MSE News: Chase makes changes to its popular current account for new and existing customers

StockportSaveree

Loading up my amazon gift card balance qualifies for Chase cashback which is nice.
I'll stick with Chase, I really like the debit card that comes with it allowing me to access my cash.  Only takes seconds to move money from the savings account into the current account, to make it usable by debit card.  Not possible with other easy-access accounts and I'm willing to forgo the extra 0.11% (3.11% is the best) for that service.

StockportSaveree

Band7 said:

BedrockFred said:

So am I right in thinking I can pay £500 into my current account from another bank and then move it out to whatever account I choose ie Nationwide Chase Savings etc and that would qualify me for the cash back?

You can do this but you only get cashback for debit card purchases (unless on the Chase exclusion list). So you would need money in your Chase current account for that, either by keeping the £500 (for max £5 cashback) in there to start with, and/or by depositing an appropriate amount before you spend. 

Yes this £500 isn't a standard cross-firing amount as the benefit it gives is the cashback, which means you need money in the account to spend! 
Cross-firing between accounts works better if the benefit is a £5 reward (Halifax Rewards), waiving a fee (Lloyds Club) or a high interest rate on a small balance (BoS).

Band7

StockportSaveree said:

...... Only takes seconds to move money from the savings account into the current account, to make it usable by debit card.  Not possible with other easy-access accounts......

Kroo pay 3% interest in the current account, so no moving of cash is needed before  you can spend with your debit card. CHIP 3.05% is nearly as fast, so you don't have to commit all your money to a single financial provider.  Though some people do prefer to have all their eggs in one basket.

Band7

Zopa_Trooper said:

km1500 said:

i don't think anything car related is eg servicing insurance mot. Maybe car hire is ok

Got it on car hire.

The £15 maximum is a bit of a bummer, I usually earn more than that.

Had a big spend at a bodyshop last week. No cashback :-(

A._Badger

I've done nicely out of the Chase deal, earning about £86 so far from the cashback offer. I've been very impressed with the operation, too. On the couple of occasions I've had to call Chase they have been polite, professional and very well informed. However, I will almost certainly ditch the accounts when the new rules come into force.

I keep a decent sum in the savings account and top up from that to around £100 in the current account when needed.- an operation that takes just seconds If they now want me to regularly put £500 into the current account from an external account it's not worth the time and trouble. Shame really - I've enjoyed it but time is money too.

danthemoneysavingman

Why is santander 123 Lite NOT shown, if for no other reason than comparison purposes? Given the volume of ppl that must still have one, you are not showing how Chase stacks up against that. I demand a recount! 

wiseonesomeofthetime

danthemoneysavingman said:

Why is santander 123 Lite NOT shown, if for no other reason than comparison purposes? Given the volume of ppl that must still have one, you are not showing how Chase stacks up against that. I demand a recount! 

Perhaps because it is no longer available?

Many sites no longer include NLA accounts in their comparisons because no-one can open a new one anyway.

Just a guess.

gary1312

Still a very good value account, especially for people who can't/don't have cashback credit cards. I don't normally put £500 in but it's no hardship to increase that just to get the cashback. Seen some impressive sums that people have saved, my own cashback isn't at those top levels as I only use debit cards for larger purchases, but 1% off when you're buying a fridge or suchlike is always welcome.

sugar-walsh

Glad I read all of this. I opened a chase account just as we were about yo start work on our house. So far earned £227 cashback, along with £290 on topcashback. I've got to admit, I've loved the cashback element and the decent enough savings nearest whilst money has been temporarily stored in 'pots' for each element of the house.

Will be keeping an eye out for other deals.

Indout96

A._Badger said:

I keep a decent sum in the savings account and top up from that to around £100 in the current account when needed.- an operation that takes just seconds If they now want me to regularly put £500 into the current account from an external account it's not worth the time and trouble. Shame really - I've enjoyed it but time is money too.

Time is money but as you say it takes seconds to transfer the £500 in from an external account and seconds to transfer it back to that same account, less than 2 mins a month.
Its your choice to do what you want but the reason is a little flawed.