The Definitive Chase UK Review: Safety, Card, App, Fees, and Monito's 2024 Verdict

Chase offers two separate bank accounts: a current account and a saver account, both of which you can access when you open the current account. Although we've mostly focused on the current account when giving Chase a score, we found both products to be simple but savvy options, either as a primary or secondary bank account, depending on your needs and preferences.

Take note that to be eligible to apply for a Chase bank account, you must:

• be at least 18 years old,
• be a resident of the UK,
• have a smartphone with iOS 14.1 or Android 8.1 and above,
• have a UK mobile phone number,
• be a tax resident of the UK.

Below, we go through the main features and highlights in more detail:

Chase's Mobile Banking App

If we had to summarise the Chase mobile app in one word, it'd probably be clean.

The interface is clutter-free, and it's remarkably easy to find what you're looking for in just a few taps. Every important aspect of your banking can be handled right from the app, from making payments to reviewing transactions to freezing your debit card, contacting customer support, setting up direct debits, and everything in between.

In our opinion, this simplicity is both a strength and a weakness, depending on what you're looking for. On the plus side, it's easy to use and gives you all the core banking features you need right at your fingertips. On the downside, however, it's not yet quite as advanced as banking apps you might be used to from Chase's high-street British competitors, lacking products and features such as:

• Overdraft facilities,
• Loans and mortgages,
• Joint accounts,
• International SWIFT transfers,
• Foreign currency accounts or balances,
• Business banking,
• Teens' or children's accounts.

This might not be a drawback for you if you're looking for simple, streamlined banking in the UK or just a secondary bank account, but it could be a bit limiting if you happen to rely on any of these features.

Chase's Debit Card

The Chase card is a debit Mastercard which you receive in two forms, physical and virtual.

The virtual card is accessible via your app and becomes available as soon as your account is verified (which can be as quick as an hour after registering online). You can then use the card to pay online or add it to your Google Pay or Apple Pay accounts and pay using your device like normal at payment terminals across the UK and abroad.

The physical blue debit card can take five to seven working days to be delivered to your door. Just like the virtual card, it can be used online or at payment terminals worldwide.

Perhaps the most noteworthy feature of the debit card is that it's more or less empty, with the front containing only the Chase logo, the chip, and your name in the bottom right corner. Your card number, expiry date, and three-digit security code don't appear anywhere on the card as they do with most other debit cards. To view them, you'll need to log into the app. Accordingly, the card looks slick and clean, but it could create a bit of a hassle when paying online, where simply being able to read the details directly from your card is normally the fastest way to pay.

Cashback

As soon as you sign up for Chase, you'll be eligible to receive 1% cashback using your debit card on the first £1,500 spent (that's up to £15 cashback) per month on all eligible purchases. This nifty cashback programme lets you earn cashback on most debit card purchases (e.g. groceries, public transport, filling up at the petrol station, buying clothes, etc.). Still, there is a list of exceptions, including antiques, cash withdrawals, car purchases, gambling, hospital bills, and many others. You can find the full list of exceptions to Chase's cashback programme here.

The feature is automatically activated as soon as you register for Chase, and it's available for new customers for their first 12 months.

Although we find this cashback programme a neat perk, the fact that it's only a temporary offer means its benefits are short-lasting, and it should only be considered an introductory offer for new users rather than a set feature of the bank account.

Savings & Interest

As we saw earlier, Chase also offers UK customers an optional savings account. This 'Chase saver account' comes with a variable annual equivalent rate (AER) that's 1.15% below the Bank of England base rate. You can deposit any amount up to £1,000,000 into your savings accounts, with no minimum deposit requirement.

You can also set up multiple savings accounts for different goals, which is a useful feature, in our opinion.

In addition to earning interest on savings balances, Chase lets you enable a 'round-ups' feature that allows you to round up debit card purchases you make to the nearest £1 and automatically set the amount aside in a dedicated round-up account. This account earns 5% AER (4.89% gross) variable interest, which is also calculated daily and paid monthly.

It's worth noting that you cannot deposit money into your round-up account; the only money going in will come from 'spare change' rounded up on every debit card purchase you make. This means you're incentivised to spend more to maximise this feature. You also need to withdraw the balance from your round-up account to your ordinary current account to be able to use it. Every year Chase will reset your round-up account by transferring the balance to your chosen Chase current or saver account. This happens one year after you open the account. You'll keep rounding up and getting interest on your new round-up account balance, without having to do anything.

Nevertheless, we find this a great way to make small, incremental savings a part of your daily life – particularly if you frequently tap your card in any event.