Investment banking giant JP Morgan announced the launch of a new retail investment service this Thursday. The new investment solution is being run via Chase Bank, the retail banking subsidiary of JP Morgan.
“Customers can now bank, save, borrow and invest in one of our 5,000 branches as well as on the go,” said Thasunda Brown Duckett, CEO of consumer banking at Chase Bank.
“Our firm continues to invest in technology and experiences that help customers make the most of their money, so that they can makes the most of their lives.”
Called 'You Invest,' the service has been in soft launch mode for twelve months. Customers of 27 Chase Bank branches in New York had access to the solution which will now be expanded to all of the bank's clients.
Get the numbers down
Chase Bank customers that want to use You Invest will have to deposit a minimum of $2,500.
Speaking to Reuters' reporters on Thursday, You Invest Head Jed Laskowitz said that he wanted to get the number down to $1,000 to bring more users on to the platform.
The executive noted that Chase clients that were part of the trial period, and who didn't use You Invest, said that they didn't have enough funds to access the platform.
“We wanted to get the minimums to as low as possible,” said Laskowitz. “We hope to get to below $1,000 next year.”
Assuming they have the money to invest, Chase Bank clients will be able to put their money into an array of JP Morgan Exchange traded funds (ETFs).
In a statement, the investment bank said that funds would be matched to an investor's risk appetite, financial goals, and any timelines that they have set themselves.
Investments will be charged an annual fee of 0.45 percent - or 45 percent. The investment bank said that this figure is "an industry average."
