New bank account from Chase bank

[GMJ]

In last weeks Martin Lewis email he mentions a new bank account from Chase.

It caught my eye as it is free to open; no fees and you do not need to switch your main account to it. However the main thing I noticed that is that it promises near perfect exchange rates plus FREE cash withdrawals and transactions abroad, so no fees. NB It's opened via an App so you need to have IOS14 or Android equivalent to be able to open t. it cannot be opened via a computer/laptop unfortunately.

I thought this might be an easier way of using cash points abroad rather than the Caxton card. With this simply transfer whatever holiday money you want in the UK; use cashpoints fee-free; and then transfer any balance back at the end or leave it in there, to suit. I cant remember if the Caxton card will let you transfer odd amounts back to £ or whether it has to be round figures.

https://www.moneysavingexpert.com/ba.../#chasesavings

It also has the advantage of a regular saver account linked to it that pays 1.5% interest on savings deposits of up to £300 per month.

 

[DTDOG]

I've had one for a month now and can't fault it. Accrued nearly £14 on the roundup account (they round up any spend to the nearest £ and put this in to a 5% interest account, so the £14 is my own money, but earning 5%). I've also accrued £16 on the 1% cash back.

 

[saxonborg]

I've had one for a month now and can't fault it. Accrued nearly £14 on the roundup account (they round up any spend to the nearest £ and put this in to a 5% interest account, so the £14 is my own money, but earning 5%). I've also accrued £16 on the 1% cash back.

In contrast I e-mailed them using their contact e-mail address and never got a reply.

 

[Pudsey Bear]

Looks to be part of JP Morgan.

 

[Rodders1234]

I opened an account earlier this month and can say that their telephone support is very helpful.
The bank card does not have any card number etc so I guess you can not use it for online purchases?

 

[GeoffL]

In contrast I e-mailed them using their contact e-mail address and never got a reply.

I also emailed them and got no reply. However, either I missed it first time round, they've updated their website to give full T&Cs, or I've just stumbled on their T&Cs for a different saver account, but it seems about as much use as a chocolate fireguard for anyone wanting this to the bank card abroad to pay for day-to-day expenses. Their T&Cs include that you can only withdraw from the account by transfer to another bank account. i.e. that bank card can't be used at ATMs or POS. You also need to have a 'current' account with them to have a saver account. That said, it looks good for Chase customers who want to use it for its intended purpose; to save small amounts on an ad-hoc basis ...

Payments out of the account​

You can only withdraw from the account by transferring funds to other accounts held with us or other UK banks. You can make as many withdrawals as you like with no penalties.

Full T&Cs here: https://www.chase.co.uk/gb/en/legal/chase-saver-account-terms-and-conditions/

 

[DTDOG]

I opened an account earlier this month and can say that their telephone support is very helpful.
The bank card does not have any card number etc so I guess you can not use it for online purchases?

On the app there is a picture of a card. Click on this image and it gives more details. ie Sort Code, Card number and your security number. It even has a handy 'copy' tab so you can copy and paste each detail if you're shopping online. Plus, don't forget you're getting 1% cashback on each spend.

 

[PopesOnTour]

I've tried to install the app as all reports seem positive, but my phone isn't compatible E-mailed support and got a response stating that I need Android 8.1, my phone is on 10. Also, some hardware restrictions may prevent the app from installing, but no details on what could cause the restriction. I'm using a Samsung J6, has anyone using the app installed it on a Samsung and if so, what model.

 

[Ardachaidh]

Re the ”fee free” atm withdrawals abroad, this refers to the fees Chase might levy. The operator of the atm, or the bank In which it is located, might charge a fee.

Last month in Spain I cycled several miles uphill to a small village to withdraw some cash and got stung with a fee levied by the atm which on €200 amounted to 3%. Later, in Extremadura I withdrew at a Liberbank fee free.

 

[Geek]

The best thing about the chase account is the interest rate. Once you have opened the account, you can add a savings account that pays 1.5% interest. OK it's way less than inflation, but it's as good as you'll find for an instant access account.

 

[GMJ]

Gutted I cant open one with my steam powered smart phone

 

[Geek]

To have a version of Android that's older than 8.1 seems pretty risky. My phone is several years old and is on 10.

 

[GMJ]

Its an iPhone 5 on IOS 11.5 or some such and the Chase account needs IOS 14

 

[Geek]

Ah, the Apple tax. Well, the good news is that you can buy a far better phone than that, running Android, for not a lot of money

 

[GMJ]

Happy with it tbh

 

[marchie]

Gutted I cant open one with my steam powered smart phone

I started work with Barclays Bank on 14 Sep 1970 (before electronic calculators were available...) and my first task was to hand post the Deposit Account Ledgers using a dip pen and indelible ink that came in powder form and had to be mixed with tap water ... And then I became first reserve changer of the blotting paper on the Branch Manager's desk (fold in the paper towards him so that the open side didn't catch his suit jacket when he stood to greet customers ...)

Smart phones ... Pah!

Steve

 

[GMJ]

You old fart

 

[marchie]

You old fart

And proud of it! We also had a product called Inhibisol Fluid to remove miscoded MICR characters on cheques paid into accounts. It was nicknamed Imbecile Fluid, because only imbeciles needed to use it ...

Steve

 

[Ardachaidh]

Did you use the “Facit” calculator? We had them in J&P Coats HQ, St Vincent St Glasgow late 60’s. As I remember you turned a handle and moved something along the top to go from units to tens etc. it was very very early days of computing, so these wee devices were great.

 

[marchie]

Did you use the “Facit” calculator? We had them in J&P Coats HQ, St Vincent St Glasgow late 60’s. As I remember you turned a handle and moved something along the top to go from units to tens etc. it was very very early days of computing, so these wee devices were great.

No. Deposit Accounts were hand posted ledgers with interest calculated via McGregor's Interest Tables, and the ledgers balanced each day by hand (unless you were dumb enough to need a place in the queue to use the Olivetti adding machine ...)

Current Accounts were posted on an NCR34 sliding carriage machine. Debits and credits posted direct onto the Statement, and then the carriage slid to the right for the corresponding entries onto the Waste Sheet from which the Day's Work was balanced. And each Tuesday, IIRC, the General Ledger was balanced by hand casting the individual ledger totals (about 27 inches of figures ...), an exercise entrusted to the Second Cashier, who was allowed to close his Till for this work ) unless an important customer was waiting to be served!)

Steve