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 debit card spending
- Earn 1% interest on current account balances
- No foreign transaction fees for overseas spending
- Budgeting tools
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 January 2024.
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 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.
Featured Partners
1
Starling Bank
24/7 UK-based customer support
Earn 3.25% AER on balances up to £5,000
Smart budgeting tools
1
Starling Bank
On Starling Bank's Website
2
Chase
1% cashback on everyday spending for your first 12 months
Access to Chase Saver account paying 4.1% AER
No overseas transaction fees
2
Chase
On Chase's Website
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.
Frequently Asked Questions
Who is Chase good for?
Chase is a digital bank, so will only be a good fit for individuals who are totally comfortable opening and managing their current account solely through an app.
It could also be a good option for frequent travellers as there are no foreign exchange fees for debit card spending abroad.
If you are proactive in looking for something back from your current account, Chase pays 1% cashback on spending for the first 12 months, up to the value of £15 a month.
To be eligible for a Chase current account, you must also be aged at least 18 and be a permanent UK resident.
Is Chase safe?
Chase is regulated by the Financial Conduct Authority (FCA) and customer deposits of up to £85,000 (£170,000 for joint accounts) are protected under the Financial Services Compensation Scheme (FSCS).
This means, if Chase went out of business, the FSCS would step in to cover up to this threshold.
How do I open a Chase account?
To open an account with Chase, you’ll first need to download the app from the App Store or Google Play.
Next, you’ll be prompted to enter some personal details including your name, address and date of birth. You’ll also need to prove your identity by scanning a valid form of photo ID and taking a picture of yourself.
The app will guide you through this process.
If your application is approved, your new Chase debit card should arrive in the post within seven business days.
However, you can shop online right away by tapping ‘See card’ on the app home screen. You can also add the card to your Apple or Google Pay wallet before it physically arrives.
Can I use my debit card abroad?
You can make debit card payments and withdraw cash outside of the UK without incurring any fees from Chase. However, local merchants and ATMs may charge fees of their own.
Before you start using your card abroad, you’ll need to switch on the ‘Payments outside UK’ option via the app.
What's the customer service like at Chase?
Chase receives a good customer service score of 64% from independent review site, Fairer Finance.
It also fares well among TrustPilot reviewers, who give the bank 4.2 out of five stars.
Chase offers 24/7 customer support through the app, and over the phone.
