Chase bank account review

Chase is a UK-only, app-based current account with a linked easy-access saver and 5% round-up savings feature, backed by JP Morgan. In 2025 it pays 1% cashback on UK spending in groceries, fuel (including EV charging) and everyday transport, capped at £15 a month.

The linked saver currently pays around 2.25% AER (variable) on easy-access balances, while round-ups earn 5% AER, so you can pick up a decent return without locking your money away.

That combination makes Chase a strong option if you want a free everyday account that’s great for fee-free spending and cash withdrawals abroad, but it’s weaker if you need things like cash or cheque deposits, an overdraft or joint accounts. As editor of Money Saving Answers, I’ve used Chase since launch, so this review focuses on how those perks and drawbacks stack up in real life in 2025.

Chase bank account review (is it still worth it ?)

For most people, Chase is well worth having as a free everyday and travel account. It combines 1% cashback on selected UK spending with a solid easy-access saver and 5% round‑ups, plus fee‑free card use abroad, but it still falls short of a full-service bank.

Best for

• UK residents who want a simple, digital current account with a linked easy‑access saver.
• Everyday spending that earns 1% cashback on eligible groceries, fuel and local transport up to a monthly cap.
• Fee‑free spending and cash withdrawals when travelling abroad, within Chase’s daily and monthly ATM limits.
• People happy to manage their money entirely from a mobile app rather than in‑branch or via desktop banking.

Not ideal for

• Anyone who relies on an arranged overdraft, joint account or business account with the same provider.
• People who regularly pay in cash or cheques and need branch access or Post Office counter services.
• Savers who always chase the very highest easy‑access rate on the market and are willing to switch frequently.
• Those who prefer a traditional bank with branches and a full web banking experience.

In practice, Chase works best as a powerful secondary account: use it for day‑to‑day card spending, savings pots and travel, while keeping a more traditional bank account for overdrafts, cash deposits and any specialist features you still need.

What is Chase?

Chase is investment bank JP Morgan’s consumer brand. Whilst it may be new to the UK, it’s not a challenger bank as you’ve seen them before. Chase is one of the oldest and largest banks in the US already serving some 60 million households.

With more than $4 trillion of assets under its management, and valuation of over $450bn, this new entrant to the UK consumer market is already worth more than Barclays, Lloyds, HSBC, and Natwest combined.

Unlike the US where it has 4,700 branches Chase’s UK bank account is a completely digital offering similar to that of leading challengers Monzo and Starling. It is unknown yet whether Chase will open dedicated branches in the future.

How do I get a Chase bank account?

The Chase account is available to all UK residents over 18 years old. You can apply for the account directly by visiting the bank’s website. At present there are no credit facilities offered, so no reason for Chase to run a hard credit search on you during application.

You will need to provide identification though, and your address will be checked. The sign up process itself takes about 3-5 minutes and the account should be ready to use straight away.

Chase previously had a refer-a-friend offer that included a sign-up bonus. The offer has now ended, but if you are considering joining Chase in the future it’s worth joining the Money Saving Answers newsletter as we’ll publish any future offers there first.

What are the key features and benefits of Chase bank?

The UK banking sector is one of the most mature and competitive in the world. Not only is Chase hoping to compete with the big highstreet banks such as Barclays, HSBC, Lloyds etc… it’s also going up against successful digital challengers Monzo, Starling, and Revolut. In order to win over consumers Chase is offering a range of benefits:

1% Cashback on purchases (now limited to groceries and transport)

Cashback accounts aren’t new, the Chase account offered its 1% on a wider variety of every day spending than we’ve typically seen in the past. Though this has now changed (see below).

The 1% cash back offer only lasts for the first 12 months, though spending abroad is included. After the initial 12 months, you can still earn 1% cashback up to a maximum of £15, but you must meet certain spending criteria. That is paying in at least £1,500 a month, and spending at least £500 on your Chase debit card.

Changes to Chase cashback from 2025

Unfortunately Chase has now decided to limit its cashback offer to only cover groceries, fuel (petrol, diesel, electric charing), and transport such as business and trains.

It’s still 1%, but these new restrictions means very few are now likely to be able to max out the £15 cashback. That requires spending £1,500 a month on only groceries or transportation.

5% AER interest on ’rounded-up’ savings

In addition to the 1% cashback, there’s also 5% interest available on rounded up savings. If activated, all spending on your account will be rounded up the nearest pound. That money will then be moved to separate ‘pot’ where it will earn 5% interest.

As an example if you pay £6.55 for your lunch, Chase will round this up to £7, with the 45p difference being held in a ‘savings pot’. 5% AER variable interest is then added on the amount held in the savings pot. It is calculated daily, and paid monthly. After 12 months all of the money in the saving pot is moved to your main account.

There is currently no time limit on this feature, but with the rate being variable it could change at short notice.

2.25% AER Easy access savings account

Chase has also offers a 2.25% AER easy access savings account. This account is only available to Chase current account customers, and is currently one of the only easy access accounts allowing larger deposits.

It allows you earn 2.25% AER on balances up to a staggering £250,000. That is not something we’ve seen recently in the UK so definitely piqued out interest (excuse the pun). Bear in mind though that FSCS protection only covers deposits of up to £120,000.

The rate on the savings account can easily be beaten elsewhere, but usually on smaller balances. As such, even though it’s below the Bank of England base rate, it’s still an attractive proposition.

Does Chase have pots?

Unlike Starling’s ‘spaces’ or Monzo’s pots, Chase doesn’t offer separate savings goals or savings areas. Instead customers can open as many of its savings accounts as they wish, and individually name them according to their saving goals. Transfers from the savings accounts, into the main account are near instantaneous.

See our guide to the best digital savings accounts for more on savings.

Current account switching

In 2023 Chase became a member of the Current Account Switching Service (CASS). That means you can switch from your current bank to Chase without having to worry about cancelling direct debits and standing orders and setting up new ones. Recurring card payments are also covered.

The switch guarantee ensures that the all payments, payees etc.. from your old account will be switched over within 7 days.

It also means you can use a Chase account to switch away to other banks to take advantage of welcome bonuses. That’s good news, because Chase makes it so easy to open multiple accounts. You can switch one of the other Chase accounts away, leaving your main Chase account untouched. In fact, this is exactly what I did for my last switch.

Is Chase good for travelling abroad?

Like Starling and Monzo, Chase offers fee free foreign spending, meaning there won’t be any charges for making purchase or withdrawals whilst abroad. This is something we’ve come to expect from digital challengers, so whilst it isn’t anything new, it is still very welcome.

Fee-free foreign ATM withdrawas

In addition to fee-free foreign spending, Chase customers can also withdraw up to £1,500 a month without any charges. That compares well to Revolut’s £200, and Monzo’s £200 (£400 in UK or EEA). This makes Chase a great travel card, and one of the best debit cards to use abroad, but you’ll earn more with Trading 212.

No ATM fees in US

Whilst many banks offer fee free foreign spending, foreign ATMs can charge for withdrawals. Santander machines in Spain are terrible for this, often charging up to €5 a time. The situation is similar in the US. Practically all ATMs charge a fee for withdrawals unless it is run by same bank as your card issuer.

The Chase account card can be used at Chase operated ATM’s in the US without any withdrawal fees. That is something even Santander couldn’t manage between UK accounts and Spanish ATMs when the UK was still in the EU.

Advanced budgeting? (separate pots = separate accounts)

Want to keep your income and expenditure separate? This was one of the most popular features of the Monzo account, and something that many switching to Starling had requested.

Chase takes the concept pots, a place where you can separate money from your main account, and as an old-world spin on it by essentially allowing you to create up to 20 current accounts all linked to the same card.

Each account will have its own account number to be able to send and receive payments. You can then be use your Chase debit card to spend from the account of your choice by selecting it from within the app.

Chase cash withdrawal limit in UK

The Chase account has a UK daily cash withdrawal limit of £500. To put that into perspective, Starling customers are limited to a paltry £300 per day, and Monzo customers can withdraw £400 a day from ATMs limited to a maximum of £5,500 per month.

There is no daily limit on amount you can spend with your card, and bank transfers up to £25,000 can be carried out daily.

What are the Drawbacks and limitations of the Chase account?

No branches

Despite having over 4,000 branches in the US, Chase isn’t opening any in the UK, so traditional counter services won’t be available. Chase hasn’t yet set out how customers might physically pay in cash or deposit cheques. currently it’s not possible to pay either into your Chase account.

No number on the debit card 

The Chase debit card does not contain a long form 16 digit number as you might be accustomed to. This is mostly likely to increase security, but it also means the only way to access your card details is via the app.

In most use cases this shouldn’t be a problem, but consider the scenario where you need to pay for something over the phone. you’re either going to need to write it down before hand, or juggle the call and the app at the same time. A minor inconvenience, but an inconvenience all the same.

No telephone or online banking services

With digital accounts we’ve gotten used to not having a telephone banking service. The fact is they aren’t even widely used anyway. Online or web based banking however is another matter.

Whilst many actions can be performed via an app, some things are easier via a browsers. Initially at least Chase doesn’t offer any web-based banking.

Approval for large transfers

Most banks have some form of daily limit on transfers. For some such as Revolut this can be as high as £500,000, but Chase confirmed via its customer support it has a daily limit of £10,000. If you want to transfer more than this you have to contact customer support three days in advance. This seems like a backwards step and is not in keeping with some of the competition.

Top-level customer service

Chase offers 24 hour customer service and support via the app, via twitter and its free customer support number 0800 376 3333.

It struggled somewhat in summer 2022 when it offered a free £20 sign up bonus and was overwhelmed by new customers. Since then though Chase has improved its support offering, and recently claimed the Customer support crown in Money Saving Expert’s biannual banking survey.

A whopping 94% of customers surveyed rated the bank’s customer support as ‘great’ whilst just 1% rated is poor. Starling was second with 91% of customers surveyed rating it as ‘great.’

To put that in comparison with a traditional highstreet bank account, 39% of customers rated Barclays customer service as ‘poor.’

Is Chase bank UK safe?

As with any new bank it’s only natural to wonder if your money is safe. Chase is a trading name of JP Morgan Europe Limited which is a regulated by the FCA and Prudential Regulation Authority. The account has full FSCS protection, which means you would be eligible for compensation on balances up to £85,000 in the unlikely scenario of the bank going bust.

Additionally, Chase has employed a new UK customer service team to help customers with any enquiries, as well of a raft of security features and checks within the app. Including 128-bit encryption of user details and transaction data. It also offers 24/7 fraud monitoring, instant notifications of account activity and the ability to freeze your card if you need. Confirmation of Payee (CoP) will also be implemented in the next few months.

Does Chase UK report to credit reference agencies (CRA)?

Here’s what Chase says on its website regarding credit reference agencies:

We report to TransUnion and Equifax, the UK’s major CRAs. Just so you know, this is something most banks do and it’s not something you can opt out of.

Still, there are no hard credit checks when opening an account, but Chase does use soft searched for identification and anti-fraud checks.

Is Chase UK a good bank? How does it compare?

Yes. I’ve personally used Chase since its inception in the UK, and the overall Money Saving Answers verdict is that Chase is a good bank. Many of its bells and whistles have been done before, but as an overall package it’s right up there with the best of them.

Chase has now taken over from Monzo as the UK’s largest digital current account provider. Unfortunately, now that’s its reach the number one spot, it has started pull back or outright cancel many of the incentives that got it there. That leaves a bad taste in my mouth, and some customers have already shared their frustrations on Reddit.

If you are looking to earn money form your account you’ll get up to £200 from switching to one of the top picks in our the best switching bank bonuses guide. which will be quicker and easier than maxing out the benefits offered by Chase, but of course is a one time deal.

In terms of rewards and cashback it is now almost impossible for most to earn the £15 a month. The 5% interest on round-ups is a nice feature, but is a little limited.

Just how much you could earn is difficult to work out as it will depend on your spending habits, but even if making 50 individual transactions a month, the total amount rounded up will likely be much less than you could get paying a £100 a month into a high interest savings account.

Anyone considering a Chase account today is looking to shun highstreet banks and go digital. In which case Chase does compare well with its digital peers, in terms of fancy features, and free free foreign spending.