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
More info 
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Disclosure 
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Chase 5-Year Avg 
Industry avg. 
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Verdict 
Ready-made Portfolio: 
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