Chase is app-only, which means you’ll need a smartphone to open and operate it. In addition, while you can make purchases on your debit card (it won’t have a card number printed on it for privacy reasons but you can view this at any point in the Chase app) you can’t yet set up direct debits, though JP Morgan plans to enable this by the end of the year. Cash held in Chase’s current account is protected by the Financial Services Compensation Scheme (FSCS) up to a total of £85,000. However, it’s unclear if cash saved in the Chase’s linked savings account is also FSCS protected. Here’s a round-up of Chase’s key features:
It pays 1% cashback on most purchases for 12 months. You can transfer cashback from the ‘Rewards’ section of the Chase app to your main account balance whenever you like. The 12 months starts from the date you activate cashback in the app, so make sure you do this to start earning. Certain purchases aren’t eligible for cashback, such as gambling, but you can see a full list of exclusions on the Chase website.
It pays 5% AER variable interest on ’rounded-up’ savings. If you opt in for this perk, Chase will automatically round up every purchase you make up to the nearest pound and save the difference. For example, if you spend £9.55 at a supermarket, Chase will round this up to £10, and save 45p in a separate account. It’ll pay 5% AER variable interest on these amounts. This beats the current Top savings rates, though it’s only on amounts you’ve saved through the round-up feature, which means you can’t top it up with extra cash.
Interest is calculated daily and paid monthly into the savings account, and after a year the entire balance is transferred over to your main balance, though you can withdraw funds penalty-free before this. There’s no time limit on this feature, so you can keep saving after the first year – though as the rate is variable, the amount of interest you get could change in future.
It offers fee-free debit card use abroad. You won’t be charged any fees for making purchases or cash withdrawals outside the UK. While this isn’t unique for a challenger bank – competitors, such as Monzo and Starling, offer this too – it’s a nice feature to have if you’re planning to travel overseas. For more on the best debit cards to use on holiday, check out our Travel cards guide.
It gives you the ability to split your current account cash into different ‘jars’. These jars have their own separate current account number, and you can use your debit card to spend from the account of your choice by selecting which account to use via the app when you make payments. The idea is to help people with budgeting and saving.