Experience with Chase bank for savings

Daliah

SAC2334 said:

I ve been with them for a few months now and found their App worked fine .I m not a big spender but I ve found the 1% cashback helps but I ve made more from their Round Up which comes under their Rewards heading . If you make a purchase of say £7.67 they will round up to £8 and in effect give you 0.33 p.. This is out performing the 1% cashback in my case . The cashback lasts 1 year but the Round Up can be dropped at any time 

As has already been mentioned, you misunderstand Round Up. Chase do not give you 33p. All they do is move 33p from your own money into an account with a 5% AER.

To illustrate: I am a prolific spender, spent over £30,000 with my Chase debit card, so my cashback is over £300 to date. I had one or two larger expenditures but most was 'everyday' spends. Although I always knew that the Round Up is a gimmick which was most unlikely to net me more than a fiver, I did switch it on for fun. I now have just over £200 in my Round Up account, and have earned the princely sum of £3.90 in Round Up interest. Some people have gone to "unnatural" ends to boost their Round Up balance, and got warned off by Chase or even had their accounts closed for misuse of facility.

But even higher Round Up balances aren't worth getting excited about. The account works like a 12-month Regular Saver, and to make a mere £10 in interest after a year, you would have to add £30 to your Round Up account every 1st of a month for 12 months.

jak22

Although when signing up it's possible to misread the roundup as them giving you the difference, but surely after just a few transactions - not months - it was obvious how it works? The time to open Chase for savings was several months ago unless they raise the rate soon, the roundup isnt significant, the exchange rate is great for some, and the 1% cashback is also handy if you have the savings account but not really a reason to join - it's just £10 for every £1000 you spend.

jimexbox

Still worth keeping after the 1% cashback ends for foreign travel. Great travel card. 

Daliah

jimexbox said:

Still worth keeping after the 1% cashback ends for foreign travel. Great travel card. 

I am travelling a lot and am still using my Halifax Clarity card for purchases abroad, like I have done for years. I don't generally withdraw cash when abroad, but on the rare occasions that I do, I use my Starling debit card. After expiry of the cashback, I see no advantage in using the Chase card and mine will stay in the safe it's lived in since I got it. 

Obviously, if you have neither a Halifax Clarity nor a Starling debit card, the Chase card might be an easy alternative.

jimexbox

Daliah said:

jimexbox said:

Still worth keeping after the 1% cashback ends for foreign travel. Great travel card. 

I am travelling a lot and am still using my Halifax Clarity card for purchases abroad, like I have done for years. I don't generally withdraw cash when abroad, but on the rare occasions that I do, I use my Starling debit card. After expiry of the cashback, I see no advantage in using the Chase card and mine will stay in the safe it's lived in since I got it. 

Obviously, if you have neither a Halifax Clarity nor a Starling debit card, the Chase card might be an easy alternative.

I've got a clarity card, which I'll use more when my cashback ends. 

I'm currently in Portugal, unfortunately card payments are not accepted in many smaller restaurants and bars in my location. 

As to Google/Apple pay, I've not seen anywhere that accepts it's yet. 

Daliah

jimexbox said:

As to Google/Apple pay, I've not seen anywhere that accepts it's yet. 

I haven't been to really remote places in Portugal, but found contactless (up to 50 Euros) widely accepted in touristy places. If contactless wasn't taken, they didn't take cards at all. They said contactless availability and acceptance changed dramatically during the pandemic, when many people lost their fear of this newfangled technology as their fear of catching Covid by touching something was much greater

Forget_It

I’ve had no issues with Chase & have found them very efficient in replying to any questions I may have. 

allegro120

Forget_It said:

I’ve had no issues with Chase & have found them very efficient in replying to any questions I may have. 

The only issue is the interest on savings is uncompetitive, otherwise it is very convenient.  1% cash back is handy.

Wheres_My_Cashback

Average bank, CS not particularly good, prone to different IT issues at times.

APP HMI poor, needs developing
Savings AER never going to be at the top, but not too far behind if deciding to use
Cashback good though limited to £15pm now
Round-up useful if you make the most of it. My year end just ended and I managed to accrue £1600 pretty easily.

Zaul22

It's good but stoozing is better. 

The main issue I have with it is when you open the app it takes ages to sync with your account and update the balance and transactions. The little spinning loading wheel goes round and round for ages.