Chase linked savings account

Janey1a

I’m considering the recommended Chase savings account for which you have to open one of their current accounts first. However, I don’t intend to use the current account, I can’t see anything on their site stating you have to use it but anyone know if it’s possible to open the current account purely to utilise the savings account?

grumbler

That's exactly what I've done about a week ago.

And how do you define "use" (current account)?

I do have some very special reasons for using a credit card for purchases. Do you have any reasons for dismissing 1% cashback?

Futuristic

You don't need to use the bank account but it would be silly not to take advantage of the 1% cash back offer

jimexbox

As you don't get interest on the chase spending account as they call it. Just transfer in what your going to spend each day, if at all to benefit from the 1% cashback.

This is what I'll be doing on holiday. You're limited to £700 (per month) foreign atm withdrawals, no fee at mastercard rate, but they'll up this to a grand. There is no limit on the card use, say in restaurants and supermarkets.

So I'll transfer in what I need for the day. Get fee free mastercard rate and 1% cashback. Great card for holidays. 

george4064

Short answer: Yes you can.

ColdIron

Chase will be no different in Thailand, it's out of their control

ColdIron

If you use a Chase ATM in the USA there will be no ATM fee, perhaps if you find one in Thailand it would be the same (because it is within their control)

jimexbox

As long as it's a mastercard atm, a standard bank one, as opposed to one for tourists which quite often charge a fee. You shouldn't incur a fee and get mastercard rates. Always best to check before you use though.

Also if you get a choice make the transaction in local currency and let mastercard do the conversion, rather than the atm rate. 

ColdIron

Banks in Thailand (like many other countries) make a charge for using their ATMs. Some will waive the charge if you have an account with the bank that runs the ATM. There is nothing that other card providers can do about this (unlike rates, sterling transaction fees etc). Like 305_15 I am always charged this fee because I don't have a card issued by a Thai bank. If you use a Chase card in Thailand in an ATM not owned by Chase it will incur a fee. Same with Starling etc

Shedman

Janey1a said:

I’m considering the recommended Chase savings account for which you have to open one of their current accounts first. However, I don’t intend to use the current account, I can’t see anything on their site stating you have to use it but anyone know if it’s possible to open the current account purely to utilise the savings account?

From the T&Cs

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What happens if you just stop using your account?

If you haven't used the app or any accounts for 14 months, we may restrict payments into or out of them and suspend access to the app to protect you and us against fraud.  We'll try to let you know before we do this. You can get access back by contacting us. 

If there's no activity on one of your accounts for 14 months, then we may close it or transfer the funds to another active account you hold with us.

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Of course if you want to keep the account active but not actually use in normal sense then you could do one of these once every few months

a) transfer monies from your external current account to the Chase current account and then move it to the Savings account from there (or just transfer it back to your other current account) 

b) transfer money out of the Chase savings into the Chase current and then back in again 

Janey1a

305_15 said:

“This is what I'll be doing on holiday. You're limited to £700 (per month) foreign atm withdrawals, no fee at mastercard rate, but they'll up this to a grand”

The increase to £1K, is presumably on request?
Does anyone have experience of ATM withdrawals in Thailand with Chase? I’ve got virtually all MSE recommended cards for overseas use and none will avoid the mandatory ATM charge levied on foreign cards, both debit and credit cards. 

I was considering using the card on holiday too, I’m just slightly nervous as I’ve only ever used a credit card abroad.  Are you as protected with a debit card? 

For example, in the past I have come back from a holiday abroad and an amount paid whilst away was mistakenly put through twice.  One call to the cc company and it was sorted.  What if this happens with a debit card, the cash will actually be gone, what’s the likelihood of getting it reimbursed?

Also, if someone gets hold of my card and starts spending before I realise and report it, what’s the chances of getting refunds?  I’m concerned that the actual cash will have gone as opposed to it being credit on a card. Am I being overly cautious?