Chase UK discussion

mustardtree6

Any idea when they are going to launch the 5% sweepover saver account?

Zanderman

mustardtree6 said:

Any idea when they are going to launch the 5% sweepover saver account?

See the post 5 above yours....

https://forums.moneysavingexpert.com/discussion/comment/78651762/#Comment_78651762

[Deleted User]

Daliah said:

adamp87 said:

 
It’s a new bank, it’ll take time to get everything right.

It’s a new bank with a 200 year banking history which took three years to launch a UK current account without Direct Debits. Not even true new banks like Metro, Monzo or Starling managed to do that.

I doubt that too many people will fall for the 5% roundup, as that’s merely a gizmo worth just pennies. Their limited 1% cashback is presently the only redeeming and unique feature

Clearly at the moment is basically a pre-paid card, I suspect the proper banking systems are not ready yet maybe?

Metro, Starling and Monzo all use third party services to process their payments, or at least did at launch. I am betting Chase was not going to accept to that. Metro used to use Barclays for payment processing, or at least part of the process. Not sure if it still does.

block10

Daliah said:

adamp87 said:

 
It’s a new bank, it’ll take time to get everything right.

Their limited 1% cashback is presently the only redeeming and unique feature

Hardly a unique feature.  The alternative was to offer interest % on balances, but this is cheaper and forces people to actually use the debit card.

Zanderman

Deleted_User said:

Daliah said:

adamp87 said:

 
It’s a new bank, it’ll take time to get everything right.

It’s a new bank with a 200 year banking history which took three years to launch a UK current account without Direct Debits. Not even true new banks like Metro, Monzo or Starling managed to do that.

I doubt that too many people will fall for the 5% roundup, as that’s merely a gizmo worth just pennies. Their limited 1% cashback is presently the only redeeming and unique feature

Clearly at the moment is basically a pre-paid card, I suspect the proper banking systems are not ready yet maybe?

Metro, Starling and Monzo all use third party services to process their payments, or at least did at launch. I am betting Chase was not going to accept to that. Metro used to use Barclays for payment processing, or at least part of the process. Not sure if it still does.

Well it's clearly more than a 'pre-paid card'.  It's a bank account.  Pre-paid cards aren't.

But Daliah's point (and many others', including mine earlier in this thread) is that this is Chase - who have a massive banking machine behind them.  And they've launched a less than basic (no DDs etc) bank account after 3 years of prep.  They must, surely, have had the know-how, experience, and time, to set up 'proper banking systems' in that time.

It is really very odd. The only carrot is the 1% cashback - for an account they billed, in the stories they told the media (see the articles months beforehand) before the launch, as being attractive as a main account. Main accounts need DDs as a minimum.

Chase seem to have completely lost the plot somewhere along the line.  Yes, they might get better - indeed I'm sure they will.  But the current offering falls ludicrously short of what they said they would offer.   If it was billed as beta it would be fine, but they did the beta with their own employees beforehand and they bill this as the real thing.  They can't even seem to implement the 5% round-up to saver facility properly.  It's as if they had it designed by trainees on a Friday afternoon after a 'good' lunch. 

It's just odd.  I'm sure it will get better.  But really odd that they launched like this.

[Deleted User]

Zanderman said:

Deleted_User said:

Daliah said:

adamp87 said:

 
It’s a new bank, it’ll take time to get everything right.

It’s a new bank with a 200 year banking history which took three years to launch a UK current account without Direct Debits. Not even true new banks like Metro, Monzo or Starling managed to do that.

I doubt that too many people will fall for the 5% roundup, as that’s merely a gizmo worth just pennies. Their limited 1% cashback is presently the only redeeming and unique feature

Clearly at the moment is basically a pre-paid card, I suspect the proper banking systems are not ready yet maybe?

Metro, Starling and Monzo all use third party services to process their payments, or at least did at launch. I am betting Chase was not going to accept to that. Metro used to use Barclays for payment processing, or at least part of the process. Not sure if it still does.

Well it's clearly more than a 'pre-paid card'.  It's a bank account.  Pre-paid cards aren't.


It's just odd.  I'm sure it will get better.  But really odd that they launched like this.

They call it a bank account, that doesn't mean it is. No overdraft or direct debits. No credit check? 

I suspect the project over ran and they did not finish in time. 

Sensory

Deleted_User said:

Zanderman said:

Deleted_User said:

Daliah said:

adamp87 said:

 
It’s a new bank, it’ll take time to get everything right.

It’s a new bank with a 200 year banking history which took three years to launch a UK current account without Direct Debits. Not even true new banks like Metro, Monzo or Starling managed to do that.

I doubt that too many people will fall for the 5% roundup, as that’s merely a gizmo worth just pennies. Their limited 1% cashback is presently the only redeeming and unique feature

Clearly at the moment is basically a pre-paid card, I suspect the proper banking systems are not ready yet maybe?

Metro, Starling and Monzo all use third party services to process their payments, or at least did at launch. I am betting Chase was not going to accept to that. Metro used to use Barclays for payment processing, or at least part of the process. Not sure if it still does.

Well it's clearly more than a 'pre-paid card'.  It's a bank account.  Pre-paid cards aren't.


It's just odd.  I'm sure it will get better.  But really odd that they launched like this.

They call it a bank account, that doesn't mean it is. No overdraft or direct debits. No credit check? 

I suspect the project over ran and they did not finish in time. 

It has a sort code and account number, allows transfers in and out including wages/salaries and standing orders, and unlike Revolut, Chase UK has a UK banking licence with full FSCS protection. They do soft searches just like Monzo and Starling for identity checking.

The associated debit card is more akin to a pre-paid card, but the debit card is linked to the account.

Overdrafts certainly aren’t necessary for bank accounts, although the lack of direct debits is a glaring omission that even basic accounts and Revolut have.

Daliah

block10 said:

Daliah said:

adamp87 said:

 
It’s a new bank, it’ll take time to get everything right.

Their limited 1% cashback is presently the only redeeming and unique feature

Hardly a unique feature.  The alternative was to offer interest % on balances, but this is cheaper and forces people to actually use the debit card.

Which other bank gives 1% cashback on debit card purchases?

Daliah

Zanderman said:

Deleted_User said:

Daliah said:

adamp87 said:

 
It’s a new bank, it’ll take time to get everything right.

It’s a new bank with a 200 year banking history which took three years to launch a UK current account without Direct Debits. Not even true new banks like Metro, Monzo or Starling managed to do that.

I doubt that too many people will fall for the 5% roundup, as that’s merely a gizmo worth just pennies. Their limited 1% cashback is presently the only redeeming and unique feature

Clearly at the moment is basically a pre-paid card, I suspect the proper banking systems are not ready yet maybe?

Metro, Starling and Monzo all use third party services to process their payments, or at least did at launch. I am betting Chase was not going to accept to that. Metro used to use Barclays for payment processing, or at least part of the process. Not sure if it still does.

Well it's clearly more than a 'pre-paid card'.  It's a bank account.  Pre-paid cards aren't.

But Daliah's point (and many others', including mine earlier in this thread) is that this is Chase - who have a massive banking machine behind them.  And they've launched a less than basic (no DDs etc) bank account after 3 years of prep.  They must, surely, have had the know-how, experience, and time, to set up 'proper banking systems' in that time.

It is really very odd. The only carrot is the 1% cashback - for an account they billed, in the stories they told the media (see the articles months beforehand) before the launch, as being attractive as a main account. Main accounts need DDs as a minimum.

Chase seem to have completely lost the plot somewhere along the line.  Yes, they might get better - indeed I'm sure they will.  But the current offering falls ludicrously short of what they said they would offer.   If it was billed as beta it would be fine, but they did the beta with their own employees beforehand and they bill this as the real thing.  They can't even seem to implement the 5% round-up to saver facility properly.  It's as if they had it designed by trainees on a Friday afternoon after a 'good' lunch. 

It's just odd.  I'm sure it will get better.  But really odd that they launched like this.

Chase UK are using what looks like a brand-new 'banking as a service' platform, provided by 10X. 10X are a startup UK Fintech, so it is fair to assume they know about Direct Debits.There could be technical or business reasons why Chase don't offer DDs, but whatever the actual reason, it seems really odd to launch a UK current account without DD capability.

Another odd thing is that Chase US has chosen another UK Fintech startup, Thought Machine, to replace its current retail core banking system in the US. As far as I can tell, 10X and Thought Machine are competing in the same space. As is Starling Bank, whose platform is already used by Raisin, if only for facilitating savings, and who have announced that they are expanding their 'banking as a service' offering to the EU (whilst retaining their UK offering, complete with DDs).

I remain of the opinion that Chase UK need to pull their finger out and offer something substantially new, over and beyond their limited 1% cashback, if they want to excite the market.

Daliah

Deleted_User said:

I suspect the project over ran and they did not finish in time. 

Easy, and logical, to come to this conclusion.