Chase UK discussion

masonic

They've done a fair bit of market research on various ongoing rewards including current account interest. We should see what they have settled on before the cashback deal expires (if they want to retain custom).

eastcorkram

Wheres_My_Cashback said:

It's a teaser.....

Maybe they'll start paying interest on the current a/c ? (Wishful thinking !)

Personally, I'd rather they just kept doing the cash back. Unless of course, doing both is an option!

unclebatman

Have to say fair play to them
Within a few hours of the BoE announcement, they're increasing savings to 3% - effective 13 February 2023. 
Maybe they're looking to ensure people stay once the initial 12 months 1% cashback ends

AmityNeon

3% isn't enough to get me to stay. They were bold with 1.5% last year, but now they're just playing catchup, and slowly at that.

miller

I'm obviously missing something; why do the T&Cs have to change to increase the interest rate? I can't recall any other institution doing that.

Zuzi

miller said:

I'm obviously missing something; why do the T&Cs have to change to increase the interest rate? I can't recall any other institution doing that.

I don't think the (upcoming) change of T&Cs refers to increasing the rates on accounts where they are already paying interest. It's about starting to pay interest on accounts where this wasn't previously the case, so those suggesting Chase may want to start paying interest on the current account might be proven right.

Band7

unclebatman said:

Have to say fair play to them
Within a few hours of the BoE announcement, they're increasing savings to 3% - effective 13 February 2023. 
Maybe they're looking to ensure people stay once the initial 12 months 1% cashback ends

They are just trying to stop an exodus to Kroo.

3% is still abysmal, when the Base Rate is 4%

RG2015

miller said:

I'm obviously missing something; why do the T&Cs have to change to increase the interest rate? I can't recall any other institution doing that.

The change to the Ts&Cs was notified on Monday and was for reasons other than the interest rate increase.

The latest interest rate change was announced today but there have been others in the past and these have not been accompanied by a T&C change.

RG2015

Band7 said:

unclebatman said:

Have to say fair play to them
Within a few hours of the BoE announcement, they're increasing savings to 3% - effective 13 February 2023. 
Maybe they're looking to ensure people stay once the initial 12 months 1% cashback ends

They are just trying to stop an exodus to Kroo.

3% is still abysmal, when the Base Rate is 4%

Surely that is how market competition has always worked. Savings providers are in competition with each other. They really have no incentive to keep in step with the Bank of England rate.

Let's not forget that their original loss leading 1.50% along with their 1.00% cashback will have burned a big hole in their profits. 

I suspect that EA rates will slowly increase, but as before today's increase in bank rate they will probably peak at about 3.50%, ie 0.50% below base rate.

SarahLu

I am considering opening an account with chase. I see that they don't allow international payments. Currently, the company I work for pay me in USD via Payoneer and I then manually transfer it into my bank account. I'm assuming this would not be possible with chase? Payoneer do use the Global Payment Service, so perhaps if I moved/converted my balance from USD to GBP on Payoneer and then transferred it to Chase it might work, but I don't know if it would cost me any more (or less?) to do it that way. Does anyone have any experience with this or know if Chase would except a transfer from Payoneer? I've tried asking Chase but all they keep doing is replying with a link to their FAQ document.