Chase Bank provides a decent mobile banking experience with most services provided at low cost. Clients get access to interests on current and savings accounts with perks like cashback rewards and roundups on spending. The interface is easy to navigate, and customer ratings suggest that clients are mostly satisfied with the banking experience. The main drawback, however, is that there are no credit facilities and only two account types to choose from.
Who is it best for?
Chase is a great secondary account for everyday spending – with many attractive cashback offers and fee-free spending abroad, it can help save you a ton.
| Name | Score | Visit | Disclaimer | |
|---|---|---|---|---|
 | 8.0 | Visitwww.chase.co.uk/ |
Introducing Chase Bank
Launched in September 2021, Chase Bank is the United Kingdom's newest retail banking service. As part of JPMorgan Chase, one of the biggest finance companies in the USA, this new digital bank is based in London and offers current and savings accounts with no monthly service fees. Let’s dive into these features and how Chase compares to other banks.
Types of Accounts
Costs | Eligibility criteria | Daily ATM Limit | Interest Available | Money Transfer Limit | |
|---|---|---|---|---|---|
Current | £0 | You must be a UK tax resident, have a smartphone, and be over 18 years old. | £500 | 1% AER | £25,000 |
Saver | £0 | You must be a UK tax resident, have a smartphone, and be over 18 years old. You also need to have a current account with Chase. | £500 | 3.8% AER | £25,000 |
Chase Current Account
A Chase current account isn’t just about storing your money – they also reward you for spending it. Your account balance earns a variable interest of 1% AER (1% gross). This interest is calculated daily, and you'll see it in your account at the beginning of each month. What's more, new Chase customers get to enjoy a special perk, 1% cashback on everyday debit card expenditures for the first 12 months, up to £15 per month.
Opening an account at Chase is a breeze, with zero opening fees and no monthly charges. You can even manage your finances efficiently by opening up to 19 additional accounts via the app. These accounts are perfect for keeping track of bills and budgeting.
Chase also gives you the option of a 'round-up account'. Every time you make a purchase with your Chase debit card, the total is rounded up to the nearest pound. The spare is then transferred to your round-up account, which earns an interest rate of 5% AER (4.89% gross).
If you choose to leave your money in the current account without spending it, you still get rewarded with a 1% interest rate on your balance.
Benefits & Additional Features – 9/10
Let's get into the key benefits and features you should be aware of before baking with Chase.
Benefits
Cashback on your debit card spending – You can get up to 1% cashback on all everyday debit card purchases for the first 12 months. This is a great perk considering there are no fees involved in opening an account.
5% interest on your roundups – Every time you make a purchase with your Chase debit card, the total is rounded up and transferred to an account earning a generous 5% interest rate.
1% interest on your current account balance – Calculated daily and paid each month, this is significantly higher than many UK banks, including Starling, which pays just 0.05%.
Features
Change roundups – Your purchases are automatically rounded up to the nearest pound, and the extra pennies are transferred into a dedicated account.
Multiple accounts – You can open up to 20 current accounts and 10 savers accounts from the app. While these numbers are enough for most, they're still less than banks like Santander and Barclays, which have no limits on the number of current accounts.
In-app card management – The mobile app makes it easy to manage your card, with features like freeze, unfreeze, and make payments.
Numberless debit card – With a numberless debit card, you can make purchases without having to worry about your account information being revealed. You can access the card details anytime from your mobile app.
Detailed spending insights – You can view detailed insights into your spending habits, helping you to make better financial decisions. There’s also an option to set budgets and manage your spending from the app.
Easy access to savings – With the Chase saver account, you can withdraw or save more money anytime without having to worry about fees or charges.
Saving & Interests Earned – 8/10
Interest Rate | Accessibility Terms | |
|---|---|---|
Saver Account | 3.8% | Instant access |
Saver Account
The Chase Saver account offers a whooping 3.8% AER (3.74% gross) variable interest that's calculated daily and paid into your account each month. There is no minimum opening amount, but note you can stash only up to £500,000.
If you're not looking for long-term commitments, the good news is that with Chase, your money isn't locked away. You're free to withdraw or save more anytime you want.
Just like the current account, the maximum daily external transfer limit on the saver account is also £25,000. And if you need to, you can open up several Saver accounts and still get the same interest rate.
Note: While you can open multiple Chase savings accounts, the combined savings across all of them cannot be more than £500,000.
To get a Saver account with Chase, you need to open a current account first. The Chase Saver account offers a 3.8% AER (3.74% gross) variable interest rate and there are no fees to worry about when opening or using the account. Say you save £10,000, a 3.8% AER means you'd earn £380 a year in interest.
The maximum amount that can be saved in this account is £500,000 and there's a daily limit of up to £25,000 on external transfers.
Overdraft Limits & Fees – 0/10
Chase Bank currently doesn’t offer overdrafts. This is a drawback considering other banks offer robust overdraft features to their customers; e.g. Monzo offers up to £2,000 and Starling up to £5,000 in overdrafts.
Other Borrowing Options
Chase Bank doesn't offer credit facilities such as loans, credit cards, and mortgages. These are services that may be appealing to some customers, so it’s worth noting if you’re looking for a bank with this type of facility.
Sending & Spending Money Abroad – 9.5/10
Exchange Rate Markup | 0% |
|---|---|
ATM withdrawal limit | £500 |
Currency conversion fee | £0 |
For more flexibility in your currency purchases, make sure to explore multi-currency account options, as well as specialised euro and US dollar accounts.
Card Withdrawal Limits
The maximum amount you can withdraw overseas with your Chase card is £500 a day. This is quite convenient as most banks only allow up to £300 a day.
Exchange Rate
Chase uses the Mastercard Exchange rate with no additional markup, so you can be sure that you’re not spending more than necessary. However, local banks and merchants at your travel destination might still charge a foreign transaction fee.
Currency Converter
Chase Bank’s app has its own in-built currency converter, which makes it easy to see immediate exchange rates when you’re abroad. Before making any international transactions, you can use the currency converter tool in-app to assess how much you’ll be paying in the base or quote currency.
Cashback
Even while overseas, you can still get 1% cashback on spending abroad with the Chase Bank UK account.
Usability – 9/10
Chase provides user-friendly interfaces for both mobile and online banking services with useful guides and prompts that add to the seamless experience. The app is free and provides access to similar features as the online banking platform. Let's explore them in detail.
Chase Online Banking Review
The features offered by Chase Bank are quite simple and cater to basic banking requirements. Here’s a quick rundown of what you can do:
View recent transactions, account balances, transfer money and view statements online;
Set up spending limits;
Use the budget feature to set monthly budgets for yourself and keep track of spending;
Create and manage a range of different accounts with just one login;
Make payments to other banks or pay bills online;
Set up direct debits.
While these basic services are available, many features are lacking here. Clients don't get access to a business checking account, overdrafts, and credit cards, which are provided by banks like Barclays and Starling.
Chase Design and Navigation
The banking interface is quite easy to navigate as features are clearly labelled and you can switch between accounts with just one click. The design of the app also makes it easy to monitor your finances quickly, and there are helpful tips that guide you through each feature in case you get confused.
For example, you can easily create more Chase bank accounts right from your home page. Just click on the ‘Add +’ button on the 'Spend' interface, and you’ll be guided step-by-step to open a new account. To view your card details, simply tap on ‘See card’ on the home screen.
The overall design of the app is quite modern and clean, perfect for busy people who don't have time to spend learning how to use a new banking app.
Login and Security Features
The Chase app ensures user security through 128-bit encryption and two-factor authentication, serving to confirm the identity of the individual attempting to log in. Additionally, the app enhances security by automatically logging users out following a two-minute period of inactivity.
Chase App Review
The Chase Bank app itself is intuitive and easy to use, which makes it a great option for anyone wanting to get started with online banking. From transferring money, creating additional accounts, setting spending limits, tracking your payments and budgeting – the app has all the features you need to manage your finances effectively.
Users get access to push notifications and card management features, as the case is with most bank apps available now. When it comes to payments, the app seamlessly integrates with Google Pay and Apple Pay, making it easier than ever to make purchases and transfer funds.
The downside, though, is that the services provided aren't as comprehensive as other banks. For one, there is no investment option which means users cannot invest in the financial markets directly. However, there is an option to sign up and invest on Nutmeg, then monitor your investments directly from the Chase app.
Opening a Chase Bank Account
Opening a bank account at Chase is quite similar to other banks in the UK. The process is simple, with on-screen instructions to help you every step of the way.
Once you download the Chase app, you will have to create a current account and get your bank details by following these steps.
Download the App
Download the Chase UK app, which is available for free on both Google Play and the Apple App Store. If you're unable to access it, then you may need to upgrade your operating system.
Enter Your Details
Provide your details such as name, address, date of birth and contact details. You will need a UK phone number and address to open the account.
Verify Your Identity
Verify your identity with a valid form of ID. At the moment, Chase accepts:
EU national identification cards;
UK driving licences;
Passports.
Upload a Selfie
Upload a selfie to prove your identity. Make sure you take it in a well-lit area, nothing is covering your face, and you’re facing the camera straight on.
Confirm your tax residence
Confirm your tax residence. All banks in the UK have to comply with HMRC’s standards, so you need to confirm your tax residence status by entering your tax information.
Receive Account Details
Once you've completed the steps, you'll receive your account details instantly or within 24 hours.
Customer Satisfaction & Reputation – 8.9/10
After reviewing countless customer feedbacks across platforms, it's safe to say that most users are satisfied with the banking experience Chase provides, though some aspects can be improved.
Customer Reviews
Platform | Score |
|---|---|
Trustpilot | 4.1 out of 5 |
App Store | 4.9 out of 5 |
Google Play | 4.2 out of 5 |
Trustpilot Reviews
Chase Bank UK has a Trustpilot score of 4.1 out of 5 stars. Customers are happy with the customer service and helpfulness of the staff when they have any queries or issues. Many also praise the convenience of being able to open a current account with just a few taps.
The roundup feature, which allows you to save money by rounding up your transactions, is also appreciated. Unlike other banks, Chase is highly responsive on Trustpilot, with prompt replies to queries while providing useful information when necessary.
The main complaint is that some customers feel there aren’t enough services offered by the bank, such as business accounts and overdrafts.
Google Play/App Store Reviews
Ratings on both the App Store and Google Play for Chase Bank UK are mostly positive. Most customers appreciate the modern interface, which makes it easy to navigate and monitor spending, transfer money, and view statements online.
The main complaints are that there aren’t enough services offered, and some people have issues with the app freezing during transactions.
Customer Service
Phone | Calls from abroad: +442034930829Calls within the UK: 08003763333 |
|---|---|
Phone (for those with hearing or speech disabilities) | (18001)08003763333 |
Chase Bank offers 24/7 customer service via their phone line, as well as email and online chat. This is great for anyone who needs help on the go, as they can easily get in touch with a representative quickly.
The response times are quite fast, with most customers reporting that they’re able to get a quicker response to their queries via the phone app. There are no dedicated account managers and equal access is offered to all customers.
Finally, Chase provides a comprehensive FAQ page which answers most of the common queries, but it lacks in-depth information about specific services or products.
Security
FCA Regulated | Yes |
|---|---|
FSCS Protected | Yes |
2FA | Yes |
Virtual Cards | Yes |
Biometric Login | Yes |
Chase provides decent security with encryption and two-factor authentication for all accounts. These help to keep customer data safe and secure, and protect from any potential malicious activity. The bank is also regulated by the FCA (Financial Conduct Authority) and protected by the FSCS (Financial Services Compensation Scheme). This means that deposits of up to £85,000 are insured in case of unexpected circumstances such as fraud or bankruptcy.
The bank also offers virtual cards with cashback for customers who want to make payments online. If you request a physical card, you can get a numberless card which is more secure as your card details are securely stored on the Chase app. Finally, the app supports biometric fingerprints and face IDs, which help to keep your account safe.
Alternatives
So far, we've discussed Chase Bank’s key features, pros, and cons. If you'd like to shop around before making a decision, here are three alternatives to consider.
Starling Bank
Starling Bank is a digital bank that stands out for its low overdraft fees and fee-free overseas transactions. The app also features spending alerts for efficient budgeting and a virtual piggy bank feature, rounding up your spending while saving the spare.
Starling Bank does not impose fees for using your account abroad, and the overdraft charges, starting at 15% AER, are quite competitive when compared to other UK banks.
Who is it for?
Suitable for those looking for low-cost overdraft facilities, which isn’t available with Chase Bank.
| Name | Score | Visit | Disclaimer | |
|---|---|---|---|---|
 | 8.5 | Visitstarlingbank.com |
Santander Edge Current Account
The Santander Edge account has a monthly cost of £3, but it offers great perks that justify the fee. You get:
4% interest on your account balance up to £4,000;
1% cashback on water, energy, and other bills (capped at £10 per month);
1% cashback on supermarket and travel spending (separately capped at £10 per month);
Fee-free usage of the account abroad, including card purchases and cash withdrawals;
Access to overdrafts with interest rates starting from 39.94% APR.
Who is it for?
Suitable for those who look for more cashback opportunities in the long term.
| Name | Score | Visit | Disclaimer | |
|---|---|---|---|---|
 | 7.5 | Visitsantander.co.uk |
