Chase Bank is one of our favourites at Be Clever With Your Cash. Here’s why.
Chase Bank is a well known and popular bank in the US, being one of their high-street banks. Thanks to a strong rewards offering across cashback and savings rates, it’s been a stand out pick since its launch. Here’s our take on the latest bank to shake up the market.
Our take on the Chase Bank account
|Current account rating
Be Clever With Your Cash overall rating: 4/5We’ve taken a look at the features and fees of Chase to find out whether it’s any good. Here are our overall scores, you can read more in detail below.
Chase is one of the best bank accounts on the market for its rewards – mainly because it offers 1% cashback on all of your spending for a year.
It’s a great account for going abroad with a generous withdrawal limit and no limit on fee-free spending. Plus, you can keep getting cashback. The app is clean and simple to use but there’s the odd missing feature compared with its competitors.
The savings rates can be beaten, but with a lot of bank accounts offering no interest within the account, the rates on offer are still decent.
However, if you’re after an ethical option, you’re better to look elsewhere.
Smart Money People rating: 4.95/5Find out what users like you think from the reviews they leave on Smart Money People:
Positive reviewers like Chase for the 1% cashback on all spending. Lots of reviewers praised its customer service.
Negative reviewers don’t like that they can’t return after closing their account – though this reflects pretty positively for Chase. Other reviewers don’t like that it doesn’t allow Swift or CHAPS payments.
What is Chase?
Chase is a fully-digital bank in the UK, though it originates in the US where it’s the largest high-street bank. It’s part of JP Morgan Chase which also owns a number of brands, including UK investing app Nutmeg.
It comes with a Mastercard debit card and competes with other digital banks, such as Monzo, Starling and Revolut. It works pretty much the same as the traditional high street banks that you’ll have heard of, but there aren’t any branches, so everything is managed from the app.
Types of Chase account
Chase only has the one account available and there aren’t additional tiers to upgrade the account. This means that there aren’t better savings rates, features or card types that you’ve got to pay for and you can’t pay extra to get additional benefits like insurance or airport lounge access.
Once you have your Chase current account set up you can open up to 20 additional accounts. These all use the same card but have different account numbers, so you can use them for individual purposes, but don’t have to carry multiple cards around. We talk more about this feature further down.
Chase rewards and extras: 4.5/5
Rewards are where Chase scores particularly well – there’s in-account interest and cashback available. It could have slightly better rates and a referral offer to get the top scores.
Cashback with Chase
Chase pays 1% cashback on all of your spending, both at home and abroad. You get this for a full year from when you open the account. You can get up to £15 in cashback each month.
You get this automatically, so you don’t need to opt in or activate the offer. Chase has extended the cashback offer before, with the additional condition that you need to pay £500 into the account each month to qualify for the next month’s cashback.
Cashback goes into a separate account. It can be transferred to your main account balance when you want to spend it.
At the moment this is due to end once the 12 months is up, but we hope to hear more about whether his will be extended in the coming months (it’s already been extended a few times since launch).
We have a separate guide on Chase’s cashback offering for more details, including any exclusions.
Other current accounts that offer cashback, such as Monzo, Starling, Halifax and Santander only offer it for spending at specific retailers, making Chase a clear winner when it comes to cashback via a debit card. Of course, some credit cards also offer cashback which are worth a look.
Saving rates with Chase
While the savings rates with Chase can be beaten, they’re still pretty decent, especially when you compare them with other bank accounts.
Firstly, you can earn 1% in-account interest in your account. Of course, this isn’t market-leading in any sense — Starling and Kroo both beat it, but it’s certainly better than getting no interest at all on money that you can’t put into a higher-paying savings account. If you have multiple accounts, you get this on all of them, too.
You can also have a connected savings account that pays 4.1% AER on balances up to £500,000. Again, you can get higher rates elsewhere, but if you want everything in a single app you’d be hard tasked to beat it on large balances.
Chase also has a “round-up” feature that rounds up your spending to the next £1 and chucks it in a savings account. You can get 5% on your round-ups for 12 months, which is a lot better than any competing auto-savings accounts.
Does Chase have a switching or welcome offer
Sadly, Chase has no switching, referral or welcome offers. There was a referral scheme back in 2022, but we’ve not seen any since that ended.
If you’re after a switching bonus, we have a guide on the current ones available.
One good thing about Chase is that it can be used as a dummy account for switching – if you set up secondary accounts, you can switch these out without fully closing your Chase account.
You can’t return to Chase if you fully switch your only account out or close the account.
The Chase app: 3.5/5
The Chase app is the hub for everything you’ll do with Chase – you can’t go into a branch or use telephone banking, so this is pretty important.
Design and customisation
The Chase app has a clean and simple interface and it’s really easy to find what you need, but it isn’t anything spectacular. Editor-in-chief Andy actually really likes the interface, while I feel it’s a little too simple.
Everything you need is only a couple of taps away – you can see all of your different accounts on the home screen, including any savings accounts you’ve got.
There’s no customisation available – the best you can do is name the extra accounts you choose to set up.
Categorisation and notifications
When you spend money or money leaves your Chase account, you’ll get an instant notification to let you know.
In addition, Chase will automatically assign a category to the transaction to allow you to analyse your spending over time. If it gets the category wrong, you can change it, too. This is helpful when a transaction doesn’t necessarily match the category it’s assumed to be.
Chase lets you set a budget for each account that you’ve got. You can’t do this for individual categories, so it’s easiest to make separate accounts for categories that you want to budget differently in order to do this.
This could be a gamechanger when it comes to organising your money, if you’re committed to it. You’d basically have a bunch of separate accounts and one Chase card. When you’re about to pay, you can change which account you’re spending from within the Chase app to make sure it goes out of the right account. This is similar to Starling’s “Spaces”, except the money will leave the account automatically.
There are also spending insights to help you find out where your money is really going.
Like most banking apps, the Chase app is secured with biometrics or a passcode.
You can set up Chase with Apple Pay, Google Pay, Garmin Pay and Samsung Pay. You can’t use Fitbit Pay.
Card controls and virtual cards
Once you’ve set up your account with Chase, you can order a free numberless card. The card number, expiry date and CVV are all found in the app. This can be used for all of the accounts you have with Chase, you just change the account you want to pay from within the app.
You can fetch all the card details and account information from the app – they can be copied straight out of the app if you’re making payments online. The card can be frozen from the app and you can view your PIN if you forget it.
You can also turn off Chip & Pin, disable cash withdrawals, block payments outside the UK and turn off the magstripe within the app.
You can also set your own contactless limit, but you can’t block gambling transactions.
Sending and receiving money in the Chase app
One of the things that Chase falls short on is splitting bills or requesting money from friends and family. You can make transfers with your friends’ bank details – which can be pasted in directly from their WhatsApp message to remind you. You can also copy your own details for when they owe you.
You can set up new payees directly from the app and set up and manage standing orders.
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Chase current account: 3/5
Chase Bank is a decent current account, though there were a few fallbacks that means it doesn’t score as well as some of its competitors.
When it comes to the basics, you get a standard card with the account at no additional cost. The card is numberless, which means you can take photos of it safely, and nobody can jot down your details from your card to use online later — this has actually happened to me before, so it’s a great benefit.
You can start using the card before it even arrives by setting it up with Google Pay and Apple Pay.
If you want to set up or amend standing orders or direct debits, you can do this directly from the app.
Unfortunately, you can’t pay in cash or cheques with Chase. However the terms and conditions were changed in late 2023 to cover the introduction of adding cash at PayPoint locations in the near future, so we’ll keep you posted.
Chase doesn’t allow Swift or CHAPS payments, but it does allow Faster Payments and BACS payments. This can be problematic if it’s your only account, so it might be helpful to have another current account to allow for these if they ever come up.
Does Chase Bank charge abroad?
Chase is a great bank account to opt for when you’re heading abroad. There aren’t any spend abroad limits, and you’re allowed to withdraw up to £1,500 each month abroad. It beats other fee-free cards by letting you earn 1% cashback on your eligible purchases.
You do, however, need to be careful not to use ATMs that charge for withdrawals, and if you’re asked whether you want to pay in your currency or the local currency, always go for the local one. Chase has a calculator that will tell you what currency conversion rate you’ll get if you use your Chase card — this is found in “Manage card” in the app.
We also have a guide on the best debit and credit cards for travelling, if you want to look at other options.
Chase account fees
Chase is a free bank account. It would win the award for simplest Fee Information Document we’ve ever seen at Be Clever With Your Cash, with “No fee” repeated down the entire document. In addition, there aren’t any paid tiers for extra features. It doesn’t even charge for a replacement card, unlike several of its digital-only competitors.
Chase doesn’t offer an overdraft facility. We have a guide to the best bank accounts for overdrafts, if this is what you need.
Chase Smart Money People rating:
Over at Smart Money People, customers have scored the Chase current account 4.95/5.
When we look at just the customer service, customers gave a rating of 4.92 out of 5.
Positive reviewers really love getting cashback on all of their spending, including abroad. They feel that Chase is always improving by adding new features.
Negative reviewers don’t like that you can’t transfer money abroad and that you can’t send or receive Swift and CHAPS payments.
There are several Chase reviews that complain that you can’t return if you close your account, so it’s something to be careful of if you’re trying to take advantage of a switch offer and end up switching out completely. You can avoid this by switching out a secondary account.
Is Chase Bank safe?
Yes — your deposits into Chase are protected by the Financial Services Compensation Scheme (FSCS). This means that if Chase were to go bust, up to £85,000 is protected and can be reimbursed to you.
Is Chase a bank?
Yes, Chase is a fully licensed bank in the UK. In the US, it has high-street branches, though here it’s a fully digital bank.
Is Chase bank ethical?
Ethical Consumer magazine lists Chase Bank as one to avoid, alongside Barclays, Natwest, HSBC and Firs Direct. This is largely due to being among the largest investors in fossil fuel extraction, with Chase parent bank JP Morgan the worst offender.
How to apply for a Chase account
It’s super easy to sign up for a Chase Bank account. As long as you have ID on hand, you don’t even need to get out of your seat. You just need to download the app and answer a few questions. You’ll need to take a photo of your ID – I struggled with this and had to do it manually as it kept telling me there was too much glare, but it didn’t slow down the acceptance process at all.
The whole process takes only a few minutes and a card is posted out to you straight away.
Do you need ID for Chase?
Yes, you’ll need to submit photos of your ID and take a video selfie to create a Chase account.
Is there a hard credit check for Chase?
Unlike most banks you won’t be credit checked to apply for a Chase current account – another reason why it’s a great option to create additional accounts to use for bank switching.
How to add money to Chase
Once your account is all set up, you can add money to your account and start using it straight away. You do this with a bank transfer from another bank account using your Chase account details. You’ll see a prompt to do this on the Home screen which says “Ready to go?”
You can have your income paid straight into Chase by giving your employer your account details. You can’t pay in cash or cheques.
How to get help with Chase
Chase doesn’t have any UK branches. To get help, you can contact the help centre over the phone, and there’s an in-app chat function. You can also drop Chase an email to get some help.
In Smart Money People reviews, people rated Chase’s customer service at 4.92/5, with lots of reviews saying that customer service is great and very supportive.
Pros and cons of Chase
- Simple and easy-to-use app
- 1% cashback on all spending, including abroad
- Fee-free spending when using abroad
- Open several accounts for budgeting
- Easy to create extra “dummy accounts” for switching
- 5% interest on round ups
- Numberless card
- In-account interest
- No branches
- No switch or referral offers
- No overdraft facility
- Can’t pay in cash or cheques
- No joint accounts
- No CHAPS or Swift payments
Chase current account
|Fee-free spending abroad
|1% cashback on all spending
|Open several accounts
|Exclusive savings rate
|4.1% AER variable
Is Chase a good bank?
When it comes to rewards, Chase is one of the best banks on the market, mainly down to its 1% cashback on all of your spending for a year.
Going abroad is one of the best ways to use Chase, thanks to its generous withdrawal limit and limitless fee-free spending – and that cashback rate on top.
It’s got a clean app which makes it easy to find everything you’re looking for, though it has a few missing features when it comes to splitting bills and requesting money.
The inability to pay in cash or cheques or send or receive CHAPS payments do let it down – but these aren’t very common for most people now.
The savings rates can be beaten, but with a lot of bank accounts offering no interest within the account, the rates on offer are still decent for money that you haven’t moved elsewhere or keep in your account for bills.