The Verdict
Average Success Rate
Chase 5-Year Avg The following dataset includes the performances of ready-made portfolios/funds offered by investment platforms and may include both actively and passively managed ready-made portfolios/funds. Performance indicated is also net of all fees to 31st January 2024, unless stated otherwise; any tiered fee structure will be disclosed. Ready-made portfolios/funds that include cryptocurrencies or any other securities outside cash and equities are not included in the dataset. The dataset only includes ready-made portfolios/funds which are explicitly advertised by their respective platforms as being for ‘beginners’, and which are exclusively offered by the platform itself. Funds which are managed by other providers and may be identically offered across multiple platforms were not included in this dataset. For example, the Vanguard UK All Share Acc. ETF was offered by Plum, but as it is not directly managed by Plum and customers could reasonably access it on multiple platforms, it was not included for the purposes of this research. Other discretely advertised securities or investments are not included.
Industry avg. The industry average is the median average of all fund/ready-made portfolio performance figures we collated from 23 investment providers. To see the full dataset, visit X page.
A Chase Bank account comes with some nice benefits: no fees for using your debit card abroad, or for withdrawing money from foreign ATMs, and 1% cashback on all your spending, although you'll only qualify for this for the first year you hold the account. (Loyalty isn't rewarded, it would seem!) You'll also get 5% interest on any round-ups you save, if you choose to round-up your spare change. It's pretty easy to set up and there's no cost for opening an account. It's therefore one to consider if you're looking to spend cheaply abroad or cash-in on cashback.
However, there are a few disappointing things about Chase which means, overall, it falls behind rivals in the digital banking space, Starling Bank and Monzo, for me. You can only send money within the UK and in GBP: there is no option to send money abroad. You can't pay cash or cheques into your account; money can only be deposited as a transfer through the app, and that isn't as easy as other providers make. There's no Open Banking API, so I had to go into the account I wanted to transfer from and set up a payment to get money into my Chase account which felt very old school and off-putting as there's always the danger I'll miss a digit and find I've sent money to someone else's sort code and account number using that method.
There's no longer any interest paid on cash in your current account (Starling does still offer that), and while Chase's savings account offers a reasonable rate of interest, it's far from the highest rate available. So, I have to say, the "rewards", which Chase proudly advertise as the reason to bank with Chase, seem far less rewarding than they could be.
There are no premium accounts, so none of the kind of perks that Revolut and Monzo sell - just the one, free current account and one savings account. Although, you could see that as a good thing if you're not interested in paid-for perks and just want your bank to be a bank.
Chase offers the opportunity to invest via its investment arm, Nutmeg. Nutmeg is the UK's largest 'robo-advisor' with assets under management of more than £600 million. My colleague, Antonia, awarded an overall score of 3.0 out of 5.0 to Nutmeg when she conducted a thorough review of their services and products. You can read that
here. But a couple of things to be aware of if you don't fancy the full read: you need at least £500 to open an investment account with Nutmeg, you can only invest in ETFs, and some of their
A ready-made portfolio is a pre-made collection of investments that have been put together by investment experts. They are designed to be a simple option for those who don’t want to choose individual stocks or funds for themselves.ready-made portfolios
have produced disappointing returns.
My summary: Despite winning Best British Bank at the 2023 British Bank Awards, Chase has a way to go before it outperforms the likes of Starling, First Direct and Monzo as the best digital current account provider, in my opinion. It's a shame the rewards seem to be limited to just the 1% cashback now, and that even that benefit is withdrawn after a year. It's still worth considering if you're looking for a free travel money card, though. You can see my top-listed travel money cards
here.
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Pros
- No fees for using your card abroad
- No fees for withdrawing cash at foreign ATMs
- 1% cashback on your debit card and contactless spending for your first 12 months
- Earn 3.85% The annual equivalent rate (AER) is used to describe the percentage of interest you’ll receive on your savings and investments. AER accounts for compound interest whereas the gross interest rate does not. AER is also known as APY (the annual percentage yield). AER
variable interest in the Chase Saver account - Round up your spending to the nearest £1, and your spare change can earn 5% AER variable interest in a round-up account
- Uses the Mastercard payment network, accepted extensively worldwide
Cons
- No joint accounts
- No overdrafts
- No paying in cash or cheques
- No international payments
- No interest paid on current account balance
- 1% cashback on everyday spending only offered for the first year
- Higher interest rates on savings elsewhere
- Limited to £1500 cash withdrawals per month at foreign ATMs
Ready-made Portfolio
Average Success Rate
Chase 5-Year Avg The following dataset includes the performances of ready-made portfolios/funds offered by investment platforms and may include both actively and passively managed ready-made portfolios/funds. Performance indicated is also net of all fees to 31st January 2024, unless stated otherwise; any tiered fee structure will be disclosed. Ready-made portfolios/funds that include cryptocurrencies or any other securities outside cash and equities are not included in the dataset. The dataset only includes ready-made portfolios/funds which are explicitly advertised by their respective platforms as being for ‘beginners’, and which are exclusively offered by the platform itself. Funds which are managed by other providers and may be identically offered across multiple platforms were not included in this dataset. For example, the Vanguard UK All Share Acc. ETF was offered by Plum, but as it is not directly managed by Plum and customers could reasonably access it on multiple platforms, it was not included for the purposes of this research. Other discretely advertised securities or investments are not included.
Industry avg. The industry average is the median average of all fund/ready-made portfolio performance figures we collated from 23 investment providers. To see the full dataset, visit X page.
Nutmeg's average ready-made portfolio performance isn't stunning, with their 5-year average to May of this year coming in just under the industry average. Having said that, it's Nutmeg's lower-risk socially responsible portfolios that have brought their overall average down. Some of their more adventurous, fully managed portfolios have actually done very well. If you're attracted to the idea of a ready-made investment solution, then it's worth taking a look at the
full data set to get a sense of where your money would have done best over the past few years. Please do remember, however, that past performance is no guarantee of future performance.
Account Opening
Opening an account took me less than 10 minutes through the Chase app, and included identity verification with a passport/driving licence and a live selfie. Transferring money into my Chase account to get started, however, was a faff. It involved having to go into my usual bank account and set up an online transfer using my new Chase account number and sort code. In other words, there's no open banking API yet which all feels a bit old school for a neo-bank. And as you can't pay in cash or cheques, your options are limited.
Pros
- 10 mins to open an account
- Fully digital process
- Documents needed: Passport, driving licence or other approved photo ID
- Account closure can be done in-app
Cons
- Transferring money into your account is laborious
- No open banking link-up
- Can't fund your account with cash or cheques
Research
If you want to research your investments, you'll find Nutmeg has a decent selection of research tools and some helpful calculators. Everything is kept beginner friendly.
Pros
- Guides on investing, ETFs, ethical investing and other useful topics
- Tax, ISA, compound returns, and pension calculators
Cons
- No live news feed
- No customisation
- No advanced tools
Safety
Chase is owned by US banking giant, J.P. Morgan. In the U.S. Chase serves over 56 million digital customers and although it's not that big in the UK yet (2 million customers), but they've been growing fast since launching here in 2021 so they're seen a stable, safe brand. J.P. Morgan Chase is listed on the NYSE, is regulated and authorised by the UK Financial Conduct Authority.
Customer deposits are protected by the Financial Services Compensation Scheme (FSCS). That means, if Chase was to go out of business, your deposits would be covered up to £85,000 (£170,000 for joint accounts).
Pros
- JPMorgan Chase is the largest US-based bank and the fifth-largest bank in the world
- Listed on the New York Stock Exchange
- Authorised and regulated by the FCA
- Deposits are covered by FSCS protection
Education
You'll find a useful bank of articles and guides within Chase's learning "Hub", covering a wide variety of personal banking topics.
Pros
- Regular articles on relevant topics
- Investment guides from Nutmeg
- FAQs
Cons
- All written materials - no videos or podcasts
Customer Service
Chase Bank scores a solid 4.2 stars out of 5 on Trustpilot, with 70% of customers awarding it 5-stars. That's not quite as good as Starling's rating and Chase has more 1-star reviews with a few complaints about over-zealous security measures and issues with using cards.
However, for a digital bank, Chase provides a good choice of methods to contact them with, and best of all, customer services are reachable 24 hours-a-day via phone and messaging service.
Pros
- In-app messaging service
- Existing customers can call customer support via the app
- Non-customers also have access to phone support
- Accessible support for those with hearing or speech difficulties
- 24/7 assistance available
Cons
- Some reports of delays to customer service responses
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Verdict 
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