Switching to the right bank can make all the difference to your financial health, but which one makes it worth your while?
Chase is an award-winning bank, having previously won the Best Current Account Provider Award from Smart Money People. As well as a current account, it also has a saver account with many features and benefits that could make it an excellent choice for you.
Here are seven reasons why you should switch to Chase.
1. Earn cashback on everyday spending
One of the features we love most about the Chase current account is the 1% cashback on your everyday debit card spending for the first 12 months.* While there are a few cashback exceptions, the feature means you can earn money back on your regular purchases, such as your weekly food shop, as well as larger purchases such as your next holiday.
If you use your debit card a lot - as so many of us do nowadays - the cashback offer can add up to a material amount of money over the year. You can see your cashback balance grow on the app, and you can transfer it whenever you want. The cashback offer is capped at £15 a month and available to new customers. Be sure you know the other terms and conditions too.
2. High-interest savings account
We’re big fans of Chase’s easy-access savings account. Currently, the rate is a competitive 3.85% AER (3.78% gross) variable interest rate. It means you can earn a substantial amount of interest on your savings - without having to lock your money away for a long period of time. So many savings accounts that attract high interest rates limit access, meaning you could be penalised if you took out funds before the set period of time was finished. The Chase saver account doesn’t.
That’s important because you may want the comfort of knowing you can use your money when you need it. You could be saving for a specific goal, or you may just want to grow an emergency fund for life’s surprises. With the Chase saver account, you can put that money aside while also earning interest on it, which helps you reach your financial goals quicker.
We also liked that you also have the interest paid to you monthly and calculated daily. As a result, your savings increase regularly, often encouraging you to save more as you see your money starting to work harder for you.
Finally, you can start saving with as little as you like or can afford. It means you don’t have to have a high figure saved first, before you can open the account.
*Here is more detail on their terms and conditions.
3. Effortless account switching
Switching bank accounts often feels like a lot of extra, unnecessary admin. However, switching is really easy if you want to open a current account with Chase, as the bank is part of the Current Account Switch Service. It means switching your current account to Chase is simple and stress-free. It takes just 7 working days.
All you have to do is tell them you want to switch, and they handle the rest. It’s a streamlined process that makes sure your direct debits, standing orders and incoming payments are moved to your new account - without you having to do a thing. You can then start making use of Chase’s benefits straightaway, with no disruption.
4. The round-up feature
Another great benefit to the Chase current account is how you can choose to round up your spending to the nearest £1. They’ll then transfer the round-up to a round-up account, which earns 5% AER (4.89% gross) variable interest - which is paid monthly.
For example, imagine you spend £3.50 on a coffee, Chase will then round up that amount to £4.00 and transfer the 50p difference to your round-up account.
50p may not sound like much. But they do this on every single payment you make on your debit card (which can also attract 1% cashback in the first 12 months). Again, this can add up to a material amount of money over a period of time. Even though it will only ever be small amounts saved at a time, they can accumulate significantly, giving your savings a lift, with minimal effort from you.
If you’re trying to build your savings without impacting your quality of life, this feature can make a big difference. It’s a form of passive saving that works in the background.
5. Flexible and free account management
We all have our own way of managing money, which is why it’s great to see that Chase’s current account offers a flexible way of looking after your accounts. With Chase, you can open extra current accounts in seconds, for free. You may want to open these accounts to help you budget, pay specific bills or put money aside for a particular goal like a holiday or car deposit. Depending on your saving and spending habits, making the most of these current accounts can make all the difference.
For example, you may want to have one account for your day-to-day spending, while another is for set bills (such as your mortgage or energy) and another goes towards a holiday abroad. Having the funds separate can help you keep track of your finances. You can, therefore, better stay on top of your spending while working towards your savings goals. It also means you don’t have to have another account with another bank to separate your ‘pots’.
6. Secure and convenient
While all banks have to adhere to regulations to help keep your funds safe, Chase also offers a numberless card which many competitor bank accounts don’t offer. A numberless card saves your card details in the Chase app. Having this approach helps keep it private when making purchases - but it could also be more convenient for you too. You can always access your card details through the app when you need them or freeze your card in the app if you lose it.
Other convenient features include adding your card to your digital wallet. Paying through these makes purchasing goods and services quick and easy - but you can still benefit from Chase’s cashback on your spending.
Finally, we liked that Chase doesn’t charge any fees for using your account - if you’re buying goods and services at home or abroad. Having a zero-fee policy means you never have to worry about hidden charges from Chase. If you travel frequently or often make international purchases, you can make significant savings over time.
7. Round-the-clock customer support
It’s so important for a bank to have easily accessible customer service - yet it’s not always a given either. What’s fantastic about Chase is that they have support available for its customers, around the clock. You can contact them 24/7 through the Chase app, where you can speak to a Chase adviser over the phone or via secure message. As you access the support through your phone, you can have instant verification and fast tracking through security. It means you don’t have to answer any questions before having your query investigated.
By being available 24/7, it means you can sort those issues at a time that suits you too. With our lives becoming increasingly busy, it can be tough to find a moment between usual office hours to call your bank. Thanks to Chase’s dedicated customer service team, you can get a high level of support when you need it.
Getting started with Chase
If you want to open an account with Chase, you’ll need to be 18 or older, a UK resident and have a smartphone with a UK mobile number.
Opening a Chase account is easy. Here’s how it’s done:
- Download the Chase app: The Chase app is available on both iOS and Android. You’ll need it first to open your account.
- Open a Chase current account: Simply follow the steps the app leads you through - they are all straightforward to complete.
- Discover the app’s additional features: Once your current account is active, you can open a Chase saver account or set up roundup savings. Plus, the app offers detailed instructions and guidance on how to make the most of banking with Chase.
Switching to Chase
We were really impressed with Chase’s current and saver account. We thought the cashback on everyday spending as well as the 3.85% AER (3.78% gross) on its savings were fantastic features. However, it’s crucial to take your own needs and circumstances into account before making any financial decisions. While these benefits may be advantageous, there may be aspects of your wider situation which mean the account isn’t suitable for you.
That being said, we believe Chase to be a standout choice. It’s straightforward to use and can help many people achieve good financial health. Open your Chase account today so you can start enjoying its benefits.
Image credit: Chase
