Chase Bank UK - My Review 6 Months Later - Am I Swapping?
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- Опубліковано 11 бер 2022
- This video is my 6-month review of the JP Morgan, Chase Bank UK digital bank account. I give my thoughts and impressions of having used the account for the last 6 months, spending money online, in shops, using their round-up features and also earning the popular 1% cashback that they offer. Will I swap my full-time current account to this new bank account or is it just another gimmick account too late to the party?
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A rare thing in a yt video no fudge - straight into info fast and clear. Thx
Referral link now live!want to join me at Chase UK? We'll both get £20 when you join and pay in £20.
Get started: link.go.chase/emNK/refer?code=keDG2yAA. T&Cs apply.
Heres a link to the original first impressions video: ua-cam.com/video/3Jtd_7Jd9m0/v-deo.html
Do these accounts charge a monthly fee? And thanks for a wonderful video!
@@docsg8378 hi! So this all depends on the platform you use to buy them. Fees for your platform all depend on your broker, and are all different whether that’s Hargreaves Lansdown, Freetrade or AJ bell etc 👍
You should have pinned this to the top!!!
@@markylon too late I’m afraid they stopped the referral offer pretty quickly! 🥲
The thumbnail on this video is a real step up. Great work Toby!
Cheers dude! You’ll be surprised that it didn’t even take that long. Simple is king 😎
Perfect timing. Just what I needed
Happy to help thanks for watching :)
Brilliantly explained, I’m glad I could find your video while looking for a review of Chase UK!
Thanks for watching!
Cheers! Also could you post an explainer of why you prefer to pay on credit cards only? Is it because Abagnale said so!
@@LondonLawyer funny I did a video on this a few months back check it out 👌
Can you set a monthly budget for a spending category?
When they are coming as physical bank ?
Lovely content and good use of sound effects!
Thank you!!!
Thank you for that informative opinion. I’m considering opening one myself, but wanting to know how much is the maximum amount they will give you 1.5% on. Many thanks
Thanks Craig. As far as I’m aware it’s £250,000. Just a bit more than I have in my bank 😂🤪
Best video thank you Toby!
I was wondering if u open the current do u actually need to use it am looking for just a savings about and don't really want to change my bank from RBS but seems like chase offers better interest on saving then all other options?
Hi! No you don't have to use it as your main account, or transfer any direct debits or anything like that. I jut use mine as a spare account :)
@@TobyNewbatt thank you very much for pointing me in the right direction that really appreciated 💯✌️
When putting petrol in my car, I always go over by 1p. So now that'll be 99p added to the roundup to earn 5%.
You forgot the fact you change your 16 digit card number through the app aswell to combat potential fraud. No need to wait for a new card to arrive.
I got it for the 1.5% easy access saver. Seemed decent especially when premium bonds are so poor at the moment
Absolutely a no brainer right now for any kind of savings pot, especially as the limit is £250k as well!
@@TobyNewbatt Yeah man, the oh s*** fund has been moved over.
@@rickymh86 What a great name haha
Same.
I’ve only just found you but I love you already!
Thanks for the support mate! 👍👍👍
are you able to open up them 'pot' side accounts to then transfer out using the switcher service to another bank since it has its own sort code and account number and have it not close all of your accounts with chase?
Great question I’ll probably say not possible but who knows?
What mens of round up for 5% mens?
Thanks for review! I think problem lies in not having physical branches. Also no SWIFT BACS transfers.
Also no cashback in nonGBP purchases
Thanks for the info!
What other banks offer cash back like chase?
Since I'm moving house, I would have to refurnish the place with new stuff so would be spending quite a bit alone this year. I was thinking of joining chase just for that 1% cashback. Saying that, I think this card would be a good spender card. I will still use my main bank for everything else.
Sounds good to me!
Hi Toby. Great content as always. Do you know if household bills (energy, wi-fi, etc) qualify for cashback? They are not listed in their list of exclusions and when I asked directly to the chase customer service they replied to have a look at the aforementioned list of exclusion 🤷🏻♂️ so not a great start with chase tbh.
Great question honestly I don’t know I guess because I pay all my bills by direct debit I’ve never thought about moving them to chase because they didn’t support it. I don’t see why it won’t work!
if its a standard card transaction you will get cashback. the only things you wont get cashback for are things like bank transfers, standing orders and direct debits.
Not sure if you have your answer. I have a British gas pay and go smart meter. I get the cashback on the transactions for this. I cannot speak about wifi etc
I checked the details and no you wont get cashback on direct debits for regular bills.
Do chase charge you a monthly fee for using them? As they are offering £20 for when you recommend someone which I did but surely there’s got to be a catch as you can recommend 20 people which will give you £400 just seems to good to be true ?
No fee David. I imagine they just want to get customers and it costs you money to get them as a business so it’s their way of getting them!
Are you still using it now the cashback has expired, or got any decent alternatives worth trying? I've got a few months left but will probably stick with it as a second bank, I've got used to the ease of creating and deleting savings accounts which is handy, as of today the rate is competitive again too.
I think I still have some very small amount of cash back time left but yes after that I’m not really sure there’s much benefit to me personally. Might go back to using a Virgin air miles credit card or maybe even my crypto.com card I’m a sucker for any kind of benefit
Hi Toby. Would you able to provide an update on this video? Now there are many banks giving more than 1.5% interest. Do you believe chase bank are going to increase theirs? They are starting to fall behind against competitors! Would be interesting to hear your thoughts on best places to store cash in this high interest world where people potentially don’t want to invest everything in the stock market or cash ISA’s etc. cheers.
Great suggestion thanks. I think a video generally around savings might be useful right now!
@@TobyNewbatt we have spoken before on your Instagram platform page and on here, our conversation was around shares in the oil industry you may remember. As suggested would indeed be interesting to hear your thoughts on what I call ‘the change in direction of the wind’ aka the Mary Poppins moment. Cash ISA’s are increasing by 1% ever month at the moment where before they were 0.80% for 3 years locked in and simple easy access savings accounts are now showing 2.5% interest. Certainly interesting and challenging times for peoples portfolios.
Can I put my drug money in ? Also use Samsung curve
You totally failed to mention that there's no international transaction or cash withdrawals when abroad. This is a major benefit
What we can’t use the card abroad?
@@Homelessnomad no fees to use the card abroad
yeh i have chase and would only use them. but i would also keep highstreet bank like loyds aswell
Makes sense to me Sam 👍
The newly streamlined all-in-one financial management solution is cost-effective.
Hi
Great video
Great guy. Thank you.
Thanks Jack!
I used Chase Debit card at my local supermarket, but when I returned one of the items to the supermarket and get a refund (with refund’s receipt). It wasn’t shown on my Chase account. I contacted Chase and was told to wait for 7 days, yet nothing happen!! Any idea??
Interesting no idea? I presume this would be the retailer and not chase deciding this part?
Any updates?
Hi do you know if you can set up direct debit in those side pots? I really wanted to make separate accounts for each of my direct debits
Such a great question I don’t know for sure worth messaging Chase support on the app! 👍
@@TobyNewbatt just so you know I just made a new saving pot and the saving pot has 1.5%AER. If I move my round up money to my savings pot every month after getting the 5% will I get the additional 1.5% once I move the money to my savings pot?
@@TobyNewbatt this is such a great deal for 12 month! The amount of interest they’re giving away is crazy
@@glammapaki just seen their email on this. Up to £250k too it might be the single best savings account in the UK now…great place to keep an emergency fund or spare cash
@@glammapaki presume so doesn’t specify where the money comes from!
hey do you think it will always be free account or after time they will start charging each month
Who knows, but any paid for account would really lose them a lot of customers in the competitive UK space I think.
@@TobyNewbattokay thanks and thanks for both of your videos on chase it help make up my mind to get one
Do you get instant notifications when you pay?
Yes 👍
Got a feeling once chase are established here they will start doing credit cards
probably! i imagine there's more money in credit cards then bank accounts.
Do you think the app is a secure enough? If you lost your phone and someone guessed the 6 digit passcode, could they then steal all your money? How about if you forget your passcode? Do you trust you can 100 percent regain access to the app and your money?
Personally I can’t think of how it can be any more secure than any other bank? If someone knows your phone password and your bank passwords that’s the real issue. Same risk as any other bank account and you’ll still be protected by the law anyway if someone does something without your consent?
Don't share your phone login and don't share you 6 digit code. If you do then you deserve to lose your money
There is no activation for the 'cash back' within the app, it is automatic,
There used to be when I made this video last year :)
What about the 1.5% on the savings account.
They released that as soon as I finished my video Jon :). But yes agree! Currently that's awesome!
What about round up is it good?
Well the money goes into a pot that earns 5% per year so that’s the best return you’ll ever get from a savings account 👍
How often and how does the cashback appear? It wasn't clear in the fine print
Hi James mine appears super quick usually the same day
@@TobyNewbatt thanks. Have found it now. Didn't know where to look. Do you get cashback if you pay someone at their PayPal account using chase card?
Revolut is good and reliable, but it's EMI, not FSCS.
Monzo, Starling, and Chase are FSCS so that's definitely much safer.
Yep true thanks Philip!
I think they have a decent deal now if you switch
I expect they will extend the cashback period or many customers will stop using the card
Possibly!
I mean, it's JP Morgan and its well known Chase card so that's unlikely.
Customers over at Starling (FSCS), Monzo (FSCS), Revolut (EMI), etc use their cards as is. Well, Revolut offers Revolut Pro which offers 0.50% (iirc) cashback although the majority don't use or know about it (there's nothing "Pro" it's just a black card).
Btw, PayPal Business MasterCard (EMI) offers 0.50% cashback on most purchases, but the real advantage is protection with online purchases and paid returns (15 per year).
When opening an account how do you confirm Identity? Pic of passport?
Sorry I can't remember! It was very easy to set up though its all done through the APP
If I remember correctly I did facial recognition , fingerprint for biometric log on and passport
I used my provisional licence and a face image. They have had problems opening my account for a few days but I called in and they just wanted 5 year employment details, then my account opened the next day.
Would you not be better off paying for daily things like shopping, eating out etc using say AMEX for Air Miles and then just pay the bill using Chase? That way yu still get 1% back on the bill and get Air Miles as well.
Great suggestion but I don't believe the cashback works for repayments on Amex, check the exclusions list, there are quite a few exceptions there :)
Scottish Bank is account where a person has decided to open an account and open about a year and close it again to found a better account to explore again.
I do like the service they provide but the app is still incredibly buggy for me.
I've not had any issues personally here! wonder if anyone else has too!
@@TobyNewbatt Mine is more specific, Chase ring me from time to time to ask whether or not a purchase I'm making like buying a £1.50 pasty is genuine or fraudulent 😂
@@Jamil__Ahmed hahah they're looking after your waistline
@@TobyNewbatt 💀😂
Thanks for the update Toby! I cancelled my Chase Account as I got sick of waiting for the direct debit feature as the agents always said “any day now”…. 5 months later still didn’t happen till now haha. Also their notifications were never instant, some reason I’d get notified of a transaction of payment an hour later. I’m sticking with Starling Bank. 👍🏽
Always typical! Yeah Direct debits were a big let down, should have come a lot quciker, tough market out there!
direct debits and 1.5% on savings account
@@CupraBBD yeah that savings account they just released is very good. Not aware of a better one out there 👍
@@TobyNewbatt never close the account just leave a some money in it especially online accounts these days they love suspending people accounts, lots of horror stories.
@@CupraBBD great point
This sounds stupid but could i keep my current account with LLoyds but transfer money to my chase account for travel?
Absolutely. I use mine just occasionally it doesn’t have to be your main bank account 👍
@@TobyNewbatt Thank you for your speedy reply
Update, the app only runs on phones with 64bit processors as I've found out to my cost
Thanks for the info this will be useful for people to know!
@@TobyNewbatt I'm not even sure which phones will work, it's all about the architecture of the chip, also the android that's installed has to be 64bit too
@@LA-ph6hh makes sense, thanks for the info anyway I'm sure it will help people!
@@TobyNewbatt update, the Samsung A12 works fine, I've just bought one, but the newer Samsung A13 won't find the app, apparently the newer Samsung A13 uses a cheaper cut back processor only running a 32 bit processor, so good idea to check before you buy a phone.
On a side note, when you actually can use the app, it works well, plus the added bonus that you can actually talk to a real person if there's an issue...reminds me a bit of First Direct
It won't work on Motorola g6play, every other bank works but not this one
Interesting, no idea why that would be!?
Dude, a lot of us or not as notified as you are. I appreciate what you’re doing but you need to make this a little bit more simple for people that really don’t care about your bank At all
Hey Ryan I’m not sure what you mean by this comment?
The one percent cash back continues after one year, but you have to deposit at least £500.00 each month to qualify.
Ive been using Chase for all of my daily spend since september and have got £64.40 in cashback and £170 on my round-ups. And when I say all of my spending, I mean it lol
Ha you arent messing around Niall love it haha!
I've been thinking about changing from Barclays to Chase especially because of the monthly fees, here there's nothing of that.
Can you say something about the round up feature? How do you switch that on, where do I find that in app please?
Hi Toby, cannot find anyway to pay in cheques.
Nope no Cheque functionality at all here. Can’t remember the last time I used one of those!
Thanks
If you're using cheques then you need to sort your life out we're in the 2020s now dear. Ask your Granny to pay it in.
Cheques are often sent by HMRC for rebates etc so it's still applicable
Cool video
Thank you
Do you have a referral code? £20 for each of us can't be a bad thing 😅
Hey, I don’t think the UK has any referral programs! Maybe in the US, unless you find out otherwise 👍👍👍
@@TobyNewbatt I got the app a few weeks ago and have just noticed it. Perhaps just been introduced? I'm in the UK and I have until the 13th to use a referral code. I can't find my own though so I'm wondering if you have to have been referred to access that as well 🤔
@@jona6720 very weird maybe its something they plan later on? Thanks for thinking of me, I'd take a free £20 I see it in their notes just nowhere to get one!
@@jona6720 got one finally! Hey, want to join me at Chase UK? We'll both get £20 when you join and pay in £20. Get started: link.go.chase/emNK/refer?code=QwhHGj4S. T&Cs apply.
I can share my code with you
U mention monzo ans starling but u fail to highlight these charge for depositing cash and withdrawing cash which is beyond a joke so chase is much better than these 2
since when does monzo charge to deposit money and withdraw😂
Monzo charges £1 for a deposit
@@RyanOsborne-qf3pd thats not tru , ive never been charged to withdraw or deposit. and that includes with the upgraded account
It's very true. To deposit Monzo, take a deposit fee, which is £1.. you get free withdrawals depending if you pay monthly for your accpunt or not.
Lol......
Chase Announcement 13.03.24
if the Bank of England announces that they are decreasing the base rate by 1%, the interest rate on the Chase saver account will decrease by 1% five business days later. The interest rate will never be less than 0%
....co td
Can you just imagine...
The interest rate being below 0%!!!!!
Wow....
Are Chase real...or are they an AI Bank?
2 words and negative starts 😢
Wat
2.7% on the saver account up to 500000 as of the 4-1-2023
Yep!
This bank is a subsidiary of JP Morgan. They are classed as uncooperative. It makes one wonder where their investments go. This bank is questionable when it comes to ethics.
Doesn't sound too different than HSBC and what they did or continue to.
I've switched to Chase and it feels like a much more complete banking experience on the go (app) and live chat assistance is very helpful, too. It just needs a dark mode and the ability to log in via the website rather than app-only.
Physical branches would be a good idea, but I wouldn't count on that.
Hello, what surprised me is the fact nobody mention the 12 £ monthly fee.
Hey dude not sure what you mean there is no fee? Are you talking about a different account?
Hey dude not sure what you mean there is no fee? Are you talking about a different account?
No fee at all even for international transactions
This is better than monzo monzo is useless
Don't open an account with Chase, they suddenly block your money, and you are left with no response and without your money.
Can you expand on that? Why did they block your money? What did they say when you contacted them?
Worsr bank ever, blocks simple bank transfers and no real access to customer service.
Chase is terrible, Please be aware, chase bank steel your money out of your saving account monthly, they call it service charge, I had $1,438 on my savings I'm checking my savings today they kept charging me each month and my balance is $ 887 today , I wish I never opened any account with this steeling business holders
Thanks for letting us know Brian
@@TobyNewbatt Is there a way around this to waiver the fees? I am looking to open a saving account but don't want to be hit with fees
This is the USA and not Chase UK two different Legal Entities
@@R100Oli There are NO fees for chase uk, this muppet is talking about CHASE USA which is a different company
The wo r th less ng g er plan tation
Hi
Great video
Thanks Michelle!