Chase digital bank account – review

Chase digital bank account – review

I’ve been toying about getting a digital bank account for a while now. For some reason, Monzo and Starling have never really appealed to me. Therefore, when the opportunity to open a Chase digital bank account presented itself, I decided to give it a go.

I hadn’t opened a new bank account since I went to university 8 years ago – and that was only because they were offering a free railcard with the account! At the time, I had to go into an actual bank branch and provide multiple documents and fill out copious forms.

Would this process be easier? I really hoped so…

In this Chase digital bank account review I’ll cover:

  1. Signing up
  2. Getting started
  3. Cashback/interest
  4. What everyone else thinks…
  5. FAQs

Signing up

The onboarding process for a Chase current account could hardly have been easier.

You will need a smart phone to sign up as you create and manage your account via an app.

I simply had to fill in my personal details and prove my ID. The ID check was slightly tricky – for a while it wouldn’t recognise my face as being the same as the picture on my driving license. In hindsight, this may have been me not understanding the angles fully though.

Once this was sorted, it took another couple of hours to approve and activate my account.

After this, my new bank card arrived in the post a few days later. I could use the savings account and shop online in the meantime though. As your card details are stored in the app you don’t need to wait for the card to arrive to get started.

Getting started

I was nervous about transferring money into the account for the first time. This is partly because when I went to make the transfer, my main bank (Santander) said it couldn’t verify the details because Chase wasn’t part of the checking programme.

As a result, my first transfer was £10 just to check it all work. Thankfully, it worked well, and I have since transferred over £1,500 into both my savings account and Chase current account. I have not had any issues with any of the transfers I’ve made so far.

Switching to any bank will take a while to get used to. But overall, the process has been very seamless. I can check my balances whenever I like without any hassle and can easily move money into different pots depending on my needs.

In terms of using the card, I got to select my own PIN before it was even issued, meaning it is really easy to remember and I didn’t have to worry about finding a cash machine that would let me change it.

Now, I just need to remember to pay with my Chase digital bank account more often to take advantage of the cashback offer!

Cashback/interest

The main attraction of a Chase digital bank account is the cashback (current account) and interest (savings account) on offer for your first year.

In terms of cashback, you can get 1% back on everything you spend for your first 12 months. Essentially this is free money, so what’s not to love?

The cashback accrues automatically, although it does take a couple of days to come through. Once it has done, you can transfer it straight to your account which is handy!

You should also note you don’t get cashback on everything. For example, debt repayments, cash withdrawals, and tax payments (among other similar types of payments) are all exempt.

Car purchases and certain fees are also exempt, but the majority of your day to day spending should be eligible.

The savings interest is pretty self explanatory. You get 1.5% on everything you save. This is far better than most savings accounts are offering at the moment, so I was very keen to take advantage of it.

What everyone else thinks…

Overall, the reviews seem – like mine – fairly positive.

Finder gave the Chase digital bank account 4.2 stars out of 5, which sounds pretty good to me! It also described Chase as “one to watch” in the UK.

Andy from Be Clever with you Cash was also largely positive but had some reservations. He argued Monzo and Starling are still more user friendly. However, he said the cashback and interest offers make it very appealing – at least for the time being!

FAQs

Here is some extra information about Chase current accounts and savings accounts.
What is Chase bank?

Chase bank is JP Morgan’s UK consumer bank. It opened to customers in September 2021. It operates on a digital basis, but you can use it like a standard current or savings account.

What does a Chase current account offer?

  • 1% cashback on debit card spending for first year.
  • 5% interest on savings generated by the “round-ups” feature.
  • Linked saver account with 1.5% AER variable interest. This is accrued daily but paid monthly.
  • Budgeting tools.
  • 24/7 customer support.

How does a numberless bank card work?

For in person payments, the numberless bank card works just like any other card. When paying online or requesting a bank transfer, you have to log into the app to reveal your card details.

They are not printed on the card, as Chase believes it improves security and helps prevent fraud. Just make sure you have your phone on you if you’re making any online purchases!

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