You may have heard of Chase. They’ve been advertising on the TV for a while now. It is an app-only bank that has some great perks! The company is backed by JP Morgan and is making strides in the UK banking market. Currently, there is a chase 1.5% interest account available, meaning you can boost your savings with some decent interest rates. Let’s have a look at what it’s all about.
What Is Chase?
Chase is another variation on the traditional bank. There are no branches on the high street and everything is done by your smartphone. You can get a completely free current account, open a linked savings account and have instant access to your money. There is no minimum opening balance, and no fees to eat into your funds. Open extra accounts to separate your money into different pots and overview your spending in just a few taps. It certainly sounds good!
Chase Perks
One of the huge perk of Chase is that for 12 months after signing up, you can get 1% cashback on all your purchases. This means that during this cost of living crisis, you are earning money when you spend it. May people will turn their nose up at 1%. However it all adds up. If the cost of filling your car up with fuel is now £75, that’s a 75p saving, about half a litre of fuel.
You can also round up your purchases and save the difference. Meaning that if you buy a coffee for £2.60, if you’ve activated the round up feature, your payment will actually be £3, with 40p going into your savings account. You’ll also get 5% interest on those round ups.
How To Join
It is really simple to set up a Chase account. Download the app to your phone and then work through the joining process. You will need to provide your details as well as a form of ID. This is done by taking a photo on your phone and sending it via the app. Checks are then done within around 24 hours before you can complete the sign up and have access to your account. There has been a notice that due to the Chase 1.5% interest being so popular, it is taking longer to confirm identity. Mine was still done within around 18 hours.
After completing your set up, you’ll be told that a card is being sent through the post within around 5 days. You can then set up a linked savings account where you can get the 1.5% in your savings.
Chase 1.5% Interest Savings Account
The Chase 1.5% interest rate on it’s savings account is the best around at the moment. You can put in up to £250,000 if you have it, which would give you £3750 in interest for the year. However you need to remember that the FSCS will only cover you for £85k should something happen to the bank.
If you have savings at the moment, check what interest rate you are getting. Many accounts dropped right down to 0.1% or even lower. If you have £5k put away, move it into your Chase 1.5% savings account and get £75 of interest a year.
If you are looking for a new current account and linked savings account with a great interest rate, Chase could be the bank for you. Join today with my link & get £20 when you open an account and pay in £20.
