Chase Bank Review 2024 (2024)

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 January 2024.

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 continue to earn 1% cashback (capped at £15 per month) when their 12-month promotional period is over – provided they pay in at least £1,500 each month. This can be split between the Chase current account and Saver account.

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 £1,000,000. 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.

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 that after 12 months you’ll need to deposit at least £1,500 into Chase accounts each month to be eligible, 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.