Chase Bank

Daliah

penners324 said:

Chase UK is a subsidiary of 1 of the largest banks in the world. Far larger than Barclays and HSBC

Big is beautiful?

RG2015

Daliah said:

penners324 said:

Chase UK is a subsidiary of 1 of the largest banks in the world. Far larger than Barclays and HSBC

Big is beautiful?

The OP mentioned Barclays and HSBC as examples of well known brands that they (presumably) would feel safe with.

The inference is that if Chase is part of a group that is even larger, then they would be at least equally as safe.

Big may or may not be beautiful, but very likely to be safe.

Although as I write, I realise that the safety element comes from the FSCS £85,000 protection.

Daliah

RG2015 said:

Although as I write, I realise that the safety element comes from the FSCS £85,000 protection.

Exactly. Nothing else matters as far as safety of our money is concerned.

Any reference to large American banks is particularly irrelevant/patronising given what triggered the 2007 financial crisis, and the end of the "too big to fail" paradigm.

peadar

MaryMint said:

Hi.  I have just opened a new bank account and savings account with Chase as the savings interest rate seems to be much better than elsewhere however, I am loathe to transfer my savings to them as I don't know the bank.  Had it been Barclays or HSBC I wouldn't be worried.  Any advice please?  Thanks

How did you open the account? I've downloaded the app but 'Open an account' sends me around in a loop. Open an Account>Checking just goes back to the login screen.

Sensory

peadar said:

MaryMint said:

Hi.  I have just opened a new bank account and savings account with Chase as the savings interest rate seems to be much better than elsewhere however, I am loathe to transfer my savings to them as I don't know the bank.  Had it been Barclays or HSBC I wouldn't be worried.  Any advice please?  Thanks

How did you open the account? I've downloaded the app but 'Open an account' sends me around in a loop. Open an Account>Checking just goes back to the login screen.

"Checking" is the American term for Current accounts. You need to download the "Chase UK" app.

peadar

Sensory said:

peadar said:

MaryMint said:

Hi.  I have just opened a new bank account and savings account with Chase as the savings interest rate seems to be much better than elsewhere however, I am loathe to transfer my savings to them as I don't know the bank.  Had it been Barclays or HSBC I wouldn't be worried.  Any advice please?  Thanks

How did you open the account? I've downloaded the app but 'Open an account' sends me around in a loop. Open an Account>Checking just goes back to the login screen.

"Checking" is the American term for Current accounts. You need to download the "Chase UK" app.

I've done that - it's the App (Account > Checking) that's sending me round in a loop. 

Sensory

peadar said:

Sensory said:

peadar said:

MaryMint said:

Hi.  I have just opened a new bank account and savings account with Chase as the savings interest rate seems to be much better than elsewhere however, I am loathe to transfer my savings to them as I don't know the bank.  Had it been Barclays or HSBC I wouldn't be worried.  Any advice please?  Thanks

How did you open the account? I've downloaded the app but 'Open an account' sends me around in a loop. Open an Account>Checking just goes back to the login screen.

"Checking" is the American term for Current accounts. You need to download the "Chase UK" app.

I've done that - it's the App (Account > Checking) that's sending me round in a loop. 

So you've downloaded the "Chase UK" app to your phone, and inside this app, is the specific term "Checking"?

What other options do you see for opening accounts? Chase UK does not offer mortgages, auto loans, online investing etc.

peadar

Sensory said:

peadar said:

Sensory said:

peadar said:

MaryMint said:

Hi.  I have just opened a new bank account and savings account with Chase as the savings interest rate seems to be much better than elsewhere however, I am loathe to transfer my savings to them as I don't know the bank.  Had it been Barclays or HSBC I wouldn't be worried.  Any advice please?  Thanks

How did you open the account? I've downloaded the app but 'Open an account' sends me around in a loop. Open an Account>Checking just goes back to the login screen.

"Checking" is the American term for Current accounts. You need to download the "Chase UK" app.

I've done that - it's the App (Account > Checking) that's sending me round in a loop. 

So you've downloaded the "Chase UK" app to your phone, and inside this app, is the specific term "Checking"?

What other options do you see for opening accounts? Chase UK does not offer mortgages, auto loans, online investing etc.

Ah, "Chase UK" - that'll be it. Didn't catch it in your previous reply. Thanks!

harlequinnyc

fletcher1985 said:

hangryconsumer said:

TadleyBaggie said:

Strictly speaking, you didn't ask one..

Yes, the OP asked "any advice?" John's contribution wasn't helpful. The basic approach was "pounce on the newbie and make them feel like a 4 letter word beginning with s" so that they then get defensive and reply with "that wasn't my question". Way too much nastiness. The OP just wanted reassurance that their money was safe. Definitely came to the wrong place for it.

its pretty sad really there are a lot of people like this on here. people asking for adivce and always perople trying to make them look stupid or to get a reaction and then tell them to calm down. this is why i hardly post on here because this happens. we are meant to be helping each other and giving there adivce.

I agree. This can be a very tough forum for some and a lot of the responses are unnecessary.

where_are_we

MaryMint said:

Hi.  I have just opened a new bank account and savings account with Chase as the savings interest rate seems to be much better than elsewhere however, I am loathe to transfer my savings to them as I don't know the bank.  Had it been Barclays or HSBC I wouldn't be worried.  Any advice please?  Thanks

I understand your worries but I consider any risks associated with Chase UK holding my money to be small. I, like many forumites, have transferred large amounts to the Chase savings account. My advice is to initially transfer £1 direct to the Chase savings account and then check the app that the money has gone in (this usually happens almost instantly). From what I remember, Chase does not support "confirmation of payee" so you will have to override this first transaction when your donor current account tells you it does not recognise your name. Now you have the Chase Savings account set up as an existing payee on your donor current account. Then you can transfer the rest of your savings to this existing payee (Chase Savings account). You may have to do this in stages if you are transferring a large amount. I hope you are reassured.