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As soon as I saw the name Chase Bank being advertised in the UK, I knew it was going to be worth writing a Chase review.

We’ve been blogging and writing reviews for almost a decade now. In that time I’d seen just how popular the Chase app was in the US and I’d often wondered if they’d try to venture into the UK market. So who are Chase and what do they offer? This is what we’ll be discussing in this Chase Bank UK review.

Who Are Chase Bank?

As we mentioned already, Chase Bank are very popular in the US serving over 56 million digital customers! 

Chase UK have their main headquarters in London and their support team headquarters are in Edinburgh. 

Chase Bank is a trading name for J.P Morgan Europe Limited and is Authorised by the Prudential Regulation Authority. The company are also regulated in the UK by the Financial Conduct Authority.

What do Chase Bank Offer?

Some of the main features available through a Chase UK bank account are…

• Cashback on everyday spending – Ts and Cs apply
• 24/7 customer support with REAL PEOPLE and NO CHATBOT
• Variable 5% AER interest boost on any spare change savings accumulated 
• Extra Current Accounts for Free for Increased Money Management Options
• Fee-Free Banking with No Charges Abroad
• Spending Overview to help Track Your Spending and Budget
• Extra Features and Cashback Options for those who use Apple Pay

Who Can Bank With Chase?

To open a Chase UK Bank account you will need to be over 18 and reside in the UK only. As Chase is an App based bank account you will need a smartphone. You will also need to have a UK mobile telephone number. On top of this you will need to be a tax resident of the UK too.

Downloading the Chase Bank App

The Chase Bank App is available for download on both the Apple App Store and the Google Play Store. While most modern devices will be supported, there may be some which aren’t due to hardware issues. You will need to be running iOS 14 or above for Apple devices or Android 8.1 and above for android.

How to Open an Account

To open an account with Chase Bank in the UK the first step will be to download the app. It’s free to open an account with Chase and the in-app instructions are quick and simple.

There is no minimum monthly deposit amount to open and maintain a Chase account. Also there are no account opening fees, no monthly charges or ATM fees. Some ATM operators charge their own fees but this money doesn’t go to Chase. Finally, there are no fees to use your Chase Mastercard debit card to spend or withdraw money abroad.

Chase Bank UK Savings Account

Chase Bank UK also offer a flexible savings account with an interest rate of 3%!

What About Direct Debits Using Chase Bank? 

One downside to Chase Bank in the UK right now, is that it cannot currently be used for direct debits. While this may cause complaint for some, Chase say they are working hard to resolve this. They also say to keep an eye on their social channel for any updates in this area. 

Is your Money Safe With Chase?

You’ll be pleased to hear that eligible Chase Bank deposits are cover by the FSCS up to the £85,000 limit. Deposits over this amount are unlikely to be protected if Chase Bank was to fail.

Chase Bank Reviews

On the surface Chase Bank seems to be a good option for those looking for a basic UK bank account. As always when writing a review, though, I like to check out other reviews to see what customers had to say about them. 

The overall view of Chase seems very positive. This is especially true now that Chase are more established in the UK.

On Trustpilot, for example, Chase.co.uk hold a rating of ‘Excellent’ scoring 4.3 out of 5 stars based on 975 reviews.

Chase UK Bank Alternatives

With no shortage of alternative app based bank accounts available in the UK such as Revolut, Monese and Monzo it’s clear that Chase are going to face stiff competition if they wan’t to corner the UK app banking market.

Conclusion

As we said at the start of our Chase UK Bank Review this company have had success in the US. Whether they will be able to replicate this in the UK will be largely be down to what extra features they add to the account and how well their customer service can rival it’s competitors. Online reviews of Chase seem good but it’s still early days for its UK service, so let’s see how things progress. 

Have you used Chase? How have you found them? Let us know in the comments.

Capital at risk. Investments can go up and down in value, and you may not get back what you put in. This blog does not constitute financial advice. If you’re unsure, seek independent financial advice.