Chase Bank Review

Chase Bank Review

Chase is a digital challenger bank in the UK, first launched in 2021 by JPMorgan, one of the largest banks in the US. With over 56 million existing customers in the US, Chase is aiming to become one of the major players in the UK.

Reviews Rating
74%
Review Score
This figure is an average of the reviews score, taken from customer reviews and the overall rating of the bank.
62%
BankRank® Score
This figure is the average of the bank’s total sentiment score and the review scores.
Ian Lewis
Deputy Editor
Ian Lewis
Ian is an experienced writer with 15 years’ experience working in journalism and marketing. He’s worked in-house in financial institutions as well as writing freelance pieces for a variety of banking and financial trading websites.
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Overview

First Glance

Chase is a digital challenger bank in the UK, first launched in 2021 by JPMorgan, one of the largest banks in the US. With over 56 million existing customers in the US, Chase is aiming to become one of the major players in the UK.

Features

Contact Info

Email
ChaseSupportUK@chase.com
Address
25 Bank Street, Canary Wharf, London, E14 5JP
Phone
0800 376 3333

Chase Bank Review

First Glance, Who Owns Chase Bank?

Chase is a digital challenger bank in the UK, first launched in 2021 by JPMorgan, one of the largest banks in the US. With over 56 million existing customers in the US, Chase is aiming to become one of the major players in the UK.

Chase Current Account

Chase Current Account
Credit Limit
None
Representative % APR (variable)
None
  • 1% cashback on everyday debit card spending for your first 12 months (new customers, max £15 per month, cashback exceptions apply).
  • Fuss-free interest on your current account balance.
  • Linked easy-access savings with 4.1% AER (4.02% gross) variable interest, paid monthly.

Say hello to rewarding banking. Rewards when you spend, interest when you don't.

Chase Bank Advantages and Disadvantages

AdvantagesDisadvantages
✔️ 24/7 UK-led customer support❌️ Not many extra features yet
✔️ 1% cashback on your everyday debit card spending*❌️ No high street branches
✔️ Customers can open multiple accounts to help budget

Note: Cashback applies to new customers for the first 12 months, with a maximum of £15 per month. Exceptions apply.

Is Chase Bank a Good Bank?

Short answer: yes, we give Chase a high rating due to its strong selection of bank accounts, superior customer service, and effective UK-based support system. Chase's commitment to accessibility and customer satisfaction makes it a strong contender in the banking sector.

Part of JPMorgan, Chase—one of the ‘Big Four' banks in the US—strikes a balance between traditional high street banks in the UK and popular digital challengers like Monzo and Starling. As a fully UK-based institution, Chase does not rely on existing US structures, with its main headquarters in London and a dedicated support team in Edinburgh.

Chase Bank Rating

  • Review Score (74%): This score is calculated from an average of customer reviews and the overall rating of the bank.
  • BankRank® Score (62%): This score combines the bank's total sentiment score with the review scores.

Chase is committed to providing exceptional customer support. When customers need assistance, they are guaranteed to speak with a real person based in the UK, not a chatbot. This level of support is available 24/7, ensuring that help is always at hand, regardless of the time.

Is Chase Bank Safe & How Safe it is?

Chase is one of the safest options if you’re taking your first steps into the world of digital app-only banking. It’s backed by the experience and wealth of one of the world’s largest banks – one that has deliberately taken its time with the launch of this UK service.

They’ve tried to learn lessons from other banks that have failed and succeeded before them and made sure not to rush out a product that isn’t viable.

Chase is authorised by the Prudential Regulation Authority (PRA) and is regulated by the Financial Conduct Authority (FCA). It is also protected by the Financial Services Compensation Scheme (FSCS) – any deposits up to £85,000 will be protected should Chase fail, although amounts above this are unlikely to be covered.

Who is Chase Bank for?

Chase is open to anyone in the UK who is interested in a new bank account, either as their main current account or as a secondary option.

You don’t need to set up any direct debits or have a certain amount of income to qualify. Chase is open to anyone who is a UK resident aged 18 or over, that qualifies as a tax resident of the UK, and has a smartphone and a UK mobile number.

Chase is not suitable for anyone who wants a bank they can visit in person. It’s a wholly digital bank, which means there are no high street branches. All customer service is handled through the app once you’re a customer – there is a customer support telephone number, but it is recommended for anyone who doesn’t have the app to hand or who isn’t yet a customer.

One of the advantages Chase has over other digital challengers is its position as a subsidiary of JPMorgan. JPMorgan is one of the largest banks in the world, and so it is unlikely that the whole company is ever going to just fold.

It has a little extra security from that perspective when compared to the likes of Starling and Monzo which, while very secure and established now, don’t have the same historical backing. So, if you’re someone that likes the idea of a digital bank but wants to feel safer with a long-time institution, Chase could be ideal.

At the same time, JPMorgan has enough financial products that, if Chase turns out to not be profitable, they may not be afraid to close it and refocus their efforts elsewhere. It’s a balance, but there are enough security measures in place across any of the big challenger banks that most people wouldn’t lose out even if theirs did close.

How does Chase work?

Chase is a new bank having only launched in September 2021.

Anyone looking to join Chase can download the app, or scan the QR code on the website to download on App Store and Google Play. All you need to do is verify your identity through a few short steps. You’ll need a passport, a UK driving license or an EU national ID card.

Providing you meet the criteria, you’ll successfully join. Your debit card will be sent to you, and you can start using the app right away.

You can use the Current Account Switching Service with Chase, transferring payments and direct debits from your old bank automatically.

What features do you get with Chase?

Chase currently offers current accounts, although they have stated their intention to grow their range of products in the future. They also offer a Chase saver account which currently offers a 4.1% AER (4.02% gross) variable interest, paid monthly.

There are no physical branches in the UK – everything is digital, and managed through the app.

One important thing to note is the Chase debit card – it’s numberless. This is to protect you in the event that you accidentally lose it.

Your card does have a number, but it’s not printed on the card itself – you can only see it in the Chase app. You’ll still be able to make payments online, but you will need to open the app every time that you want to.

Also, when you make payments using your card in-store, it’ll actually register as a different number. So, your card has both an in-store and an online number. You can see which card number was used for a specific transaction in the app.

Chase customers do get some extra features with their current account. All customers automatically have access to 1% cashback on everyday debit card spending online or in-store (for first 12 months, new customer, max £15 per month, cashback exceptions apply).

Customers are able to open multiple free accounts to be used in a similar way to pots with other banks – budget or keep some money set aside.

There’s also round-up. Customers who choose to use this feature will have their spending rounded up to the nearest £1, with the difference being autosaved. Interest is then added to this saved difference at 5% AER (variable) per annum, paid monthly. Once the year is up, the autosaved balance is then transferred to one of your Chase accounts for you to spend.

Chase works with Apple Pay and Google Pay.

What packages do Chase offer?

As it stands there is only one type of account offered by Chase. It’s free, and you can open multiple accounts within your main account if you want to budget with different pots of money.

The bank is new, and so there’s no guarantee they won’t expand their options in future to include alternative accounts, some of which may involve a monthly fee.

Are there any additional charges?

As it stands there are no additional charges to sign up to Chase or to maintain an account with them.

You can use your Chase card to pay for things or withdraw cash outside the UK (cash withdrawal limits apply). There are no fees when you use your card abroad. The current Mastercard exchange rate will be applied to any purchases you make in the local currency. You also get 1% cashback when spending abroad.

Local banks may charge their own fees when you use one of their cash machines and you should make sure you understand what these are before making a withdrawal. You can use your numberless card to make free withdrawals at any Chase Bank ATM in the United States.

If you choose to pay in pound sterling, you'll get the rate that's set by the merchant you're buying from. Paying in the local currency can help you avoid conversion fees from merchants – so you could get a better deal. You can use the currency converter under ‘Manage card' in the Chase app, to see the current Mastercard exchange rate.

What about customer service?

Most customer service queries are handled directly through the Chase app through a combination of FAQs and live chat. Live chat is always with a real person – the bank is proud to claim that they don’t use any chatbots, like some other services may do.

Support is available 24/7, and customers can choose to email the bank or call if they prefer. The email address is ChaseSupportUK@chase.com and the telephone number is 0800 376 3333.

Can Chase replace your everyday bank account?

As it stands, Chase works perfectly well as a current account if you don’t need the option of high street banking and you’re happy with its limited feature set for now.

You can use it to make and accept payments, and you get a debit card that works in store and online. You can also set up direct debits and other recurring payments, but there are no overdraft or other lending options offered as of writing.

Chase: The Verdict

It’s too early to judge Chase as a whole, because it’s undoubted that the bank will grow its services in the future. However, as a digital app-only bank for everyday banking it’s a pretty solid option. The security of being owned by JPMorgan may reassure some customers too, and it has some interesting features already.

If you’re already with a bank like Monzo or Starling and you’re relatively happy, we’d say that Chase is ‘one to watch’. But if you’re thinking about becoming a digital banking customer for the first time, it may serve as the perfect entry.

Chase Contact Details

25 Bank Street
Canary Wharf
London
E14 5JP

Telephone: 0800 376 3333

Email: ChaseSupportUK@chase.com

Chase FAQ

Can I open a Chase account online?

How much money do I need to open a Chase account?

How do you activate a Chase debit card?

Does Chase offer joint accounts?

Does Chase allow customers to add a gambling block?

How do you dispute a transaction with Chase?

How do you order a new card with Chase?

Will my phone support the Chase app?

Can I change the name Chase calls me by?

Have a question about Chase Bank Review?

Find answers in Q&As and ask your question

My son has been trying to download the Chase app onto his mobile phone, a Samsung Galaxy Edge, but it seems the app is incompatible with this device and the app won't run on his phone. Is there a solution to this issue? If not, is the app being developed so that it is compatible? Many thanks! — Miles

Can I use my card in Australia — Mary galloway

Can the card be used for cash withdrawals and what is the daily limit? — Allan Brown

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Chase Bank Review Reviews

Mannings Collin
March 26, 2024

“Stay away from this bank worst bank going in uk hold”

Stay away from this bank worst bank going in uk hold ur money with no timeline

Martin Ward
March 26, 2024

“I have used Chase Mobile App for about 8 months. It is very easy to use and you do not need to pay in your salary to hold an account”

I have used Chase Mobile App for about 8 months. It is very easy to use and you do not need to pay in your salary to hold an account.
Very secure. E.g. Debit Card No. hidden in app.

My biggest gripes are:-
1. No linked web account (making reconciliation tiresome).
2. No reconcilable running total
3. Mobile Current Balance seldom accurate. (Not so much of a problem if you do all of your banking in the account) but I was evaluating the account by transferring funds into it and taking advantage of the 1% cashback on purchases. If you take your last months closing balance and post the current months transactions displayed in the app it seldom comes to the Current Balance displayed.

helen bunter
March 26, 2024

“This so called bank doesn't accept payments from international accounts nor does it accept cheques”

This so called bank doesn't accept payments from international accounts nor does it accept cheques. It is a puzzle to me how they were able to set themselves up as a bank when they can't offer a full banking service

Rohan Arora
March 26, 2024

“Recently, my phone got infected with a virus, screen went green, battery started to drain quick, spammy notifications etc”

Recently, my phone got infected with a virus, screen went green, battery started to drain quick, spammy notifications etc. Random transactions start to take place from my account, some reversed, and in the end, money is taken from my account, without appearing in the account logs. Virus is in my phone from the 22nd to 30th of September, 2023. Literally, none of these transactions appeared during this time. When I scanned the phone, removed the virus, rebooted all apps, the logs appear, and my bank account is empty.
Around 3300 pounds have disappeared. I have filed a claim, and am waiting on a reply from them. This was the last thing I was expecting from Chase. Absolutely despicable, had high hopes from them, and then this occurs. I doubt whether I will continue to use their services. I have never been scammed in such a horrendous manner, I literally have a balance of zero in my account. Please clearly consider before using this bank, they offer online-only services. I hope anyone choosing to avail their services does so at their own risk. I wish them the best. Absolutely unacceptable.

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