Get £20 Free & Enjoy 1% Cashback With Chase

If you are looking for an alternative to collecting reward points or you’d rather have a debit card in your pocket over a credit card, it may be worth considering a Chase account. As well as getting £20 just for joining (when referred and depositing £20) you also get 1% cashback on all your debit card purchases for a year, 1.5% AER interest on easy-access savings & more…

What is Chase?

Whilst the name may be new to the UK, Chase certainly isn’t a newbie to the world of banking! It is a subsidiary of JP Morgan Chase and is one of the ‘big four’ banks in the US serving around 56 million customers. In the UK currently their bank account is digital only and has no physical branches (a bit like Monzo, Revolut etc.) You can read more about Chase on their website here – https://www.chase.co.uk/gb/en/

Benefits of a Chase Account

1% Cashback on purchases

You can get 1% cashback on everyday purchases with your Chase debit card online or in-store – for a whole year. You just need to activate it in your account after being accepted and both local and spending abroad is included. As you might expect there are certain exclusions to this but these are generally based around vehicles, tax and cash to prevent gamification of the cashback.

5% AER Interest On ‘Rounded Up’ Savings

If activated Chase will round up your purchases to the nearest whole pound. The difference will be added to a ‘saving pot’ which earns 5% AER.

For example if you pay £7.59 for lunch, Chase will round this up to £8 with 41p being added to your ‘saving pot.’ You wil the earn 5% AER Interest on the amount held in your saving pot, after 12 months all the money in your ‘savings pot’ is moved to your main account. So unfortunately you won’t be able to earn 5% AER ongoing on the amount.

Easy access 1.5% AER Saving account

Chase’s easy access savings account allows you earn 1.5% on balances up to a huge £250,000. There are other accounts that offer a higher interest rate but they are more restrictive on either the amount your can deposit or the amount you can withdraw. With Chase you can have upto 10 different saving accounts for different purposes but the £250,000 cap is shared between them. Don’t forget FSCS protection only covers deposits of up to £85,000.

Fee free foreign spending

Chase offers fee-free spending abroad, so that means there won’t be any charges for making purchases or withdrawals abroad. If you are withdrawing cash abroad there is a £700 monthly limit. Chase use Mastercard’s exchange rate with no additional transaction fees or mark-ups.

Is it worth having a Chase account?

Compare the benefits to whatever rewards you get from other cards/accounts…

For example, the plus side of having 1% cashback is that it is cash which you can do whatever you want with. If you spend £10,000 in a year with chase you’d recieve £100 cash you can spend however you like. This is also equally a downside as their is no gamification or opportunity for your £100 to be worth more than £100. Compare this to the free BA Amex where you earn 1 Avios per £1 which means £10,000 spend would earn you 10,000 Avios. Whilst we value Avios at 1p (and as such 10,000 Avios is worth £100) there is opporturnity to get oversized value and get £110, £150 or even more worth of value from the points.

You may also find the round-up savings, easy-access saving & fee free spending abroad useful enough perks to sign-up for a Chase account.

How do I sign up for a Chase account?

You can apply by downloading the app from the Chase website here – https://www.chase.co.uk/gb/en/

You can also sign-up using a referral link to get £20 free when you deposit £20 into your account. If you’d like to be referred please follow this link – https://link.go.chase/emNK/refer?code=Im8q5U2V