Insiders score
More info3.5out of 5
Chase Bank is a digital bank owned by one of the largest US banking organisations, J.P. Morgan Chase. It offers a current account and savings account, as well as investment solutions through J.P. Morgan robo-advisory firm, Nutmeg.
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24.8%
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24.8%
August 2024 – the standard Chase saver variable rate changes from 4.10% AER (4.02% gross) to 3.85% AER (3.78% gross), effective from 8 August 2024.
Chase Bank could be a good match for you if:
Chase customers can hold the following accounts:
Unlike Monzo and Revolut, where there are various different level of account membership, Chase only offers one, standard current account. It is free to open and there are no monthly fees. You'll get a contactless (and numberless) debit card which you can also use abroad. (I've written more on the benefits of using Chase overseas, below.)
Chase doesn't allow joint accounts, which is a shame. You could look at Starling or Monzo Bank if you're looking for a joint digital bank account. Chase's investment partner, Nutmeg, doesn't facilitate joint accounts either, but there are plenty of other options if you want a joint investment account. (Visit our Best Stocks and Shares ISA, Best personal pension, and Best investment platform pages for ideas.)
Savings account
If you have a current account set up with Chase, you can also open a saver account. It currently pays 3.85% AER (3.78% gross) variable interest, which is calculated daily and paid monthly. Remember that's a variable rate – so can fluctuate. (It works by tracking at 1.15% below the Bank of England’s base rate.) You can start saving with as little as you like, and can use it to save as much as £1m. However, it's far from the best rate currently available as you can see from the table below, so I'd advise shopping around, especially if you have large amounts of cash.
Investing opportunities
Chase's investment arm is known as Nutmeg. Because they're both part of the J.P. Morgan family, you can sign up to Nutmeg and keep an eye on your investments from within the Chase app – which keeps things nice and neat, and easy to track. Nutmeg is the UK's largest “robo-advisor”, meaning you can gain guidance on suitable investments via algorithms which can help you make decisions without needing to pay for costly human advice. Robo-advice can be a good option if you're wanting to get into investing, need some help choosing what you invest in, but can't afford a financial advisor.
Through Nutmeg, Chase customers can access a:
If you like what you get with Nutmeg or Chase, it could make sense to stay within the J.P. Morgan Chase family. However, remember that there are other factors at play when you're considering an investment product. Just because you like what you get at Chase, doesn't mean Nutmeg is necessarily going to be a good match, or that you couldn't receive lower fees for a better investment service elsewhere.
Travel money
Chase Bank ranks well for its international spending. You'll get access to one of the best exchange rates – the Mastercard exchange rate – with zero currency exchange fees on top. Best of all, there are no limits on using your debit card abroad. (You'll find both Monzo and Revolut have different rules for different countries, plan holders and ‘fair usage' limits which can be quite complicated to understand.)
Withdrawing from foreign ATMs is equally fee-free (although the ATM owners may add their own charges) and there are no limits on how many times you can withdraw – but there is a limit on how much: no more than £500 per day and no more than £1,500 within a month. For comparison, Starling Bank lets you withdraw less per day (£300), but there is no monthly limit. If you don't plan to withdraw more than £1,500 in cash within a month though, then Chase is undoubtedly one of the best travel month providers in the market with no fees for setting up an account and no fees for spending abroad.
For a full guide to the UK's best travel money providers, read my 2024 Travel Money Guide.
Chase Bank is considered a very safe bank. It is authorised and regulated by the UK Financial Conduct Authority and part of the Financial Services Compensation Scheme (FSCS) meaning that you could be entitled to compensation of up to £85,000 in the event that Chase was so go out of business, which is unlikely as it is part of J.P. Morgan Chase; one of the largest banks in the world.
Chase uses Nutmeg – the robo-advisory arm of the J.P. Morgan Chase family in the UK – to provide investments in ISAs, self-invested personal pensions (SIPPs), Junior ISAs and Lifetime ISAs as well as through general investment accounts. We score Nutmeg a 3.0 out of 5.0 overall, so it's not our top recommendation, although it fares reasonably well on fees.
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