Chase 1.5% Interest

MoS2024

It seems unfair that the only people that have access to what seems to be the Best Rate around at the moment are those with latest mobile phone that's compatible to Chase App. Why are they making this exclusive and not available to everyone?

400ixl

There are threads already on this topic.

The phone does not have to be the latest as the compliance goes back 4 years (more on the iPhone). What it does have to be is on a supported operating system and in the case of Android the phone needs to have a 64bit operating system.

If your phone fails on the first count (as in the OS version is not up to the requirement) then to be honest your phone will be 4+ years old and not getting security updates and therefore you shouldn't be putting any financial applications on it.

If on the other hand it fails due to not being a 64bit version then that is unfortunate. More apps will be going this route as the 32bit version of Android has now been dropped.

As an alternative to a phone, if you have a compliant Apple or Android tablet then this can be used.

eskbanker

mmfasanya said:

It seems unfair that the only people that have access to what seems to be the Best Rate around at the moment are those with latest mobile phone that's compatible to Chase App. Why are they making this exclusive and not available to everyone?

Selective offers are nothing new and aren't inherently unfair - there are numerous products with rates that are only available online, incentives that only apply to those switching, etc, and Chase certainly aren't the first to go with an app-only offering....

The_Fat_Controller

One word

SECURITY

Daliah

There is no obligation on banks to provide their products to everybody. Lots of great rates are only available to minors, LISAs can only be opened by adults younger than 40, many accounts with perks are only available to those who pay for it or who have a high salary etc etc. It‘s just life.

xzibit

My phone is 7 years old and I’ve opened an account. It’s all down to the spec and how secure the phone is. 

Hardly exclusive. 

phillw

xzibit said:

My phone is 7 years old and I’ve opened an account. It’s all down to the spec and how secure the phone is. 

 

I don't think it's even down to security. Supporting a 32 bit phone or older OS, would cost them more money.

penners324

They're using their uk bank to experiment with setting up new technologies, new services, etc etc. If they build a back end system that's robust and adaptive enough they will use the same technology in the US to replace their old and antiquated systems there.

They probably don't really care too much about market penetration.

RG2015

penners324 said:

They're using their uk bank to experiment with setting up new technologies, new services, etc etc. If they build a back end system that's robust and adaptive enough they will use the same technology in the US to replace their old and antiquated systems there.

They probably don't really care too much about market penetration.

So using the UK as a little Beta test then?

Zanderman

mmfasanya said:

It seems unfair that the only people that have access to what seems to be the Best Rate around at the moment are those with latest mobile phone that's compatible to Chase App. Why are they making this exclusive and not available to everyone?

It is available to anyone. It's not at all exclusive.

If you really really really want it but your phone doesn't support their app, get a new phone that does.  

Not very money-saving, but no-one's stopping you doing that, Chase certainly aren't.

But don't worry too much, it's not that massive a deal bearing in mind most people won't have much in savings so the difference in, say, savings of 5k in Chase at 1.5% v the same 5k in, say, Marcus at 1.15% would be less than £20. We're not talking fortune-making money here. And rates are creeping up, so there will be better deals soon anyway.

Olinda99

banks also have other 'unfair' requirememts eg that you have a fixed address, not on cifas register, are not a US citizen, have a credit history etc etc. Is this also discriminatory ?