Here’s what we know about the new current account from JP Morgan.
It’s been a long wait since news first broke of a brand new bank from US giants JP Morgan Chase, but finally you can now apply (to apply – there’s a waitlist) for the Chase UK account.
Once I’ve got my hands on an account myself I’ll write a full review (and post a video over on YouTube), but for now here’s what you can expect.
** UPDATE – Here’s my comprehensive Chase Bank UK review **
How to get Chase UK’s current account
Chase’s UK bank is digital only so there are no branches to visit. Instead you’ll need to apply via the Chase app – though can’t do that straight away at launch.
Head to chase.co.uk to join the waitlist. Once you reach the top of the pile you’ll be sent a link to download the app.
You need to be over 18 and a UK tax resident.
Chase UK’s key features
I’ll look into detail on all of these and assess them once I’ve had a chance to use it, but here are the headlines:
For the first 12 months you’ll earn 1% cashback on most debit card purchases. Everyday spending will be covered.
Notable exceptions include topping up other accounts or paying off debts (presumably that includes credit cards), which will rule out any hacks to combine this offer with other rewards (such as a cashback credit card or the Halifax Rewards account). It won’t count on tax payment either. Here’s the full list:
- Account and prepaid card funding
- Antique shops, including repairs and restoration
- Art dealers and galleries
- Bail and bond payments
- Bank fees such as product fees, promotional merchandise, financial consultations and loan fees
- Boat dealers
- Car and van dealers – new and used sales, services, repairs, parts and leasing
- Cash withdrawals
- College and university fees
- Debt repayments
- Gambling transactions
- Government services not classified elsewhere
- Hospital fees
- Insurance sales, underwriting and premiums
- Intra-government purchases
- Money orders
- Money transfers
- MoneySend transactions
- Motor home, camper and trailer dealers
- Motorcycle shops and dealers
- Nursing and personal care facilities
- Precious metals
- Professional and financial services
- Real estate agent and management fees
- Savings bonds
- Securities — stocks, bonds, commodities and mutual funds
- Stamp and coin stores
- Tax payments
- Travellers Cheques and foreign currency
5% interest on ’roundups’
A number of accounts have offered this feature, but Chase has upped the game by offering 5% cashback on the auto-topups.
If activated, spending will be rounded up to the nearest whole pound, and that difference will be moved to a separate account. And that will earn 5%.
So spend 90p, and 10p will be moved. If that stays in the account for a year it’ll earn 0.005p. Amounts won’t be huge here, though I’ll have a proper look at how much this could be in my full review.
Fee-free spending abroad
As you’d expect from a bank trying to compete with Starling and Monzo, you won’t get charged for using your card overseas.
Rather than offer pots or spaces to split your cashout, you’ll be able to open unlimited current accounts within the app that each have their own account details.
There will also be snapsnot analytics of where your oney is being spent.
The debit card itself won’t display your long card number etc (potentially quite annoying), while you’ll have the ability to freeze your card and block certain transactions, such as gambling.
Andy’s first thoughts
The Chase UK account looks like it’ll be a very competitive option – for 12 months at least. Once the cashback ends the bank will no doubt be hoping they’ve done enough to get customers to stick.
I’m looking forward to actually getting access to the app to try it myself, but I’m more excited to see if the other banks respond with similar offers.