Chase offers free and convenient app-based banking for customers who don’t require an overdraft or the facility to pay in cash or cheques. The fee-free overseas spending, promotional cashback offer and handy budgeting tools are major draws, while Chase’s savings account offers a competitive interest rate with few strings attached.
Pros
- Cashback on debit card spending (for first 12 months only)
- App-based budgeting tools
- No foreign transaction fees for spending overseas
- Competitive savings rates
Cons
- No overdraft facility
- No cash or cheques can be deposited into the account
- App only – so you must have a smartphone
Costs
No monthly fee or running costs
Products
Current account and easy access savings
Customer service
24/7 customer support (via app, phone or online chat)
This Chase Bank review is focused on the institution’s personal banking products in the UK. Account details and annual percentage rates are accurate as of March 2023.
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Chase overview
US-owned JPMorgan Chase launched its digital bank in the UK in 2021. Chase is the largest consumer bank in the United States with around 60 million customers.
In the US, Chase offers a range of products and financial services, including day-to-day banking, savings, credit cards and mortgages.
In the UK Chase offers an app-based current account and savings account.
Chase benefits
There are a number of benefits and attractive features with the Chase current account and savings account.
Current account
Among the current account benefits is a 1% cashback offer on everyday debit card spending for the first 12 months. There is no fee to open an account and no monthly fee to run it.
Customers can open up to 20 additional accounts through the app which are designed to manage bills and budgeting. One example is the ‘round-up account’ which rounds up the pennies to the nearest pound each time you spend, putting ‘spare change’ in a separate account which earns interest of 5% AER (4.89% gross).
There are no charges on overseas spending when you use your Chase debit card abroad. Cash withdrawals are also free in the US when you use Chase cash machines.
If your card is lost or stolen it can be frozen immediately from the app.
The app is compatible with Apple Pay and Google Pay.
Chase saver account
Chase’s app-based easy access savings account pays 3.00% AER (2.96% gross). You can save from as little as £1 up to £500,000 and the interest rate stays the same regardless of how much you save. You can open up to 10 different savings accounts – receiving the same interest rate on each.
Chase is fully regulated by the Financial Conduct Authority (FCA) in the UK and customers’ deposits are protected by the Financial Services Compensation Scheme (FSCS) up to £85,000 per person. This doubles on joint accounts.
Chase fees and charges
There are no fees to open a Chase current account or saver account, and there are no monthly account fees. In addition, there are no fees for using your debit card abroad – including using Chase-owned ATMs in the US.
Is Chase Bank the right choice?
To bank with Chase you’ll need to be aged 18 or over and a resident of the UK only, including being a tax resident. You’ll need a smartphone and a mobile phone number to access the app-based accounts.
Chase products are easy to open. They suit those who are happy to operate their account via an app and need minimal support with their banking.
The saver account pays a competitive rate of interest, but it can be beaten by other high interest easy access accounts.
The cashback on debit card spending on the current account is appealing – but be aware it is only available for the first 12 months after opening your account.
Chase does not offer overdrafts, so won’t be the right banking choice for those who tend to rely on this buffer. There is also no facility to pay in cash or cheques.
