about card fraud).
You could also choose how your name appeared, so a friend of mine had his name prefixed with Lord.