Chase UK discussion

Emmia

Dandytf said:

I opened my account with small deposit.
It states 0%,why are mser's referring to 5%

thanks

The 5% relates to rounding up on spending. It isn't interest on deposits.

https://www.chase.co.uk/gb/en/

"Boost your savings with 5% interest on round-ups

We’ll help you set aside money every day. Simply choose to round up your spending to the nearest £1 and we’ll turn the spare change into savings with a 5% AER (4.89% gross) variable interest boost, paid monthly."

wiseonesomeofthetime

Dandytf said:

I opened my account with small deposit.
It states 0%,why are mser's referring to 5%

thanks

You really need to start reading thoroughly what you are signing up to mate.

Otherwise, you're just setting yourself up to be shot at again by some posters on here.

Emmia

@Dandytf - if it were 5% interest on savings, MSE people & everyone with cash savings earning less than 1% would be piling in.

Chase would suddenly have billions in deposits - and would probably go into meltdown.

It would be front page of every newspaper.

As it is, you're probably not going to earn loads from it, even with careful spending and large numbers of low value transactions to maximise the roundups

SuperHans1

masonic said:

Nick_C said:

wiseonesomeofthetime said:

What would be nice would be for any bank to allow a standing order to be set for a frequency of x number of days.

This would solve the weekly, fortnightly, three weeks, or four weeks, etc. expenses quite easily, I would have thought.

Anyone know any that allow that such instruction at all?

Fortnightly is easy enough.  Just set up two standing orders, each to pay out every four weeks, with start dates two weeks apart.

Weekly is standard surely?  And a demand for a regular payment every three weeks must be pretty rare.

A problem with every x days would be what happens when the payment day falls on a non banking day.

Presumably what would happen when an "every x days" payment falls on a non-banking day would be the same as what happens when a monthly payment falls on a non-banking day.

Starling also send standing order payments on non working days. It is a great feature of Starling and makes setting up future payments far easier than other banks.

Daliah

SuperHans1 said:

masonic said:

Nick_C said:

wiseonesomeofthetime said:

What would be nice would be for any bank to allow a standing order to be set for a frequency of x number of days.

This would solve the weekly, fortnightly, three weeks, or four weeks, etc. expenses quite easily, I would have thought.

Anyone know any that allow that such instruction at all?

Fortnightly is easy enough.  Just set up two standing orders, each to pay out every four weeks, with start dates two weeks apart.

Weekly is standard surely?  And a demand for a regular payment every three weeks must be pretty rare.

A problem with every x days would be what happens when the payment day falls on a non banking day.

Presumably what would happen when an "every x days" payment falls on a non-banking day would be the same as what happens when a monthly payment falls on a non-banking day.

Starling also send standing order payments on non working days. It is a great feature of Starling and makes setting up future payments far easier than other banks.

Yes and no - incoming payments for most people will almost certainly all only arrive on banking days. This could lead to SOs bouncing, or sending you overdrawn if you have an O/D facility. 

Dandytf

thanks mser's it was delay in activating that stopped me reading features.
Simply choose to round up your spending to the nearest £1 and we’ll turn the spare change into savings with a 5% AER (4.89% gross) variable interest boost, paid monthly.

that's fine, i can start with groceries as an example, once card arrives.

masonic

I feel a bit like a beta-tester, but the support through live chat is first class. They've promptly given me an account credit where transactions that should have qualified for cashback did not. They also have a nice feature of being able to send an in-app notification when they call you to prove it's them (and avoid the need for security questions). Here's hoping they make it a bit more like a full current account.

[Deleted User]

Got the first statement issued today on the app, looks good and professional. 

Daliah

Deleted_User said:

Got the first statement issued today on the app, looks good and professional. 

I haven't seen a statement yet, probably because my account isn't a month old yet. It seems rather unimaginative though to just produce statements for a period determined by the bank. Starling Bank has set the benchmark on statements - apart from pre-prepared statements for calendar months, you can produce them as and  if you need them for a time period that suits you, and you can optionally have them electronically certified by Starling

scoot65

Daliah said:

you can produce them as and  if you need them for a time period that suits you, and you can optionally have them electronically certified by Starling

How does a customer request Starling to electronically certify a statement?