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Chase Bank: Great for cashback and no-fee travel money, but playing catch-up in other areas

Insiders score

infoMore info
This is the score our team have awarded the platform based on our own personal experiences and other important factors, such as fees and ease of use.

3.5out of 5

Recommended in
Best digital bank account Travel Money Guide 2024

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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By Clare West

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3.5out of 5

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Clare's view

The Verdict

Average Success Rate

23.5%

infoChase 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.

24.8%

infoIndustry 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 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.
arrow-down-orangeRead More
quote

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% 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
quote

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
  • Verdict3.5
  • Ready-made Portfolio2.5
  • Fees4.0
  • Trading Platform4.5
  • Research4.0
  • Safety5.0
  • Education3.0
  • Customer Service4.0
  • Portfolio View

Clare's view

Who do I recommend it for?

Average Success Rate

23.5%

infoChase 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.

24.8%

info 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.
arrow-down-orangeRead More
quote

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% 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
quote

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
  • arrowVerdict
    3.5
  • arrowReady-made Portfolio:
    2.5
  • arrow Fees:
    4.0
  • arrowTrading Platform:
    4.5
  • arrowResearch:
    4.0
  • arrowSafety:
    5.0
  • arrowEducation:
    3.0
  • arrowCustomer Service:
    4.0
  • arrowPortfolio View

update-icon

Updates

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.

Who do I recommend Chase for?

Chase Bank could be a good match for you if:

  • You're looking for a digital bank account with cashback and/or round-ups
  • You travel abroad and want free debit card and ATM use internationally

Account types and assets

“portfolio

Chase customers can hold the following accounts:

  • Current account
  • Saver account

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:

  • Sometimes called an investment ISA, a stocks and shares ISA is an individual savings account that allows you to invest in shares, unit trusts, investment funds, and bonds. You will not need to pay tax on any income or capital gains earned on investments within an ISAStocks and shares ISAinfo
  • Lifetime ISAs (Individual Savings Accounts) (LISAs) are designed to help you save for your first home or retirement and come with an automatic 25% government bonus on all contributions up to the value of £4,000. There are stocks and shares LISAs – where you invest your savings – and cash LISAs – where you earn interest on your savings. You must be between 18 and 40 to open a LISA and all income, capital gains and interest earned within LISAs is tax-free, although these funds can only be used to purchase your first home or for retirement. Ensure you are familiar with the rules surrounding this account before utilising itLifetime ISAinfo
  • Junior ISAs (Individual Savings Accounts) (JISAs) are tax-free savings accounts for children under the age of 18. Only a parent can open a JISA but anyone can contribute. You can choose to save for your children through either a cash Junior ISA where you will earn interest on any cash in the account, or a stocks and shares Junior ISA where you will invest your child’s savings on their behalfJunior ISAinfo
  • General investment account (GIA) is an account designed to provide access to investments. You may be liable for tax on any income or capital gains earned within a general investment account but this can be a useful vehicle for anyone who has maxed out their ISA allowanceGeneral investment accountinfo
  • A self-invested personal pension (SIPP) is a type of private pension that allows you to control the specific investments that make up your pension fundSelf-Invested Personal Pension (SIPP)info

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.

Read full review of Nutmeg.

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.

Awards

FAQs

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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