Chase 1.5% Easy Access

refluxer

Zerforax said:

Presumably you can only have one Chase account (ignoring that you can do multiple sub-accounts)?

I know in the past you could have, for example, 2x Santander 123 accounts or 3x BoS accounts.

We're waiting to find a house to purchase and therefore have an amount more than the Chase account interest earning limit. Preferably I would put the amount just in my wife's name as she could earn the interest tax free.

According to the T&Cs, you can hold up to 10 Chase Saver accounts per person, but the total balance must not exceed £250k across all the accounts you hold with Chase.

If you and your wife opened separate accounts, then that would allow you to save up to £250k each @ 1.5%. Make sure that the temporary high balance rules apply to you if that means >£85k each, so that you're fully covered by the FSCS.

Zerforax

refluxer said:

Zerforax said:

Presumably you can only have one Chase account (ignoring that you can do multiple sub-accounts)?

I know in the past you could have, for example, 2x Santander 123 accounts or 3x BoS accounts.

We're waiting to find a house to purchase and therefore have an amount more than the Chase account interest earning limit. Preferably I would put the amount just in my wife's name as she could earn the interest tax free.

According to the T&Cs, you can hold up to 10 Chase Saver accounts per person, but the total balance must not exceed £250k across all the accounts you hold with Chase.

If you and your wife opened separate accounts, then that would allow you to save up to £250k each @ 1.5%. Make sure that the temporary high balance rules apply to you if that means >£85k each, so that you're fully covered by the FSCS.

Thanks - that is how I had understood it too. I suppose the best course of action is to put the 250k in my wife's account and the the remainder in mine and then pay tax on the lower amount (if we don't find a house any time soon).

I did not know about the temporary high balance rules so appreciate the information. It would apply I believe but unfortunately we are almost at the end of the 6 month limit.

refluxer

Zerforax said:

I did not know about the temporary high balance rules so appreciate the information. It would apply I believe but unfortunately we are almost at the end of the 6 month limit.

There are many who would argue that Chase (JP Morgan) are unlikely to be going anywhere anytime soon but I wouldn't be comfortable about holding more than £85k with any one institution, personally. Hopefully it's only a matter of time before the competition catches up to their leading rate.

Zerforax

refluxer said:

Zerforax said:

I did not know about the temporary high balance rules so appreciate the information. It would apply I believe but unfortunately we are almost at the end of the 6 month limit.

There are many who would argue that Chase (JP Morgan) are unlikely to be going anywhere anytime soon but I wouldn't be comfortable about holding more than £85k with any one institution, personally. Hopefully it's only a matter of time before the competition catches up to their leading rate.

I suppose the not that distant past tells us to be more careful but it sounds like your concern is a general risk diversication point rather than any concerns with Chase (JP Morgan).

I'm hoping its a short term issue for us until we've acquired some bricks and mortar. But the 1.5% interest seems hard to pass up while inflation is eating away at our savings/deposit..

masonic

Zerforax said:

refluxer said:

Zerforax said:

I did not know about the temporary high balance rules so appreciate the information. It would apply I believe but unfortunately we are almost at the end of the 6 month limit.

There are many who would argue that Chase (JP Morgan) are unlikely to be going anywhere anytime soon but I wouldn't be comfortable about holding more than £85k with any one institution, personally. Hopefully it's only a matter of time before the competition catches up to their leading rate.

I suppose the not that distant past tells us to be more careful but it sounds like your concern is a general risk diversication point rather than any concerns with Chase (JP Morgan).

I'm hoping its a short term issue for us until we've acquired some bricks and mortar. But the 1.5% interest seems hard to pass up while inflation is eating away at our savings/deposit..

What's more important? Preventing loss of capital, or maximising return on capital in the short term? There are three separate institutions where you can hold £85k each in an easy access savings account and receive >1% interest. There is no denying on a sum of this size, getting 1.5% on all of it would make a difference, but at what level of risk?

Personally, I don't know enough to properly evaluate the underlying business of JP Morgan, I doubt many do, which is why the standard advice here will always be to stay within compensation limits. However, if you have evaluated the risks, and are comfortable taking on whatever small possibility there is of your money turning into £170k, then that is of course your decision.

VKE

refluxer said:

Zerforax said:

I did not know about the temporary high balance rules so appreciate the information. It would apply I believe but unfortunately we are almost at the end of the 6 month limit.

There are many who would argue that Chase (JP Morgan) are unlikely to be going anywhere anytime soon but I wouldn't be comfortable about holding more than £85k with any one institution, personally. Hopefully it's only a matter of time before the competition catches up to their leading rate.

We've put £85k into our Chase saving accounts; we are not risk takers so all of the accounts we have or open will have a limit of £85k ~ it would give us sleepless nights.
What I do spend my time doing is tracking interest rates and we're more than happy to move £ as and when there is % increases which has kept  me occupied in recent weeks 

kuepper

card arrived today, so easy to activate via the app, i've been v impressed with the smoothness of opening a/c and how intuitive the app is to use.

soulsaver

VKE said:

refluxer said:

Zerforax said:

I did not know about the temporary high balance rules so appreciate the information. It would apply I believe but unfortunately we are almost at the end of the 6 month limit.

There are many who would argue that Chase (JP Morgan) are unlikely to be going anywhere anytime soon but I wouldn't be comfortable about holding more than £85k with any one institution, personally. Hopefully it's only a matter of time before the competition catches up to their leading rate.

We've put £85k into our Chase saving accounts; we are not risk takers so all of the accounts we have or open will have a limit of £85k ~ it would give us sleepless nights.
What I do spend my time doing is tracking interest rates and we're more than happy to move £ as and when there is % increases which has kept  me occupied in recent weeks 

Unless you're certain the FSCS will cover interest accrued taking total deposits above £85k, maybe consider leaving a year at interest rate headroom and review after 12 months?

And, whilst Chase don't yet offer them, FSCS covers £170k on joint accounts...

jimexbox

There is nothing stopping a partner opening a chase account in their name. So effectively £170,000 of protection. 

andys15

Hi. Could I pay my AMEX card off each month using my chase account card and get the 1% cash back?