Chase Bank Review | Is It The #1 Digital Bank In 2024? (2024)

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 Bank Advantages and Disadvantages

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 spendingonline 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