Last updated: 27 October 2026

J.P. Morgan Personal Investing has launched a new version of its £100 cash reward for Chase customers. The entry window opened on 26 October 2026 and closes at 23:59 on 4 December 2026.

The headline looks the same as before: invest £1,000, get £100. The terms underneath have changed. The holding period is shorter, the payment rules are stricter, and the lock-in date is fixed, not counted from the day you invest.

This guide sets out what the new “2.0” terms say, how they differ from the spring offer, what the fees take back, and the product choices that can turn a £100 reward into a loss.

The new offer in brief

Term	£100 Cash Reward 2.0 (Chase app)
Who can apply	Chase current account holders who have never invested with J.P. Morgan Personal Investing
Entry window	26 October to 4 December 2026 (23:59 GMT)
Minimum	£1,000 in one payment into one managed product
Hold until	23:59 GMT on 4 June 2027
Reward paid	Within 55 days of 4 June 2027, so by about 29 July 2027
Eligible products	Managed Stocks and Shares ISA, Lifetime ISA, Junior ISA, Personal Pension, General Investment Account
Excluded	Self-managed investing, 100% cash pots, transfers in from other providers

You must open the investing account through the Invest tab in the Chase app, and you must still hold a Chase current account on 4 June 2027. If you opened an account through the app earlier but never invested, you can still qualify.

What changed from the spring offer

Chase ran an earlier version of the same reward from 16 February to 5 May 2026. Its terms are still online, so the two can be compared line by line.

Rule	Spring 2026 offer	Autumn 2026 offer (2.0)
Entry window	16 Feb to 5 May 2026	26 Oct to 4 Dec 2026
Holding period	12 months from the offer end date	6 months from the offer end date
Hold until	5 May 2027	4 June 2027
How to pay in £1,000	Could be split across several products	One payment, one product
Reward paid	By 31 May 2027	Within 55 days of 4 June 2027

Two changes matter most. The holding period has halved, which makes the new offer better value on paper. But the £1,000 must now go in as a single payment into a single product. Two £500 top-ups, or £500 into an ISA and £500 into a pension, will not count.

The lock-in runs from the offer end date, not your start date

The six months are counted from 4 December 2026, whoever you are and whenever you join. Someone who invests on 26 October is tied in for 221 days. Someone who waits until 4 December is tied in for 182 days.

Joining early buys you nothing extra. It only lengthens the time your money is exposed to the market before the reward is earned.

Is £100 on £1,000 a good return?

As a cash figure, £100 on £1,000 is 10%. Spread over the time your money is tied up, the rate is lower but still high.

You invest on	Days until the latest payment date (29 Jul 2027)	£100 as a simple annual rate
26 October 2026	276	13.2%
4 December 2026	237	15.4%

For comparison, under the spring terms the same £100 worked out at roughly 7.8% to 9.3% a year, because the money was held for 12 months.

That rate is not guaranteed in the way a savings rate is. The £100 is fixed, but the £1,000 is invested in a portfolio, and that portfolio can fall.

What the fees take back

The offer terms say J.P. Morgan’s usual charges apply. Its Schedule of Fees and Charges sets the annual management fee, worked out daily and taken monthly:

Investment style	Fee on the first £100,000	Fee above £100,000
Managed styles (Fully Managed, Socially Responsible, Thematic, Income, Smart Alpha)	0.75% a year	0.35% a year
Fixed Allocation	0.45% a year	0.25% a year

On £1,000, the management fee over the lock-in comes to:

You invest on	Days to 4 June 2027	Fee at 0.75%	Fee at 0.45%
26 October 2026	221	£4.54	£2.72
4 December 2026	182	£3.74	£2.24

On top of that come fund charges and the market spread (the gap between buying and selling prices). J.P. Morgan says these are paid from your investments and show up in performance; it does not publish them as a single figure on its fees page, but you can see your own costs in the app.

The fees are not the real risk. The market is.

What a market fall does to the reward

The terms say falls in value do not cost you the reward. If £1,000 shrinks to £950, you still get the £100. But you only keep what is left.

Illustration for £1,000 invested on 26 October 2026 in a managed style, before fund charges and spread:

Portfolio change by June 2027	Value of £1,000	Less fee	Plus reward	You end with
-10%	£900.00	£4.54	£100	£995.46
-5%	£950.00	£4.54	£100	£1,045.46
0%	£1,000.00	£4.54	£100	£1,095.46
+5%	£1,050.00	£4.54	£100	£1,145.46

A fall of about 10% wipes out the reward. One MSE forum user who joined the spring offer said they made sure they were offered the lowest-risk ready-made portfolio, and planned to withdraw once the reward was paid.

Three product choices that can backfire

Five products qualify, but they are not equal for someone who wants to take the £100 and leave.

Lifetime ISA

Money taken out of a Lifetime ISA for anything other than a first home or after age 60 faces a 25% government withdrawal charge. On £1,000, that is £250. Using a Lifetime ISA for this offer only makes sense if you were going to save into one anyway and leave the money there.

Junior ISA

Money in a Junior ISA belongs to the child and cannot be withdrawn until they turn 18.

Personal Pension

Pension money is locked until minimum pension age (55, rising to 57 from April 2028). The Personal Pension also only accepts Direct Debit payments, and the terms warn that the mandate can take up to 8 business days to set up, plus 2 to 3 more for the money to arrive. Leave it late and you could miss the 4 December deadline.

For a short-term play, the Stocks and Shares ISA or the General Investment Account are the only two that let you take the money out in June 2027.

Small print worth reading twice

• Withdrawals count against you. Your “net contribution” must stay at £1,000 or more. Take out £300, even from gains, and you lose the reward.
• Trading is not instant. J.P. Morgan invests new money at one of its bi-weekly trading cycles, so pay in well before 4 December.
• The £100 sits outside your ISA. It is paid as “unallocated cash” in your account. Moving it into a Stocks and Shares ISA counts as a new ISA subscription and uses up £100 of your allowance.
• Unallocated cash earns little. J.P. Morgan pays the Bank of England rate minus 0.75% on it.
• Keep your Chase account open. Closing your Chase current account before 4 June 2027 disqualifies you.
• One reward per person. Paying £1,000 into two products still earns £100 once.
• The offer can change. J.P. Morgan and Chase can change, suspend or end it at any time.

J.P. Morgan’s own website also advertises a £100 reward for new clients who invest £1,000 in one payment and stay invested for six months. That offer is separate and has its own terms, so check which one you are joining before you pay in.

Who runs it, and what protection you get

J.P. Morgan Personal Investing is the business UK investors knew as Nutmeg. Companies House records show Nutmeg Saving and Investment Limited changed its name in October 2025. It is authorised by the Financial Conduct Authority (firm number 552016) and owned by JPMorgan Chase, which also runs Chase UK.

The Financial Services Compensation Scheme covers its investment business if the firm fails and client assets go missing, up to £85,000 per person. The FSCS does not cover falls in the value of your investments. If you want to know how a platform failure plays out in practice, our report on the Jarvis Investment Management special administration walks through the process.

Who the offer suits

It suits Chase customers who already wanted a managed ISA or general account, can leave £1,000 untouched until June 2027, and can accept that the portfolio may be worth less than they put in.

It suits people chasing the £100 alone less well. The return is good if markets hold steady. It disappears if they fall by around 10%.

It is a poor fit for anyone who might need the money before summer 2027, and for anyone thinking of using a Lifetime ISA, Junior ISA or pension purely to qualify.

If you are weighing up a stocks and shares ISA more broadly, note the changes coming in April 2027: our guide to transferring a stocks and shares ISA to a cash ISA after the 2027 rules explains what changes for under-65s. For another view of how robo-advisers charge, see our Moneyfarm review.

Verdict

The autumn version of the J.P. Morgan Personal Investing reward is better than the spring one: half the holding period for the same £100. The catch is the stricter single-payment rule, the fixed 4 June 2027 lock-in date and the investment risk you take to earn it.

Pay in once, into an ISA or general account, before the last trading cycle ahead of 4 December. Do not touch the money until June. And treat the £100 as a cushion against a modest market fall, not a guaranteed 10%.

This article explains how the offer works. It is not personal financial advice. Investments can fall as well as rise, and you may get back less than you put in.

Frequently asked questions

When does the J.P. Morgan £100 offer end?

The Chase app version (Investments £100 Cash Reward 2.0) closes at 23:59 GMT on 4 December 2026. You must have paid in your £1,000 by then.

How long do I have to stay invested?

Until 23:59 GMT on 4 June 2027, whatever date you joined. The reward is paid within 55 days after that.

Do I lose the £100 if my investments fall in value?

No. The terms say market losses do not count against you. Only withdrawals, transfers out or closing the account reduce your net contribution below £1,000.

Can I split the £1,000 between an ISA and a pension?

Not under the new terms. The £1,000 must go into one managed product in one payment. The spring offer allowed splitting; the autumn one does not.

Can I transfer an existing ISA in to qualify?

No. Transfers from other investment or pension providers are excluded. It has to be new money.

Does the self-managed account count?

No. Only managed products qualify, and a 100% cash pot does not count either.

Is J.P. Morgan Personal Investing the same as Nutmeg?

Yes. It is the same company under a new name. Nutmeg Saving and Investment Limited became J.P. Morgan Personal Investing Limited in October 2025.

Sources: Chase, Investments £100 Cash Reward 2.0 Terms and Conditions; Chase, Investments £100 Cash Reward Terms and Conditions (spring 2026); J.P. Morgan Personal Investing, Schedule of Fees and Charges; J.P. Morgan Personal Investing, Standard Terms and Conditions; Companies House, company 07503666; gov.uk, Lifetime ISA; FSCS.