Chase Bank

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.

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Ian Lewis
CompareBanks Expert
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

Bank Website
Address
25 Bank Street, Canary Wharf, London, E14 5JP
Phone
0800 376 3333

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.

Pros

  • 24/7 UK-led customer support
  • 1% cashback on all debit card payments
  • Customers can open multiple accounts to help budget

Cons

  • Not many extra features yet
  • No high street branches

What is Chase?

As JPMorgan Chase, the bank is one of the ‘Big Four’ in the US. The Chase digital bank in the UK is therefore seen as a middle ground between the dominance of the UK’s existing high street banks, and the popular digital challenger options such as Monzo and Starling.

The bank is fully UK-based and does not rely on the existing structures in the US. This means that the main headquarters is based in London, while the support team is based in Edinburgh. When customers need to speak to someone, it will be an agent based in the UK, even in the middle of the night – support is available 24/7 and always with a real person, never with a chatbot.

Who is Chase 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 later 2021. As such, it is not accepting all new applications at the minute – it is currently operating with a waiting list system.

Anyone looking to join Chase can head to the website and click the button to join the list. You’ll need to enter your basic personal details – name, email address and phone number – and then when it’s your turn Chase will contact you with instructions on applying.

When you do apply, it’s nice and simple – you’ll download the app and apply through that, and all you’ll 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 Bank currently offers current accounts only, although they have stated their intention to grow their range of products in the future.

There are no physical branches in the UK – everything is digital, 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 debit card payments online or in-store, and 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, 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, but there’s no word on whether it’s compatible with Google Pay yet.

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. Chase will also not charge you for using your bank card abroad, although local services may add their own charges – check these when you travel. Any international payments are made using the current Mastercard exchange rates at the time.

How safe is Chase?

Chase is one of the safer 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.

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 [email protected] and the telephone number is 0800 376 3333.

It’s too early to accurately review how good the customer service is for Chase. It’s a new digital bank for the UK with its own dedicated support, and they’re only allowing customers to join at a manageable rate. It is worth noting that the independent reviews of Chase in the US are not great.

However, they are separate entities with their own customer service departments, so it wouldn’t be fair to judge the UK version of the bank on those comments.

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 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: [email protected]

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?

Can you make international payments 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?

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I'm the Secretary of a small 'not for profit' sports club and would like to know if We could transfer our existing HSBC account to 'Chase'. We maintain a balance of around £2500 with an annual turnover of about £800. — JOHN EDWARD GORDON Thick

Chase Bank Reviews

Graham Simmonds
October 15, 2021

“The App and applying was simple, cashback good, debit card secure as does not show any details, so far so good”

The App and applying was simple, cashback good, debit card secure as does not show any details, so far so good.

One person found this helpful
Steve Jones
October 11, 2021

“Very good so far. I had one query which they came back”

Very good so far. I had one query which they came back to me within the hour

2 persons found this helpful
Eric Tan
October 11, 2021

“Basically like Starling and Monzo but with cashback”

Basically like Starling and Monzo but with cashback. Application process was very simple after I got the code and everything has been fine so far. I am also very impressed with the customer service, better than any I have experienced with a UK fintech bank/e-money service. The app itself does not have as many features as Starling and Monzo and you still cannot set up direct debits, but it is worth getting the account purely for the cashback, imo.

2 persons found this helpful
George Tu
September 27, 2021

“Great application process! Will wait to see how the rewards side of things pans out”

Great application process! Will wait to see how the rewards side of things pans out.

2 persons found this helpful