Chase 1.5% Easy Access

refluxer

Thumbs_Up said:

App saying device not compatible even though I have android 11. Well done to those who have signed up this morning. It has been highlighted in the Daily Wail, so this morning the Chase bank sever is going in meltdown I suspect.

I wonder why that is ? I just installed the Chase app on my phone which is running Android 10. Had a few issues with the application process but I suspect that is more to do with the current volume of new customers signing up, rather than due to any app/phone compatibility problems.

[Deleted User]

RBS doesn't recognise Chase sort codes and says its a scam, I had to bypass with biometrics. 

BarGin

Can someone please explain how you move money from your Chase Current Account to the new Savings Account using the app?

george4064

Account opened fine via the App, Savings account subsequently opened. Test £1 reached the account instantly, currently in the process of transferring further funds.

All good so far, but I imagine they're experiencing very high volumes at the moment!

mlc2009

can anyone who is more intelligent than me on these matters help me

how quickly do other banks usually release competing products? 

is there any chance any of the big banks, HSBC, Barclays also release competing rates? They have been abysmal for ages

refluxer

BarGin said:

Can someone please explain how you move money from your Chase Current Account to the new Savings Account using the app?

There is an option to move money between accounts when you click the 'Payments' section at the bottom of the app - looks very straight-forward.

djpailo

mlc2009 said:

can anyone who is more intelligent than me on these matters help me

how quickly do other banks usually release competing products? 

is there any chance any of the big banks, HSBC, Barclays also release competing rates? They have been abysmal for ages

Absolutely no chance there will be even a remotely competing product from the major banks. You may see some changes from some of the challenger banks but it may take a while to reach 1.5%. There is also talk that the BoE will raise interest rates again before the end of the year. 

mlc2009

djpailo said:

Absolutely no chance there will be even a remotely competing product from the major banks. You may see some changes from some of the challenger banks but it may take a while to reach 1.5%. There is also talk that the BoE will raise interest rates again before the end of the year. 

is there any reason why the major banks don't compete, is it due to QE and they essentially get free money so don't need publics?

I remember having a 3 percent account with northern rock in 2010, the highest rates I remember

masonic

mlc2009 said:

djpailo said:

Absolutely no chance there will be even a remotely competing product from the major banks. You may see some changes from some of the challenger banks but it may take a while to reach 1.5%. There is also talk that the BoE will raise interest rates again before the end of the year. 

is there any reason why the major banks don't compete, is it due to QE and they essentially get free money so don't need publics?

I remember having a 3 percent account with northern rock in 2010, the highest rates I remember

They sometimes offer competitive products that require a certain current account to qualify. For example, the HSBC group regular savers. They generally won't pay as much to acquire new customers compared with a new entrant that needs to aggressively build market share and has investor cash earmarked for that purpose.

refluxer

mlc2009 said:

djpailo said:

Absolutely no chance there will be even a remotely competing product from the major banks. You may see some changes from some of the challenger banks but it may take a while to reach 1.5%. There is also talk that the BoE will raise interest rates again before the end of the year. 

is there any reason why the major banks don't compete, is it due to QE and they essentially get free money so don't need publics?

Inertia probably plays a big part in choosing whether they need to be competitive or not - I expect that they have huge amounts saved in their accounts earning 0.01% from people are aren't as savvy as those here.