Chase 1.5% Easy Access

CheekyMikey

RG2015 said:

CheekyMikey said:

masonic said:

staggered said:

Although I've got android version 10 on my phone (> version 8 required) when I go to Google Play to download the app I'm told that it's "not compatible with my device".  I got the same message when I tried using BlueStacks on my PC.  I don't fancy spending loads of money on a new phone, only to find that's not compatible either.  Are there any suggestions or do I have to write this off?  Shame as I've got plenty of savings cash and the extra few .1%'s would have made a difference.

The phone needs to be running 64-bit Android to be compatible. There is a separate thread outlining phones that others have found to be compatible or not compatible. There are some low cost devices that could be purchased, but how much would that eat into potential returns. If there is just one more base rate rise in the coming months, other easy access savings accounts could close the gap.

Of more concern should be inflation, which is several-fold higher than the best savings rate. This is not a time to be holding on to more cash than is necessary for your short term spending needs.

Short term for me means 2-3 years…so if someone say has a pot of 100k and is planning to use that as a deposit for a house in a few years, or is augmenting a pension income with 30k a year for three years, where would you suggest they put that money to ensure they have it when they might need it? What investments will match or nearly match inflation without having to take a fairly large risk that the capital could be reduced by more than any inflationary loss?

Good question.

With inflation even at a conservative average of 5%, £100k in cash would lose value by more than £15,000 over 3 years.

This is scary, but there are a lot of people looking for an answer to your question.

I think we know the answer and it isn’t a very palatable one. For many, keeping a large amount in cash goes against what we’ve always been told not to do and in general, investing even only for a few years rarely lost capital value and generated healthy above inflationary returns. Quite a dilemma…

RG2015

CheekyMikey said:

RG2015 said:

CheekyMikey said:

masonic said:

staggered said:

Although I've got android version 10 on my phone (> version 8 required) when I go to Google Play to download the app I'm told that it's "not compatible with my device".  I got the same message when I tried using BlueStacks on my PC.  I don't fancy spending loads of money on a new phone, only to find that's not compatible either.  Are there any suggestions or do I have to write this off?  Shame as I've got plenty of savings cash and the extra few .1%'s would have made a difference.

The phone needs to be running 64-bit Android to be compatible. There is a separate thread outlining phones that others have found to be compatible or not compatible. There are some low cost devices that could be purchased, but how much would that eat into potential returns. If there is just one more base rate rise in the coming months, other easy access savings accounts could close the gap.

Of more concern should be inflation, which is several-fold higher than the best savings rate. This is not a time to be holding on to more cash than is necessary for your short term spending needs.

Short term for me means 2-3 years…so if someone say has a pot of 100k and is planning to use that as a deposit for a house in a few years, or is augmenting a pension income with 30k a year for three years, where would you suggest they put that money to ensure they have it when they might need it? What investments will match or nearly match inflation without having to take a fairly large risk that the capital could be reduced by more than any inflationary loss?

Good question.

With inflation even at a conservative average of 5%, £100k in cash would lose value by more than £15,000 over 3 years.

This is scary, but there are a lot of people looking for an answer to your question.

I think we know the answer and it isn’t a very palatable one. For many, keeping a large amount in cash goes against what we’ve always been told not to do and in general, investing even only for a few years rarely lost capital value and generated healthy above inflationary returns. Quite a dilemma…

And as if that wasn't bad enough, as interest rates rise, many will breach the £1,000 zero tax rate limit and be liable for 20% tax on the excess of their derisory pickings.

SAC2334

billyboy said:

Just called Chase support to check why I could not download app as device not compatible message received. I was told most Motorola phones are NON compatible. Ones that were are iphones and Samsung. If anyone is going to buy a phone simply for this account you can ring Chase support and they will tell you if phone will be OK.

My Motorola G7 Power worked ok and downloaded the app . Its a 2019 model .

Yellowman

To work with Chase, would a tablet need telephone ability / a mobile phone number?

Uxb1

Nope
I have it on my wifi only apple ipad
I got an sms to my phone as part of the setup proceedures which i simply manually copied the digit number across and entered it up on the ipad.

Of course if you are going to use the card (I'm not) it might be a disadvantage as you cannot then receive any notifications or in app confirmations required on purchase using the card unless the ipad is with you and has a wifi-connection. all of which woudl not be a problem if you set it up on your mobile.

RG2015

Uxb1 said:

Nope
I have it on my wifi only apple ipad
I got an sms to my phone as part of the setup proceedures which i simply manually copied the digit number across and entered it up on the ipad.

Of course if you are going to use the card (I'm not) it might be a disadvantage as you cannot then receive any notifications or in app confirmations required on purchase using the card unless the ipad is with you and has a wifi-connection. all of which woudl not be a problem if you set it up on your mobile.

If you are away from a home wi-fi connection, a wi-fi only iPad could possibly be set up to connect via private wi-fi hotspot on a smartphone.

I can do this despite my smartphone not being compatible with the Chase UK app.

Rheumatoid

Just about to pay a 5k bill for a solar battery and hoping to get cashback but have seen somewhere that I may not receive it if supplier uses faster payments or something like that. Anyone know anything about this and how might I find out what system the supplier will use? Thanks.

penners324

Faster payments aren't debit card transactions 

Rheumatoid

penners324 said:

Faster payments aren't debit card transactions 

Thats what I thought but I've seen somewhere in a thread this morning (can't find it now) that there are circumstances where cashback might not be payable depending on the payment system used - I thought a debit card payment was a debit card payment!. I don't see anything on this list that might exclude me getting cashback:
Cashback Exclusions | Chase UK

refluxer

Rheumatoid said:

penners324 said:

Faster payments aren't debit card transactions 

Thats what I thought but I've seen somewhere in a thread this morning (can't find it now) that there are circumstances where cashback might not be payable depending on the payment system used - I thought a debit card payment was a debit card payment!. I don't see anything on this list that might exclude me getting cashback:
Cashback Exclusions | Chase UK

You mentioned you were using faster payments which to me implies a bank transfer, in which case you won't get cashback. If you're paying by debit card then you should be eligible, subject to the exclusion list you linked to.