Chase UK discussion

wiseonesomeofthetime

B0bbyEwing said:

If you check out: https://www.bankofengland.co.uk/education/education-resources/borrowing-savings-calculator then Chase will get you £15 on £1k yet if you check out https://www.landc.co.uk/calculators/interest-calculator/ apparently you get £12. Going like for like, that Al Rayan if you use the £15 link only gets you £6 more over a whole year.  

The L&C calculator deducts tax at the basic rate of 20%, of which many savers don't pay any (Sadly not I)

They mention it on their site:
"Our savings interest rate calculator will give you an idea of what interest you’ll receive after tax each month or year and help you to make the most of your money."

Though I am sure you noticed that.

Marchitiello

Just noticed that this thread has not been updated for a while even though Chase has obviously been listening to feedback.

I am sure either many initial customers or even all customers have been contacted with few changes and a surveys.

After initially extending the 1% cashback to February, they have now told us that the saving account rate is increasing to 2.1%.

Then late last week, a survey went out asking preferences about what type of rewards combination was the most desired as a permanent change going forward, some which basically extended the current set up, others that involved cashback on DD, earning Avios or Nectars, and interest on current account. Interestingly, the free Forex use is definitely a permanent feature in all scenarios, that together with the USP of US ATM usage, would make it for me a permanent account in my stable for my annual U.S. trips.

There have been a lot of discussions from day one on this thread about “closing the account as soon as those initial offer would end”, and the Chase own forum had plenty of similar comment so I have always been advocating that something more long term would come, and so evidence so far, suggest it will.

BigBlueSky

Let's hope they increase the interest rate again as even the new rate isn't very competitive. 

Daliah

BigBlueSky said:

Let's hope they increase the interest rate again as even the new rate isn't very competitive. 

Agree. Their new rate is not enough to tempt me back with my instant access savings, which I removed from Chase in June.

I am still enjoying the 1% cashback on larger purchases but I don't bother now with things like supermarket spends as I get 1% on my RBS credit card for those, and I find spending on credit card so much easier than using a debit card as I don't have to worry about having enough money in the current account at the time of purchase.

It's hard for me to imagine that I would ever just use one bank, not least because I wouldn't ever want all my eggs in the same basket, FSCS only covers up to £85k, and there isn't a single bank which always had the best deals for everything. I also don't believe there will ever be such a bank as competition will always encourage them to leapfrog others in one area or another.

Chase has also still some way to go before they even offer mainstream functionality such as CoP, CASS, payments to/from other countries, cash and cheque deposits, and they need to sort out their system instabilities and funny hardware requirements. Unique features such as SOs and DDs on the savings account, or the cashback, don't make up for these shortfalls.

Marchitiello

Daliah said:

…, payments to/from other countries, …

As reported much earlier in the thread, although they have “officially” said it is not supported, I have extrapolated my account IBAN and SWIFT and made payment into it from another country successfully, not sure why they stated that it was not supported.  Indeed, they do not yet offer the same facility for outbound payments.

I too bank and will continue to bank with more then one bank, but Chase as it stand will be firmly within the stable and IMHO has stronger potential going forward than the other challengers/online only banks .

Daliah

Marchitiello said:

I too bank and will continue to bank with more then one bank, but Chase as it stand will be firmly within the stable and IMHO has stronger potential going forward than the other challengers/online only banks .

Chase is just one of 26 banks I am presently having accounts with. It would take a superhuman effort for any one of these 26 to offer me everything I am after. I have zero loyalty to any of them, like they have zero loyalty to their customers, so I readily leave or join banks, and building societies, depending on the benefits they offer.

phillw

Daliah said:
I am still enjoying the 1% cashback on larger purchases but I don't bother now with things like supermarket spends as I get 1% on my RBS credit card for those, and I find spending on credit card so much easier than using a debit card as I don't have to worry about having enough money in the current account at the time of purchase.

1% cash back is particularly poor, if you can get a 0% purchases credit card.

VXman

phillw said:

Daliah said:
I am still enjoying the 1% cashback on larger purchases but I don't bother now with things like supermarket spends as I get 1% on my RBS credit card for those, and I find spending on credit card so much easier than using a debit card as I don't have to worry about having enough money in the current account at the time of purchase.

1% cash back is particularly poor, if you can get a 0% purchases credit card.

Presumably you mean if you then put the money you would have spent into an interest account paying more than 1%. I remember those days of juggling 0% interest credit cards and savings accounts. I really don't want to go there again. Just too much hassle!

Astria

phillw said:

Daliah said:
I am still enjoying the 1% cashback on larger purchases but I don't bother now with things like supermarket spends as I get 1% on my RBS credit card for those, and I find spending on credit card so much easier than using a debit card as I don't have to worry about having enough money in the current account at the time of purchase.

1% cash back is particularly poor, if you can get a 0% purchases credit card.

Yes, but you still have the make the minimum payment typically, then remember to pay it all of before the interest starts, or try and transfer it to another card. Too much hassle when I can just throw £100 a day at chase and then just use the card as normal. I make lots of small transactions so use the 5% account too. I know it's a gimmick but it's no fuss or hassle and I'll just move it out after the year has ended (and probably cancel the card).

Daliah

phillw said:

Daliah said:
I am still enjoying the 1% cashback on larger purchases but I don't bother now with things like supermarket spends as I get 1% on my RBS credit card for those, and I find spending on credit card so much easier than using a debit card as I don't have to worry about having enough money in the current account at the time of purchase.

1% cash back is particularly poor, if you can get a 0% purchases credit card.

For a major purchase it might be ok, if you can get the purchase date as close as possible to the start of your 0% period, and if you get a card limit that's large enough for the purchase. Many people can get better/easier deals through discount schemes their current or previous employer offers such as the NHS discount scheme. All major retailers are part of these schemes, and you can get juicy deals like 7- 10% at Currys, 4% at Supermarkets, 8% at booking.com and so on. Another way of getting cashback is through the well known cashback sites, and those can often be combined with discount from cashback cards, or indeed with a 0 % credit card.

For ongoing spending, e.g. on food and leisure, the return from the 0% card gets less and less the closer you get to the end date of the 0% period