Chase - current 'Trouble with transactions' issue

callum9999

Rollinghome said:

It seems that Chase put a lot of thought into how they could attract new customers and did so with an attention grabbing rate, a range of perks and gimmicks, and day after day of TV ads. 

Seems they gave far less thought to how they would retain those new customers longer term.

They began the campaign offering more than a third to a half more than the existing best rates.  Just a few months on, and the top payers are now offering a third more than Chase are paying.

Losing a high proportion of those customers was probably within their calculation.  Most of us here would have guessed their strategy and not be too surprised. But Chase may not have calculated for the resentment and ongoing lack of trust some customers could feel due to the relative rate fall. Particularly those who bought new phones just to be able to open an account and may now feel well and truly had.

They've gone from the saver's hero to villain, and the big UK banks, who have generally kept their hands in their pockets throughout, may be feeling quite smug.

I think you're greatly overestimating the number of people who think not being market leading in everything makes them a "villain".

They pay significantly more interest than the vast majority of other current accounts and they are the only account paying out 1% cashback. I think if you "resent" that and don't trust them because they didn't increase the already high interest rate, you're probably a very demanding customer who Chase wouldn't particularly want anyway!

Daliah

callum9999 said:

I think you're greatly overestimating the number of people who think not being market leading in everything makes them a "villain".

They pay significantly more interest than the vast majority of other current accounts and they are the only account paying out 1% cashback. I think if you "resent" that and don't trust them because they didn't increase the already high interest rate, you're probably a very demanding customer who Chase wouldn't particularly want anyway!

I don't think it's fair to say they pay significantly more interest than the vast majority of other current accounts, as they pay exactly 0% interest, like most of the rest of them.

Their current account just has a conveniently attached savings account which paid way above market rate for a few short weeks, and is now beaten by over 30 other savings account. Even the Virgin Money M Plus account, which pays 2% on up to £1k in the current account, has an attached savings account which pays substantially more than the Chase savings account, albeit only on up to £25k. Question: how many people who want to keep their cash in instant access app-only accounts have more than £25k in savings?

The 1% cashback on many purchases is very good, though, for as long as it lasts. I am one of the lucky ones who had their cashback period extended to February 2023. But I wouldn't be an MSE if I kept a penny of my savings in Chase these days, or if  I ever transferred my DDs to Chase 

MisterMotivated

As one of the early adopters, I've been fortunate enough to have had no issues whatsoever with Chase.  That being said, I've recently been debating whether to continue with them or just close my accounts and move on as I'm looking to reduce my overall number of accounts.  I thought about just keeping the accounts open with just token £1 that's currently in them (other than the £70-ish in the 5% roundup account that ends next month) in case they bring out some lucrative new offer.  However, after reading numerous threads on here, I'm not sure I'd have confidence in any new offer that would be good enough to make staying with them worthwhile; I'd be more concerned about what issues would be likely to arise when trying to get my money back out.

It's a shame as I had such high hopes and wanted them to do well.  On top of everything else, I hoped it would silence the Monzo/Starling acolytes on here who seem to think that anyone preferring to deal with any 'traditional' bank must be a dinosaur who cannot accept progress in any form.  Chase looked to be the first app-only bank with a decent offering, but their IT failures have really put me off