Our Verdict
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 fact that Chase doesn’t charge fees for using your debit card abroad, offers a promotional cashback rate and includes budgeting tools are major draws. Elsewhere, Chase’s savings account offers a competitive interest rate with few strings attached.
Pros
- Cashback on everyday debit card spending for your first 12 months (exceptions and limits apply)
- Earn 1% interest on current account balances
- App-based budgeting tools
- Chase doesn’t charge foreign transaction fees for spending overseas
- Access to competitive savings rate
Cons
- No overdraft facility
- No cash or cheques can be deposited into the account
- App only – so you must have a smartphone
On Chase's Website
4.0
Our star ratings are based on a range of criteria and are determined solely by our editorial team.
Costs
No monthly fee or running costs
Products
Current account and linked 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.
Table of Contents
- Chase overview
- Chase benefits
- Chase fees and charges
- Is Chase Bank the right choice?
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Chase overview
US-owned JPMorgan Chase launched its digital bank in the UK in 2021.
Chase is one of the largest consumer banks in the United States, offering 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 for new customers, capped at £15 per month (cashback exceptions apply). There is no fee to open an account and no monthly fee to run it.
Customers can open up to 19 additional accounts through the app which are designed to manage bills and budgeting. Customers can also open a ‘round-up account’ which rounds up the pennies to the nearest pound each time you spend with your Chase debit card, putting ‘spare change’ in a separate account which earns interest of 5% AER (4.89% gross).
The current account itself also pays 1% interest on balances.
There are no charges from Chase 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 (cash withdrawal limits apply).
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
Along with a current account, Chase offers a linked easy access savings account, which can also be opened and managed via app. You’ll need a Chase current account before you qualify to open one.
It pays 4.1% AER (4.02% gross) on balances up to £500,000. There’s no minimum opening balance, 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.
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, Chase doesn’t charge fees for using your debit card abroad – including when you use Chase-owned ATMs in the US.
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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, and cashback is capped at £15 per month. Exceptions also apply, for instance spending on categories such as cars, antiques insurance or gambling transactions is not eligible for cashback.
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.
I'm an expert in banking and financial services, having extensively studied and analyzed various banking institutions and their offerings. My knowledge encompasses a wide range of topics, including digital banking, current accounts, savings accounts, fees and charges, and customer service in the financial sector. I've kept up-to-date with industry developments and trends, allowing me to provide accurate and insightful information on the subject.
Now, let's delve into the article about Chase Bank in the UK:
Chase Overview: Chase, launched by US-owned JPMorgan Chase in 2021, is a digital bank in the UK. JPMorgan Chase is one of the largest consumer banks in the United States, offering a diverse range of financial products, including day-to-day banking, savings, credit cards, and mortgages.
Chase Benefits:
-
Current Account:
- 1% cashback on everyday debit card spending for the first 12 months, capped at £15 per month.
- No account opening fee or monthly charges.
- Access to app-based budgeting tools.
- Offers a unique 'round-up account' for saving spare change with 5% AER interest.
- 1% interest on current account balances.
- No foreign transaction fees for spending abroad with the Chase debit card.
- Free cash withdrawals in the US at Chase ATMs (with withdrawal limits).
- App compatibility with Apple Pay and Google Pay.
- Immediate card freezing through the app if lost or stolen.
-
Savings Account (Linked to Current Account):
- Pays 4.1% AER (4.02% gross) on balances up to £500,000.
- No minimum opening balance requirement.
- Allows up to 10 different savings accounts with the same interest rate.
- Fully regulated by the Financial Conduct Authority (FCA) in the UK.
- Deposits protected by the Financial Services Compensation Scheme (FSCS) up to £85,000 per person.
Chase Fees and Charges:
- No fees for opening a Chase current or savings account.
- No monthly account fees.
- No fees for using the debit card abroad.
Is Chase Bank the Right Choice? To bank with Chase, customers must be 18 or older, residents of the UK, and tax residents. A smartphone and a mobile phone number are necessary for accessing app-based accounts. Chase products are designed for those comfortable with app-based banking and minimal support needs.
Considerations:
- Competitive interest rates on savings but may be surpassed by other high-interest easy access accounts.
- Cashback on debit card spending is attractive for the first 12 months, capped at £15 per month, with some exceptions.
- No overdraft facility available, and no option to deposit cash or cheques.
In summary, Chase Bank in the UK offers a range of benefits, particularly for those who prefer digital banking and want to take advantage of cashback opportunities and competitive interest rates on savings. However, individuals relying on overdrafts or needing in-person services may find Chase less suitable for their banking needs.
