Chase joins seven-day switching service - how does its current account compare?

Chase has joined the Current Account Switching Service (CASS), meaning new customers should be able to ditch their old provider for the digital bank within seven days.

The service comes with a guarantee which means your new bank is responsible for switching your payments and transfering your balance as well as closing your old account.

With switching to the challenger bank now simpler, Which? takes a closer look at Chase's current account and how it compares.

What does the Chase current account offer?

Its current account offers customers a range of features, including:

1% cashback on all eligible debit card spending for the first 12 months (capped at £15 per month);

1% AER  interest (variable) on all current account balances paid monthly;

3.3% AER interest with the Chase saver account - only available to current account customers;

5% AER interest with the round-up account (saves the rounds ups on your spending to the nearest £1);

Fee-free debit card use abroad, including for cash withdrawals at foreign ATMs.

Is Chase a good current account provider?

Chase is an app-only bank that was launched in the UK by US provider JP Morgan Chase in September 2021. Since then, it has attracted more than 1.6 million customers and now holds £15bn in deposits. 

How does the Chase account compare? 

We've taken a look at other current accounts that pay interest to see how the Chase account stacks up.

Chase's 1% interest account pales in comparison to the higher rates offered by many of its competitors - most of which are big high street banks. 

Nationwide offers the most interest and its rate is better than many savings accounts. The best rate for a restriction-free instant access is currently 3.85% AER, offered by Secure Trust Bank.

However, there are terms to watch out for. You must deposit a minimum of £1,000 a month and the interest of 5% is only on balances of up to £1,500 - you won't earn anything over that amount. It's also fixed for the first 12 months, after which the rate drops to 0.25% AER.

Chase's current account on the other hand doesn't have a minimum or maximum amount of money needed to earn interest.

Find out more: 

How does the switching service benefit you?

Now Chase has signed up to the switching service, it should only take seven working days to move everything from your old account to the new one - that includes direct debits and salary payments.

The beauty of the service is the ease with which customers can make the switch - once you've filled in an online form with details of your old account, the rest of the process is largely automated. 

Over 9m switches have been made since the service was launched in 2013 and there are now 48 participating banks, including Chase. 

However, it still may be worth looking beyond providers that are signed up to the CASS. 

The Kroo current account offers the second-highest interest-paying account right now but it's also the only provider in our table not participating in the switching service. Customers wanting to transfer all their banking to this provider will therefore have to do the leg work on switching themselves.

Find out more: 

How to switch your current account

It's important to do you research to decide which bank account will suit your needs. 

Don't be tempted by cash incentives alone, take a look at the customer service quality and other long-term benefits of opening an account.

Your new bank will tell you if it's part of the CASS, if it's not you may have to do the transfer and close your old account yourself.

Using the CASS means you’ll also be protected by the Current Account Switch Guarantee, which means your new bank will handle moving these payments and correct any problems that arise as part of the switching process. 

Find out more: 

source https://www.which.co.uk/news/article/chase-joins-seven-day-switching-service-how-does-its-current-account-compare-aspFH5E96KuL