Introduction
Chase UK, a subsidiary of the American financial giant JPMorganChase, has disrupted the UK banking landscape with its innovative, digital-first approach. Since its launch in 2021, the bank has rapidly gained traction among consumers seeking a modern, convenient, and competitive banking solution. Chase UK offers a range of financial products and services designed to meet the needs of today’s digital-savvy consumers.
Free AccountCurrent Account
The platform includes a fee-free current account that combines essential money management features with attractive cashback on everyday spending. Customers can earn 2% cashback on debit or credit card spending across selected categories, including groceries, restaurants, cafes, takeaways, everyday transport, fuel and electric vehicle charging, up to a maximum of £20 per month.
For new Chase customers, the 2% cashback offer is available from 1 June. New customers can earn 2% cashback in their first month without completing the monthly qualifying actions. To continue earning 2% cashback in the following month, customers must complete the qualifying actions during the current month. For example, customers earning 2% cashback in July must complete the qualifying actions during July to earn 2% cashback in August.
For existing customers currently on the Everyday Cashback offer, the new 2% cashback offer is available from 1 July, subject to the monthly qualification criteria.
To qualify for the ongoing 2% cashback offer, customers must make 15+ debit or credit card payments, or bill payments by direct debit, each month and hold £1,000+ in a Chase savings account. Eligibility applies. Chase current and saver accounts required. Cashback exceptions apply, and the offer is subject to qualification criteria, T&Cs, and important cashback information.
This feature aligns well with common UK consumer spending habits, rewarding customers on frequent everyday purchases such as food, travel, fuel, and EV charging.
Note: All financial service providers have standard T&Cs that apply to their current, saver, and round-up accounts, and Chase UK is no exception. You can check out the details on their website.
*18+, UK residents. Eligibility applies. Chase current and saver accounts required. Exceptions, qualification criteria, and T&Cs apply. See important cashback information via the Chase website Cashback information page.
Additional Current Accounts
Understanding the need for flexibility in financial management, Chase UK offers the option to open up to 19 additional accounts through its app. These accounts are tailored to help customers manage bills, budget more effectively, and set aside funds for specific purposes. Each account can be easily configured via the Chase app and comes with its own unique account number, allowing customers to allocate funds and spend from the account that best suits their current needs.
Fees
Chase UK assures its customers that there are no hidden fees. The bank does not charge administration fees, service fees, or transaction fees. This policy applies to all UK customers and is part of Chase’s effort to provide a straightforward and hassle-free banking experience.
Savings Accounts
To open a Chase saver account, you need a Chase current account. One of the standout offerings of Chase UK is the competitive boosted saver rate, currently 4.5% AER (4.41% gross) variable, provided on savings. The round-up feature also allows customers to save effortlessly by rounding up purchases to the nearest pound, with all interest paid monthly. The round-up account balance transfers automatically on the anniversary of its opening to the customer’s chosen Chase account.
Holding £1,000+ in a Chase savings account may also be required to qualify for ongoing cashback, subject to the offer’s eligibility criteria.
This innovative approach helps customers grow their savings effortlessly without making significant changes to their spending habits.
Note:
- AER (Annual Equivalent Rate) shows the interest rate over a year, including any interest payments made during the year.
- Gross is the interest rate used to calculate your monthly interest before tax.
- Variable means the rate can change at any time.
Withdrawals
Chase UK customers enjoy the benefit of no fees for withdrawing money using their Chase debit card in the UK. When traveling abroad, customers can also withdraw cash without incurring fees from Chase, and the bank applies the current Mastercard exchange rate to any purchases made in the local currency. You can use your numberless card to make free withdrawals at any Chase Bank ATM in the United States. Cash withdrawal limits apply – You can withdraw up to £500 a day from cash machines (whether in the UK or abroad). If travelling abroad, there is also a £1,500 limit on cash withdrawals from your Chase current account in any calendar month.
It’s important to note that while Chase does not charge fees for international withdrawals, some local banks may impose their own fees when using their ATMs. Customers are advised to check for any such fees before making a withdrawal.
Payments
There is no limit to how much a customer can pay into their Chase current account, and most payments are available almost immediately, although they can sometimes take up to two hours. For transferring money from a Chase account to another UK bank account, there is a daily limit of £25,000.
Security and Customer Support
Security is crucial in online banking, and Chase UK has implemented robust measures to protect customers’ funds and personal information. The platform offers layers of security, including a numberless debit card and active fraud monitoring. Moreover, Chase provides 24/7 customer support, ensuring that help is just a few taps away whenever needed.