Chase Bank. 20 April 2022 at 7:44AM in Over 50s MoneySaving 17 replies 3.2K views

heygringo1943

Hi all. I've just read the latest email from Martins team regarding the 1.5% interest with Chase. The problem we have is that it appears to be app only. Neither of us have the "all singin' all dancin' phones. Is there any other way we can invest with Chase to get this return.
Many thanks.

oldnerd82

There doesn't appear to be any other way to open a Chase account. I suspect most over 50s will also have older iPhones and therefore be unable to take advantage of this top saving product. My trusty iPhone 6 is on iOS 12.5.5 and it can't be further updated but, until now, it has done everything I wanted it to do.

Nobody is going to spend a couple of hundred pounds buying a "better" phone just to get a Chase account, which would more than cancel out the extra interest.

Martin really needs to add a warning note to his savings article to say that iOS 14 or better is required in order to download the Chase App. In my view he should also fire an official MSE complaint to Chase as this application restriction is discriminatory.

Farway

oldnerd82 said:

There doesn't appear to be any other way to open a Chase account. I suspect most over 50s will also have older iPhones and therefore be unable to take advantage of this top saving product. My trusty iPhone 6 is on iOS 12.5.5 and it can't be further updated but, until now, it has done everything I wanted it to do.

Nobody is going to spend a couple of hundred pounds buying a "better" phone just to get a Chase account, which would more than cancel out the extra interest.

Martin really needs to add a warning note to his savings article to say that iOS 14 or better is required in order to download the Chase App. In my view he should also fire an official MSE complaint to Chase as this application restriction is discriminatory.

Probably deliberate to limit take up but grab headlines and appear at top of Best Buy tables, much the same as a lot of others,internet only, or branch only have been in the past

Albermarle

There are about 5  threads on this forum about the Chase account , one has over 500 posts .
Savings & Investments — MoneySavingExpert Forum

I doubt they are trying to limit take up , as they are advertising on TV . I am afraid if a new app is launched that is expected to have  a good fast user interface , then it is inevitably going to be based on the latest operating systems . 

 I suspect most over 50s will also have older iPhones and therefore be unable to take advantage of this top saving product. My trusty iPhone 6 is on iOS 12.5.5 and it can't be further updated but, until now, it has done everything I wanted it to do.

Nobody is going to spend a couple of hundred pounds buying a "better" phone just to get a Chase account, which would more than cancel out the extra interest.

Iphone 6 operating system can not be updated to the next IOS but it still receives updates . However one day , it will slowly become obsolete. Probably before then it will stop working properly anyway , as they do not last forever.
On the other side an upgrade to a better i phone will cost more than a coupe of hundred pounds , even if you don't go for a new/latest one .
Maybe take comfort in the fact that this market leading rate will not last forever . Once they have hit their target of new customers , it will drift back towards the norm.

400ixl

oldnerd82 said:

Martin really needs to add a warning note to his savings article to say that iOS 14 or better is required in order to download the Chase App. In my view he should also fire an official MSE complaint to Chase as this application restriction is discriminatory.

They should be praised for taking a stand that operating systems that are no longer getting security updates should not be used for banking applications.

Unfortunately some people need protecting from themselves if they can't see the risks of insecure and unsupported technology.

missile

You could try downloading the app to your PC / laptop? Chase Desktop App for Mac and PC | Manage Multiple Chase Accounts | WebCatalog & Enroll in Chase Online Banking | Chase

400ixl

Isn't that for the US bank, the UK Chase Bank is entirely separate from a systems and apps point of view.

DavidL1

Even if you have a phone OS that is supported, I've found it impossible to authenticate.

You have to try to do so with photo ID. I only have a photo passport, and the app tells me to "move closer", or "reduce glare" and won't automatically take a snap of the passport - however it does eventually time out from doing that and lets you take a snap manually. It then prompts you to take a selfie and will only take that using smile recognition. This means it has a smiling selfie that it compares to the washed out terrible quality passport photo where you're forbidden from smiling, and consequently it can't match them up.

I've tried several times with 2 different phones and had the same behaviour with both.

I've given up with it - hopefully there will be someone along with a better rate soon.

adindas

The main advantage of this account is based on my understanding is easy access 1.5% interest, and No fee for Foreign ATM withdrawal using physical debitcard.

I remember reading MSE article about £700/mth ATM limit is that £700 limit correct ? Is it based on calender month or anniversary date ?

Thx

missile

adindas said:

The main advantage of this account is based on my understanding is easy access 1.5% interest, and No fee for Foreign ATM withdrawal using physical debitcard.

I remember reading MSE article about £700/mth ATM limit is that £700 limit correct ? Is it based on calender month or anniversary date ?

Thx

Just back from Spain where I withdrew 900 euros in 1 month using my Starling debit card. AFAIK the only limit is £300 per day 

adindas

missile said:

adindas said:

The main advantage of this account is based on my understanding is easy access 1.5% interest, and No fee for Foreign ATM withdrawal using physical debitcard.

I remember reading MSE article about £700/mth ATM limit is that £700 limit correct ? Is it based on calender month or anniversary date ?

Thx

Just back from Spain where I withdrew 900 euros in 1 month using my Starling debit card. AFAIK the only limit is £300 per day 

I also have Staling debitcard. Yes AFAIK Starling has daily limit of £300 per day which is very common for debitcard ATM withdrawal. The limit could also the daily ATM limit imposed by the ATM owner, whichever is lower.

Regarding Chase, I found information from MSE that I was referring to £700/mth ATM limit

https://www.moneysavingexpert.com/credit-cards/travel-credit-cards/#debit. But TBH I have not found this information on Chase Website. It might be that I have not tried hard enough ?